The naval radar market is projected to show prodigious growth on the back of growing efforts by many countries to strengthen their security systems. Growing use of naval watercrafts to deal with the threat of attacks through marine route is opening new avenues for the development of the global naval radar market. Radar systems are in high demand due to their ability to advanced detection capabilities, surveillance resolution, and duration. At present, navigation radar, surveillance radar, and fire control radar are the different types of naval radar systems available in the market.
The present Fact.MR article offers detailed information on the key trends and other developments that boost the global naval radar market. Moreover, the article enlightens end users on diverse elements that can hinder or support the market growth. According to projection by analysts, the global naval radar market will show over 2-fold growth during the forecast period.
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Manufacturers Focusing on Advancing Their Products
Several countries such as the U.S., Germany, India, China, and Russia are growing their efforts to make their security systems unbreakable. This has compelled them to upgrade their all equipment including radar systems. This situation has pushed them to procure powerful radar systems. Thus, vendors operating in the global naval radar market have accelerated their efforts in research and development activities to improve the quality of their products. These advanced products are helping end users deploy as well as upgrade their existing offshore naval vessels and naval fleets. As a result, the global naval radar market is demonstrating stupendous growth.
Growing partnerships between vendors and governments of many countries are expected to boost the naval radar market growth. The key reason behind these moves by the countries is to get top-notch surveillance products. A case in point here is the recent partnership between Lockheed Martin and the Government of Spain. With this partnership, the firm is expected to offer advanced surveillance system to the country.
Several companies are focusing on creating multifunctional radar systems, which are in high demand in naval forces. These radar systems are specifically useful in smaller vessels due to their light weight and superior performance. These efforts are pushing the global naval radar market. Lockheed Martin Corporation, Furuno Electric Co., Ltd., Raytheon Company, Northrop Grumman Corporation, Saab AB, and BAE Systems are some of the key vendors contributing to the growth of the global naval radar market.
North America and Europe Show Dominance with Highest Sales
On regional front, North America and Europe are expected to continue their dominance in the global naval radar market. About 35% of revenue generation comes from these regions. The key reason behind this dominance is the preventive measures taken by governments from these regions to deal with the rising incidents of terrorist attacks. Growing demand for surveillance radars for present air defense systems is projected to push the demand in these regions during upcoming period. In addition, this demand is expected to propel application for border surveillance, intelligence, and reconnaissance.
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Increasing initiatives and political plans to revitalize the shipbuilding industry in countries such as South Korea, China, and Japan are estimated to be a key factor driving the market growth. Other promising regions in the global naval radar market are Latin America, East Asia, South Asia and Oceania, and the Middle East and Africa.