New York, June 21, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Naval System Surveillance Radar Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (X-band and Ku-band, L-band and S-band, and Others) and Application (Weapon Guidance System and Surveillance)”, the global naval system surveillance radar market size is projected to reach $6.46 billion by 2028 from $4.24 billion in 2022; it is expected to grow at a CAGR of 7.2% from 2022 to 2028.
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Naval System Surveillance Radar Market Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 4.24 Billion in 2022 |
| Market Size Value by | US$ 6.46 Billion by 2028 |
| Growth rate | CAGR of 7.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 151 |
| No. Tables | 54 |
| No. of Charts & Figures | 65 |
| Historical data available | Yes |
| Segments covered | Type, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Naval System Surveillance Radar Market: Competitive Landscape and Key Developments
Leonardo S.p.A., Raytheon Technologies Corporation, Northrop Grumman Corporation, Thales Group, and Ultra are a few key naval system surveillance radar market players. In addition, several other important naval system surveillance radar market players were studied and analyzed during the course of this study to get a holistic view of the global naval system surveillance radar market size and its ecosystem.
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In 2022, Raytheon Technologies Corp.'s RTX Missiles and Defense division win a contract modification to provide support services for the Dual Band Radar (DBR) program.
In 2021, Saab was awarded a contract to supply multi-role Sea Giraffe AMB naval radar antenna kits for the Royal Canadian Navy's Halifax Class frigates.
Naval System Surveillance Radar Market: Key Insights
The naval system surveillance radar market growth driven by the growing importance of naval surveillance systems, rise in procurement of naval system surveillance radar, rising modern warfare systems. The surveillance application segment led the market with more than 60% share in 2021. It is further expected to dominate the market over the forecast period.
The growing importance of surveillance across coasts and mid-sea operations and the rising procurement of naval radars by the global defense sector owing to the rise in military expenditure is contributing to the global naval system surveillance radar market growth. Moreover, the modernization of naval radars, the rising integration of technologies with these radars, and the rising adoption of advanced modern warfare systems are propelling the naval system surveillance radar market growth.
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The demand for conventional naval equipment to be modernized is increasing as warfare and submarine management are changing. Modernization in radar is necessary to keep pace with technological progress during warfare. Thus, the demand to upgrade the system is driving the growth of the naval system surveillance radar market. Modernization aims to enhance technology and provide high reliability and cost-effective surveillance system solutions. The number of contracts between major defense corporations and the US government to upgrade naval systems such as tactical radar systems, moveable tactics, ships, light weapons, modern naval antennas, and other systems is increasing. As a result, the market is predicted to rise rapidly over the forecast period.
Many developing countries are focusing on upgrading their naval system surveillance radar. However, radar is still lacking the motivation to develop technically advanced and modernized equipment such as navigational aids (Navaids), maritime communication systems, naval gun mounts, ship engines, and gas turbines. Naval drones fired from the deck, artificial intelligence in a naval battle, space surveillance, and a secure private 5G network for machine-to-machine communication are other possibilities that the Navy has considered. Hence, the demand for conventional naval system surveillance radar across the naval forces will create opportunities for the naval system surveillance radar market.
Naval System Surveillance Radar Market: COVID Impact
The COVID-19 pandemic severely affected North America. There has been a disruption in many industries' supply chain due to logistics restrictions and the closing of manufacturing facilities. The COVID-19 outbreak has slightly hampered the region's naval system surveillance radar market. Although the COVID-19 pandemic partially affected the defense industry, the market grew remarkably in 2020.
The increasing demand for naval system surveillance radar to improve situational awareness to combat the COVID-19 pandemic aided the naval system surveillance radar market in limiting its impact. During the COVID-19 pandemic, the rapid growth of national security boosted the demand for naval system surveillance radar. As a result, the naval system surveillance radar market size is expected to grow rapidly in the coming years.
The operations of various industries in North America improved significantly in 2021, following a weak first quarter. For instance, in June 2021, ManTech was awarded a five-year US$ 110 million contract by the Naval Surface Warfare Center (NSWC) Crane to assist in the development and upgrade of radar and electronic warfare (EW) systems for the US Navy. However, this contract has boost the demand for naval system surveillance radar in the market during the COVID-19 pandemic.
Naval System Surveillance Radar Market: Application Overview
Based on application, the naval system surveillance radar market is segmented into weapon guidance systems and surveillance. In 2021, the surveillance segment dominated the naval system surveillance radar market, according to the market research study, and is expected to retain its dominance during the forecast period. The surveillance sector dominated the market because of increased disputes among neighboring countries, terrorist attacks, national security, and the changing nature of war in developed and developing nations.
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Moreover, the surveillance segment is expected to witness the fastest growing CAGR in the global naval system surveillance radar market over the forecast period. In this view, maritime surveillance aims to understand, anticipate, and manage all occurrences and actions related to the marine domain that may impact maritime security. This includes border control, marine environment control, vessel traffic management, accident and disaster response, search and rescue defense, and national security. Thus, these factors collectively contribute to the growth of communication systems in the naval system surveillance radar market share.
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