The global radar market size is expected to showcase considerable growth during the forecast period. This growth is attributable to the rising intrusion activities along the borders and the increasing military budget of the countries that is propelling the demand for advanced radar systems for monitoring and surveillance purposes. This information is published by Fortune Business Insights in its upcoming report, titled, “Radar Market Size, Share & Industry Analysis, By Component (Antenna, Transmitter, Receiver, Others), By Service (Installation/Integration, Support & Maintenance, Training & Consulting), By Application (Ground-based, Airborne, Naval, Space-based), By Frequency (L-band, S-band, C-band, X-band, Ku-band), By End-Use (Military Applications, Air Traffic Control, Remote Sensing) and Regional Forecast, 2022-2029.”
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Radar is a type of electromagnetic detection system that adopts radio waves to determine the angle, range, and velocity of objects. It is widely adopted to locate, detect, track, and identify potential targets and threats in military and defense applications. Owing to their several benefits, major countries are adopting radar to enable real-time monitoring. For instance, in December 2020, the Indian government announced the integration of several countries into its coastal radar network to neutralize threats at high seas along its coastline.
What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Rising Intrusion Activities along Borders to Favor Growth
In 2020, several skirmishes between India and China were witnessed over border disputes. This has further led to China installing and upgrading radars at a swift pace along the 3,488-km Line of Actual Control (LAC). Major Intrusions like this have resulted in the growing demand for advanced radar for surveillance purposes. In addition to this, the increasing military budget of several government agencies across the globe is expected to favor the global radar market growth in the forthcoming years.
North America to Dominate; Presence of Established Players to Feed Market Growth
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global radar market in the forthcoming years. This is ascribable to factors such as the presence of established players such as Raytheon Company, Lockheed Martin Corporation, and Detect, Inc. that are actively focusing on introducing advanced radar systems for military and defense applications.
The market in Asia-Pacific is expected to showcase substantial growth backed by the increasing demand for naval radars equipped with advanced technologies to detect intrusion along seas in the region between 2020 and 2027.
Contract Signing by Prominent Companies to Consolidate Their Market Positions
The global radar market is fragmented by the presence of key players striving to maintain their dominance by signing significant contracts with government agencies and other organizations to consolidate their strategic position. Moreover, the major companies are adopting strategies such as partnership, collaboration, and facility expansion to develop advanced radar systems to cater to the growing demand for industrial applications.
March 2020 – Northrop Grumman Corporation signed a contract with the U.S. Air Force worth USD 262 million. According to the company, under the agreement, it will supply electronically scanned array radars for the Air Force F-16 Falcon jets.
List of the Companies Operating in the Global Market for Radar:
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