Overview and Scope
Naval radar refers to radar systems designed for maritime vessels to maintain situational awareness, detect and track potential threats, and support various naval operations, including search and rescue, maritime patrol, and combat operations. These systems are more robust and operate in challenging marine environments, including adverse weather conditions, sea clutter, and electronic warfare threats.
Sizing and Forecast
The naval radar market size has grown strongly in recent years. It will grow from $11.94 billion in 2023 to $12.67 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increasing focus on strengthening and expanding naval fleets, increasing procurement of radar and air defense systems, the requirement of new-generation air and missile defense systems, increasing procurement of radar and air defense systems, rising disposable income.
The naval radar market size is expected to see steady growth in the next few years. It will grow to $15.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to rising demand for coastal surveillance, increasing global trade through shipping, rising disposable income, increasing number of high net-worth individuals around the world, increasing spending on the upgradation of advanced naval systems on ships. Major trends in the forecast period include technological advancements in the naval radar industry, advancements in radar technology, investing in research and development to hasten the launch of novel systems with advanced capabilities, rise in adoption of lightweight unmanned aerial vehicles (UAV), the adoption of multi-function radar systems.
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Segmentation & Regional Insights
The naval radar market covered in this report is segmented –
1) By Type: Naval Surveillance Radar, Naval Fire Control Radar, Naval Navigation Radar
2) By Component: Antennas, Transmitters, Receivers, Power Amplifiers
3) By Application: Naval Ships, Submarines, Unmanned Surface Vehicles, Other Applications
North America was the largest region in the naval radar market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the naval radar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing defense budgets on coastal surveillance is expected to propel the growth of the naval radar market going forward. Defense budgets support coastal surveillance by providing funding for equipment, technology development, infrastructure, training, and coordination, enhancing maritime security, and protecting coastal regions. Naval radar plays a crucial role in coastal surveillance by providing continuous monitoring of marine activities along coastlines to detect and track vessels, monitor maritime traffic, and support marine security and law enforcement efforts. For instance, according to the United States Department of Defense, a US-based government agency, the US Navy's budget proposal for the fiscal year 2024 amounted to $211.7 billion, reflecting a 1.8% rise compared to 2023. This budget allocation encompassed $58.5 billion designated for shipbuilding and conversion, $18.8 billion for weapons procurement, $49.8 billion for operation and maintenance, and $20.4 billion allocated towards research and development initiatives. Therefore, increasing defense budgets on coastal surveillance is driving the growth of the naval radar market.
Key Industry Players
Major companies operating in the naval radar market are RTX Corporation, Lockheed Martin Corporation, Airbus Group, Northrop Grumman Corporation, BAE Systems PLC, Thales Group, Leonardo S.p.A., Rheinmetall AG, Garmin Ltd., SAAB AB, Israel Aerospace Industries Ltd., Hensoldt AG, Japan Radio Co., Furuno Electric Co. Ltd., West Marine, Navico Group, Aselsan A.S., Tokyo Keiki Inc., Terma A.S., Alphatron Marine, Koden Electronics Co. Ltd., GEM Elettronica, Kongsberg Maritime AS, FLIR Systems Inc., Kelvin Hughes Limited, Rutter Inc., Transas Marine International AB, Wärtsilä SAM Electronics Gmbh
The naval radar market report table of contents includes:
1. Executive Summary
2. Naval Radar Market Characteristics
3. Naval Radar Market Trends And Strategies
4. Naval Radar Market - Macro Economic Scenario
5. Global Naval Radar Market Size and Growth
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32. Global Naval Radar Market Competitive Benchmarking
33. Global Naval Radar Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Naval Radar Market
35. Naval Radar Market Future Outlook and Potential Analysis
36. Appendix
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Fact.MR has recently published a new research that provides detailed insights on the working dynamics of the global Naval Radar market.
The research report offers in-depth information about the key market segments, vendor landscape, geographical outlook, and the factors driving and inhibiting growth.According to the research report, the global market for Naval Radar is currently expanding a healthy CAGR of 4% over the course of the given period of forecast ranging from 2019 to 2029.
The global naval radar market is estimated to grow at a steady CAGR of over 4% during the forecast period (2019-2029) and reach a value pool of over US$ 2 Bn.Request to View Sample of Research Report @ https://www.factmr.com/connectus/sample?flag=S_id=4612The research report offers a detailed insight on the profiles of the key companies operating in the global Naval Radar market.
The companies included in the report areFuruno Electric Co., Ltd.Lockheed Martin CorporationNorthrop Grumman CorporationSaab ABThe Naval Radar market report offers assessment of prevailing opportunities in various regions and evaluates their shares of revenue by the end of different years of the assessment period.
Key regions covered comprise:North AmericaEuropeAsia PacificLatin AmericaMiddle East & AfricaThe research report provides in depth information about the current condition of the competitive landscape of the global Naval Radar market.
Moreover, it also provides information the different factors that has shaped the marketing strategies of the key players operating in the global market.
