Global Marine Radar Market Report and Forecast 2024-2032

Global Marine Radar Market Report and Forecast 2024-2032

Global Marine Radar Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global marine radar market size reached a value of USD 1.44 billion in 2023. Aided by technological advancements, maritime safety regulations, and burgeoning trade volumes, the market is projected to further grow at a CAGR of 6.0% between 2024 and 2032 to reach a value of USD 2.45 billion by 2032.

At the centre of the marine radar lies a tapestry of technological innovations designed to enhance maritime safety, efficiency, and situational awareness. Traditional X-band radar systems, long hailed as the stalwarts of maritime navigation, are now being complemented and, in some cases, supplanted by next-generation S-band and L-band radar solutions. These advanced radar systems offer superior performance in adverse weather conditions, increased target detection capabilities, and reduced interference from land clutter, thus elevating the standard of maritime safety and operational efficiency.

As per the marine radar market analysis, the integration of artificial intelligence (AI) and machine learning algorithms into radar systems is revolutionising maritime surveillance and threat detection capabilities. By leveraging data analytics and pattern recognition, modern marine radar systems can discern potential threats amidst the vast expanse of sea traffic, ranging from illicit maritime activities to collision avoidance scenarios, thereby empowering maritime stakeholders with proactive decision-making tools to mitigate risks and ensure safe passage.

In an era marked by heightened security concerns and environmental consciousness, regulatory compliance has emerged as a significant driving force shaping the marine radar market. International maritime regulations such as the International Convention for the Safety of Life at Sea (SOLAS) mandate the installation of radar systems aboard seafaring vessels to enhance navigational safety and collision avoidance capabilities. Similarly, initiatives such as the Automatic Identification System (AIS) mandate and the Polar Code impose stringent requirements for radar-equipped vessels traversing polar regions, underscoring the indispensability of radar technology in ensuring maritime security and environmental stewardship.

As per the marine radar market outlook, multi-static radar architectures, characterised by the distributed deployment of radar transmitters and receivers across multiple platforms, are gaining prominence in the global marine radar market for their ability to overcome traditional radar limitations and enhance detection capabilities in cluttered or congested maritime environments. By leveraging cooperative radar transmissions and collaborative signal processing techniques, multi-static radar systems offer improved target detection, tracking, and classification performance, thereby enabling maritime stakeholders to effectively mitigate the challenges posed by stealthy threats, low-observable targets, and electronic countermeasures.

Moreover, the proliferation of regional maritime security initiatives and voluntary vessel monitoring programs further accentuates the demand for advanced radar systems equipped with features such as target tracking, electronic chart display, and integration with maritime communication networks, propelling the marine radar market growth. As maritime stakeholders strive to navigate the complex web of regulatory frameworks and compliance mandates, the marine radar market stands poised to capitalise on this burgeoning demand for technologically advanced, regulatory-compliant radar solutions.

Beyond the horizon of established maritime hubs lies a vast expanse of untapped potential in emerging markets, where burgeoning maritime trade volumes and infrastructural developments present lucrative opportunities for marine radar market expansion. Regions such as Asia-Pacific, Latin America, and Africa are witnessing a surge in maritime activities driven by rapid industrialisation, port modernisation initiatives, and strategic investments in maritime infrastructure.

In particular, the Asia-Pacific region emerges as a growing region in the global market, fuelled by the burgeoning maritime trade volumes traversing key shipping lanes such as the Malacca Strait and the South China Sea. Furthermore, initiatives such as China's Belt and Road Initiative (BRI) and India's Sagarmala project are catalysing investments in port infrastructure and maritime connectivity, thereby stimulating demand for advanced radar systems to bolster maritime surveillance and security capabilities, and boosting the marine radar market share.

Market Segmentation

The market can be divided based on product type, component, application, and region.

Market Breakup by Product Type

• X Band
• S Band

Market Breakup by Component

• Transmitter
• Receiver
• Antennae
• Others

Market Breakup by Application

• Fishing Vessel
• Recreational Boat
• Merchant Marine
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global marine radar market. Some of the major players explored in the report by Expert Market Research are as follows:

• Furuno Electric Co.,Ltd.
• Northrop Grumman Corporation
• Terma A/S
• Rheinmetall AG
• BAE Systems plc
• Thales Group
• Saab AB
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.