The global naval radar market is estimated to grow at a steady CAGR of over 4% during the forecast period (2019-2029) and reach a value pool of over US$ 2 Bn. Heightened defence spending for strengthening the naval fleet and securing the coastal line is anticipated to drive the market for naval radars during the forecast period. Strengthening coastal surveillance and adoption of e-navigation technologies are estimated to propel the demand growth for naval radars. Emerging countries offer lucrative growth opportunities for international naval radar manufacturers. Geopolitical threats and maritime disputes, piracy and terrorism have shifted the focus of regional defense organizations to enhance surveillance abilities and mitigate threats to coastlines. Advancements in security and functionality and a proliferating defense sector are set to offer remunerative opportunities and escalate demand in the foreseeable future.
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Key Takeaways of Naval Radars Market Study
- At the country level, China has shown high growth potential in recent years owing to the increasing shipbuilding industry and naval expansion. The country is expected to showcase moderate growth of 3% in the near future
- North America and Europe collectively, remain key regions with a robust shipbuilding industry and has highly diverse vessel repair and maintenance services; the region is expected to dominate the demand for naval radars. The two regions cumulatively account for more than 35% share in the global naval radar market
- Surveillance radars will continue to account for the bulk demand share and grow 1.3x during the forecast period. This can be attributed to growing competition between nations for maritime resources utilized for scanning, searching, and identifying targets
- Navigation is another segment that is heightening the demand for naval radars owing to the need to track in a variety of situations and collision avoidance. The segment is anticipated to witness 1.5X growth by the end of forecast period
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Global Naval Radar Market: In-Depth Assessment on Key Segments
The global naval radar market is segmented on the basis of type and region.
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Crucial insights in the Naval Radar Market research:
- Underlying macro- and microeconomic factors impacting the growth of the Naval Radar Market Basic overview of the Naval Radar Market including market definition, classification, and applications.
- Scrutinization of each Naval Radar Market player based on mergers & acquisitions, R&D projects, and product launches.
- Adoption trend of Naval Radar Market across various industries.
- Important regions and countries offering lucrative opportunities to Naval Radar Market stakeholders.
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