Hyderabad, July 10, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Synthetic Aperture Radar Market Report (2023-2028)," the market is estimated at USD 4.68 billion in 2023. It is expected to register a CAGR of 11.07% during the forecast period.
Synthetic aperture radar, or SAR, is a radar technology that can create detailed images of objects or landscapes with higher spatial resolution than conventional radars. It finds applications in military, defense, monitoring, exploration, and other fields. SAR systems and data are expected to be in high demand due to innovations in drones and navigation systems for unmanned aerial vehicles (UAVs).
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 4.68 billion |
| Market Size (2028) | USD 7.92 billion |
| CAGR (2023-2028) | 11.07% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increased demand for monitoring oil inventories. |
| Revised regulations for licensing private remote sensing space systems. |
Who are the Top Companies in the Global Synthetic Aperture Radar Market?
The market is moderately fragmented and has relatively moderate product differentiation. There are several international and regional synthetic aperture radar companies in the global space. These companies are heavily investing in maintaining their distinct competitive advantage using strategic collaborations and acquisitions.
The most significant players in the global synthetic aperture radar market in 2023 are:
- Lockheed Martin Corporation
- Airbus SE
- Aselsan AS
- BAE Systems PLC
- Cobham PLC (Advent)
- General Atomics Aeronautical Systems Inc.
- L3Harris Technologies
- IMSAR LLC
- Israel Aerospace Industries Ltd
- Leonardo SpA
- Maxar Technologies Ltd
- MetaSensing Group
- Northrop Grumman Corporation
- Raytheon Company
- Saab AB
- SAR AERO
- SRC Inc.
- Thales Group
Other Reports That Might Be of Your Interest:
- Radar Systems Market Report - The global radar systems market size is expected to grow from USD 32.34 billion in 2023 to USD 42.65 billion by 2028, at a CAGR of 5.69% during the forecast period (2023-2028).
- Military Radars Market Report - The global military radars market size is expected to grow from USD 15.89 billion in 2023 to USD 20.42 billion by 2028, at a CAGR of 5.15% during the forecast period (2023-2028).
Key Highlights from the Global Synthetic Aperture Radar Market Report:
Growing Demand in Military & Defense Applications
- Synthetic aperture radars are used in various military applications, including battlefield surveillance, weapon guidance, and mission planning.
- Missile-born SAR offers high-precision targeting. On the ground, SAR systems are majorly adopted for fire control and accuracy control of weapons, intelligence, and reconnaissance missions.
Significant Growth in North America
- The defense budget of the United States is the largest in the world, and it is increasing each year. Contracts worth millions of dollars have been awarded to companies for moving target recognition projects.
- Canada is prioritizing satellite imaging using SAR for research, innovation, and economic growth.
What are the Latest Developments in the Global Synthetic Aperture Radar Market?
- In May 2022, ICEYE partnered with the European Space Agency to provide flood information to Copernicus Emergency Services.
- In November 2022, Synspective and Geo Climate Risk Solutions Pvt. Ltd (GCRS) partnered for SAR-based analysis solutions for critical infrastructure and mining industries in India and South Asia.
Mordor Intelligence has Segmented the Global Synthetic Aperture Radar Market Based on Application and Geography
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
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- Military and Defense
- Monitoring and Exploration
- Other Applications
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- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
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- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Synthetic Aperture Radar Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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