Radar Market Size Worth $38.01 Billion by 2025September 26, 2019 | Grand View Research, Inc.
Estimated reading time: 2 minutes
The global radar market size is expected to be valued at $38.01 billion by 2025, registering a CAGR of 3.8% over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing deployments of radars and security related issues across the globe are driving the market growth. Additionally, the market is also witnessing healthy growth in demand due to the increase in sea trade and travel activities across the globe. They have been used for understanding path patterns, altitude, and migration path. Additionally, weather radar systems are used for monitoring changes in climate patterns.
Unlike earlier, now the deployment of radars is not limited to the military sector. These systems are now increasingly being adopted in air traffic control, remote sensing, ground traffic control, marine, and meteorological monitoring, among others. The growing adoption and deployment of radars in various sectors for different applications are anticipated to support the market growth over the forecast period.
The growth of the air travel industry is encouraging market players to offer airborne radars that operate between L and Ka bands. Short range targeting radars, particularly used for helicopters and tanks, function under the millimeter band. Long range, ground-based radars use lower frequencies and are increasingly being adopted for satellite communication applications. Additionally, a radar system reveals detailed information that is essential for flight operations in dense clouds and it can also be concluded that aircraft-based systems are witnessing high-scale deployment in order to enhance flight safety.
Further key findings from the report suggest:
- The growing deployments of new antennas and upgrading of the existing radar systems are the key factors driving the growth of the antenna segment
- The installation/integration service segment is expected to reach $6,127.5 million by 2025 owing to the increasing deployments of radars in emerging economies of Asia Pacific
- The demand for ground-based radars is likely to increase owing to the development of new airports and terminal expansions in various economies across the globe
- The X-band segment is projected to witness significant growth over the forecast period owing to the growing spending on the deployment of radars for military applications
- The long-range radar segment growth can be attributed to the use of these radars for guiding space vehicles, tracking satellites, observing planetary equipment, and monitoring meteors
- The growth of the air traffic control segment is being driven by the growing demand for efficient air traffic control
- Asia Pacific regional market is anticipated to witness rapid growth owing to the rapid growth of industries & sectors such as defense, space, and aviation in the region
- The key players operating in the radar market include Lockheed Martin Corporation; CollinsAerospace; Saab AB; Honeywell International Inc.; General Dynamics Corporation; BAE Systems; Northrop Grumman Corporation; Raytheon Company; and Thales Group.
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