Increased spending on defense to strengthen the naval fleet and secure the coastal line from terrorist threats and geopolitical tensions is driving the market for naval radars. Projecting the market growth at a steady CAGR of 4% during the forecast period (2019 – 2029), a new market study by Fact.MR provides an inclusive analysis of the naval radar market. The growth is further complemented by advancements in defense sectors of emerging economies, which are providing lucrative opportunities for manufacturers in the naval radar market.
Naval Radar Market – Key Takeaways
- Surveillance radars will remain the most sought-out product types and will grow 1.3X in value during the forecast period, owing to competition between nations for maritime resources utilized for scanning, searching, and identifying targets.
- Navigation radars will account for a quarter of market value and continue growing at a significant rate, on the back of their ability to prevent accidents.
- North America and Europe will collectively account for more than 1/3rd of market value, owing to their preparedness to counterterrorist attacks.
- Canada is also significantly investing to upgrade its defense sector, thereby contributing to the market value.
- Invigorated by increasing demand for surveillance radars for border surveillance and intelligence, South East Asia and Oceania will bestow substantial revenue opportunities for manufacturers, and grow market value at a higher CAGR.
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Naval Radar Market – Key Driving Factors
- Increasing terrorism threats are asserting nations to equip high standard defense mechanisms and logistics, thereby propelling the demand for naval radars.
- Favorable government initiatives and political intent to proliferate the growth of the shipbuilding industry in countries like China, South Korea, and Japan are positively influencing the market growth.
- Up-gradation of the existing radar platforms from existing radar systems to multi-band and multi-role radar system is propelling the market growth.
Naval Radar Market – Key Restraints
- The market is highly dependent on the nation’s economic standpoint, and an economic slowdown could take a toll on the defense budget, thereby limiting sales.
- The high costs associated with research & development activities and the manufacturing of naval radars activities is likely to adversely impact the market.
The Coronavirus Impact
As the world is focusing its resources towards combating the threat of the coronavirus outbreak, geopolitical maneuvers have largely flown under the radar. As the coronavirus continues to kill thousands and impacting crucial healthcare systems around the globe, government authorities have largely been occupied with the crisis.
However, global militaries continue to remain on high alert to counter actions by international rivals. For instance, the United States has conducted missile tests in the Philippine sea. It has also sent guided missile destroyers through the Taiwan Strait. China has also continued to fly jet fighters towards Taiwan. With countries continuing to push military action around the world, the global demand for naval radars is unlikely to decline in the near future despite the outbreak, throughout the forecast period.
Explore 78 tables and 132 figures in the study. Request ToC of the report at- https://www.factmr.com/connectus/sample?flag=RM&rep_id=4612
Some of the key players in the naval radar market are Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Saab AB, and BAE Systems, among others. The market players are focusing on product innovations and are striving to provide advanced technology and customized solutions.
About the Report
This 170-page study offers readers a comprehensive market forecast of the global naval radar market. With historical demand data (2014-2018) and forecast statistics for the period, 2019-2029, the study divulges compelling insights on the naval radar market on the basis of type (surveillance radar, fire control radar, and navigation radar), application (merchant marine, fishing vessel, yacht/recreational boat, and military naval) and across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).