The increasing spending on military activities by developed & developing nations has provided a lucrative opportunity for market growth.
The marine radar market is expected to reach US$1.34 billion in 2022. The market is expanding as businesses provide technologically advanced maritime radar using different wireless technologies. As a result, revenue reached US$ 2.4 billion by 2033, representing a CAGR of 5.5% between 2023 and 2033. In 2023, the market is anticipated to bring in US$ 1.4 billion.
The rising demand for weapon guidance applications and increased marine tourism spending the global marine radar market is expected to grow in the forecast period. The rising demand for pleasure & luxury boats creates a growth opportunity for the market. The merchant marine is the most significant application of marine radar.
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Increasing investment by market players in research & development activities to achieve a competitive edge is expected to drive market growth. Also, the key market players are continuously collaborating with other manufacturers to provide new technology-based products. Thus with all these, the marine radar market is expected to grow in the coming years.
Key Takeaways from the Market Study
“The increasing technological advancement & increasing defense budget across the globe is expected to drive the growth of the marine radar market during the forecast period,” says the FMI analyst.
Key Companies Profiled:
Leading players operating in the global marine radar market are focusing on intensive research and development for launching innovative products and services in the market. Product innovation is the key strategy adopted by market players. Brand consciousness and aggressive marketing by top players however make it challenging for new entrants in this market. The market players are also emphasizing offering radar systems with high reliability and high performance
Know More about What the Marine Radar Market Report Covers
Future Market Insights offers an unbiased analysis of the global marine radar market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the marine radar market, the market is segmented based on product type (X-band radars and S-band radars) and application (merchant marine, fishing vessels, yacht/recreational, and military/naval), across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Key Segments Covered in the Marine Radar Industry Analysis
By Product Type:
By Application:
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 19, 2024