Radar Global Market Report 2023
Major players in the radar market are Lockheed Martin Corporation, BAE Systems, Saab Group, L-3 Communications Holdings, Northrop Grumman Corporation, Dassault Aviation, Thales Group, Harris Corporation, Honeywell International Inc.
New York, April 11, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Radar Global Market Report 2023" - https://www.reportlinker.com/p06446339/?utm_source=GNW
, Raytheon Company, Rockwell Collins Inc., Leonardo SpA, SRC Inc., Infineon Technologies AG, Reutech Radar Systems, Hensoldt and Collins Aerospace.
The global radar market is expected to grow from $32.93 billion in 2022 to $35.41 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The radar market is expected to grow to $45.55 billion in 2027 at a compound annual growth rate (CAGR) of 6.5%.
The radar market consists of sales of airborne, ground-based, naval and space-based radars.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The radar refers to a system that emits radio waves and processes their reflections for display.Radar devices are synchronized with radio transmitters and receivers, mainly used for detecting and locating objects.
It has an electromagnetic sensor that detects, finds, tracks, and recognizes atmosphere objects, such as aircraft, spacecraft, ships, insects, and birds.
North America was the largest region in the radar market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the radar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of radars are detection and search, targeting radars, weather sensing radars, navigational radars, and mapping radars.Detection and search radars refer to the radar that searches the targets inside a specific volume of a solid angle and within a given slant range in a predetermined length of time.
The detection and search radar are used in aircraft and surveillance applications and uses wide beam antenna patterns to search the target.The antenna, transmitter, and receiver are the components of radar.
Radar has a long, medium, and short range. Military, aviation, weather forecast, and ground traffic control are the end uses of the radar.
An increase in seaborne trade globally propels the growth of the radar market.The seaborne business continues to grow, benefiting consumers and companies worldwide through lower freight costs.
Through seaborne trade, goods are shipped in containers and tankers via a sea route that enables the shipping of a large volume of goods at a low cost.Due to these dynamic and cheaper transport services, there is an increase in the use of the sea for the trading of goods and services, resulting in the increasing demand for radar which helps in navigating, identifying landmasses, detecting boats, birds, and weather systems.
For instance, according to the United Nations Conference on Trade and Development (UNCTD) report published in June 2021, developing economies continued to account for the largest share of global seaborne trade in 2020, both in terms of exports and imports, with goods discharged in 2020 increasing to 69.5% from 65.8% and goods loaded in 2020 rising to 59.5% from 59.3%. Therefore, the increase in seaborne trade will drive the radar market.
Technological innovation is a key trend gaining popularity in the radar market.Radars are used today to detect and track aircraft, spacecraft, ships at sea, and insects and birds in the air.
The market is witnessing the demand for active electronically scanned array (AESA) radar systems because of their superior target power, spatial resolution, and robustness compared to conventional radars.AESA is a fully active radar array that consists of multiple antennas, each with its phase and gains control.
Major companies engaged in the radar market are focused on technological innovation to sustain their marketplace.For instance, in September 2021, Raytheon Intelligence & Space, a US-based aerospace and defense company, launched a new lightweight AESA radar for any platform.
It combines the power of a heavyweight AESA fire control radar with a minor possible form factor. This radar combines the power of Gallium Nitride technology with an intelligent packaging of its digital receiver/exciter and processor with a unique air-cooled design to deliver Gen 4-plus performance.
In November 2021, Ambarella, a US-based semiconductor company, acquired Oculii for $307.5 million. This acquisition aims to strengthen Ambarella’s radar perception market by adding radar perception to its current edge AI CV perception SoCs for automotive and IoT endpoint applications, such as mobile robotics and security. Oculii is a US-based company engaged in developing and manufacturing AI radar solutions.
The countries covered in the radar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The radar market research report is one of a series of new reports that provides radar market statistics, including radar industry global market size, regional shares, competitors with a radar market share, detailed radar market segments, market trends and opportunities, and any further data you may need to thrive in the radar industry. This radar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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