Marine radar is a device that sends out small bursts of electromagnetic waves when the waves are received back, helping to identify a range, angle, or speed of targets.
Future Market Insights (FMI) in a new study has presented optimistic outlook for the marine radar market, especially with the advent of next generation solid state radars. The demand is expected to remain consistent through the forecast period, enabling the market register Y-o-Y growth at little above 2% in 2021.
Marine radar is a device that sends out small bursts of electromagnetic waves when the waves are received back, helping to identify a range, angle, or speed of targets. According to FMI, X-Band radar has a significant market share. It is also used in a variety of applications such as merchant marine, fishing vessels, yachts/recreational, and military/naval.
Technology advancement and rising demand for advanced intrusion detection systems are driving market expansion. According to FMI, the market’s valuation will reach US$ 971 Mn by the end of 2031.
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Key Takeaways of Marine Radar Market Study
“With the increase of naval fleet and quantum of capital investments for navigation and communication systems across regional defence sectors at a healthy rate, the demand of marine radar is expected to be buoyed in wake of the mentioned factor. Furthermore, market is also expected to evolve towards maintenance & services domain for the market participants to extend their business footprint.” says a FMI analyst.
The demand for Marine Radar is expected to grow at moderate rate owing to its increasing consumption in Merchant Marine application. Military Naval is the segment is expected to grow during the forecast period with fastest CAGR. Naval sector plays an important role in structuring command on the marine radar market. China and India are the major target locations for supply of Marine Radar for manufacturers.
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Who is Winning?
The global marine radar market is equally integrated at global and regional levels. Some of the leading players included in the report are FURUNO ELECTRIC CO., LTD., Northrop Grumman Corporation, Lockheed Martin Corporation, Saab AB, Japan Radio Co. Ltd., BAE Systems, JRC (Alphatron Marine), and Garmin, Raytheon Company, Wärtsilä SAM Electronics Gmbh, Transas Marine International AB and others. To gain competitive advantage in the market, market participants are involved in acquisition activities expansion, merger, and expansion with regards to excessive market growth.
Want to Know More?
Future Market Insights has released a Marine Radar market research report providing the 2016-2020 global industry analysis and the 2021-2031 opportunity assessment. The report provides an in-depth analysis of the Marine Radar Market across various segments, namely the type, application and region of the product. The Marine Radar Market study, along with an overview of the parent market, also provides supply and demand trends.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 11, 2022