NEWARK, Del, Feb. 19, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI), the radome market is estimated to be worth US$ 3.5 Billion in 2024 and is projected to be valued at US$ 15.1 Billion in 2034. Between 2024 and 2034, the industry is expected to register a growth rate of 15.8%. The increasing demand for radar systems across diverse sectors such as defense, aerospace, telecommunications, and meteorology stands as a pivotal catalyst propelling the growth of the radome market.
These radar systems play indispensable roles in surveillance, navigation, communication, weather monitoring, and a myriad of other critical applications. The growth in both commercial and military aviation industries is fueling the need for radomes employed in aircraft for vital functions such as weather radar, collision avoidance systems, and communication.
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As global air traffic continues to rise steadily, there is a corresponding surge in the requirement for radomes to ensure the seamless operation and safety of these essential onboard systems. The surge in both commercial and military aviation activities acts as a catalyst for the increased demand for radomes. Advancements in materials, manufacturing methodologies, and design approaches serve as drivers for the radome market by enhancing performance, durability, and cost efficiency.
Numerous nations are prioritizing the modernization of their military arsenals, with a particular focus on enhancing radar systems. This entails both the upgrading of existing radar installations and the procurement of new systems. There is a heightened demand for radomes tailored specifically for military applications.
The emphasis on meeting stringent performance, durability, and safety standards, driven by compliance with environmental regulations and industry norms, is compelling manufacturers to develop radomes that adhere to these criteria. This commitment to regulatory compliance not only fosters innovation but also encourages increased investment in the radome market.
Key Takeaways from the Market Study:
- From 2019 to 2023, the radome market expanded at a CAGR of 20.3%.
- Based on offerings, the product segment is expected to rise at a CAGR of 15.6% from 2024 to 2034.
- The radome demand in China is predicted to grow at a CAGR of 16.5% through 2034.
- In the United States, the radome industry is estimated to register a CAGR of 16.1% from 2024 to 2034.
- The United Kingdom is projected to expand by a value CAGR of 17.1% between 2024 and 2034.
- The radome market in Japan is anticipated to record a CAGR of 17.5% during 2034.
“The increasing demand for radar systems across various industries, coupled with advancements in technology and materials propelling the growth of the radome market.” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
Market participants are directing their efforts toward crafting novel radome designs that boast enhanced performance, longevity, and cost-efficiency. They are broadening their footprint by forging strategic alliances, acquiring businesses, and establishing production facilities or distribution channels in pivotal geographic areas.
- Raytheon Technologies – a multinational conglomerate formed by the merger of Raytheon Company and United Technologies Corporation, specializing in defense, aerospace, and commercial electronics.
- L3Harris Technologies – a global aerospace and defense technology company, offering products and services in communication systems, electronic warfare, and surveillance solutions.
- Northrop Grumman Corporation - a leading global security company providing innovative systems, products, and solutions in aerospace, electronics, and information systems.
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Key Companies Profiled in the Report:
- Lockheed Martin Corporation
- Raytheon Technologies
- L3harris Technologies
- Northrop Grumman Corporation
- BAE Systems
- Thales Group
- Saint-Gobain
- General Dynamics Nordam
- Comtech Telecommunications
- Cobham PLC
More Valuable Insights Available:
Future Market Insights offers an unbiased global radome market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the radome industry, the industry is segmented based on Offerings (Product, Service) By Platform (Airborne, Ground, Naval) By Application (Radar, Sonar, Communication Antenna) By Frequency (HF/UHF/VHF-Band, L-Band, S-Band, X-Band, KU-Band, KA-Band, Multi-Band) Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
Radome Market Segmentation Analysis:
By Offerings:
- Product
- Service
By Platform:
- Airborne
- Ground
- Naval
By Application:
- Radar
- Sonar
- Communication Antenna
By Frequency:
- HF/UHF/VHF-Band
- L-Band
- S-Band
- X-Band
- KU-Band
- KA-Band
- Multi-Band
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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About the Industrial Automation Division at Future Market Insights:
The industrial automation team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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