Rockville, May 16, 2023 (GLOBE NEWSWIRE) -- Fact.MR has provided detailed information about the price points of key manufacturers of naval radars positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global naval radar market reached $12.5 billion in 2023 and is expected to reach $20 billion by 2033. According to Fact.MR's research, global demand for naval radars will grow at a 4.8% CAGR over the next ten years.
Marine borders have grown in strategic importance in military and defence operations around the world, leading to increased spending on naval fleets. Increased global trade via shipping is also expected to boost demand for naval radar systems in the coming years.
Rising disposable income and an increasing number of high net-worth individuals globally have resulted in high sales of boats and luxury yachts, which are expected to boost shipments of maritime radar devices throughout the forecast period.
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Market Drivers:
The naval radar market is driven by several factors that contribute to its growth and development. Here are some key drivers for the naval radar market:
- Many navies worldwide are investing in the modernization and upgrade of their naval fleets to enhance their capabilities. Upgrading radar systems is a crucial part of this process, as it enables better situational awareness, target detection, and tracking capabilities.
- The growing concerns related to maritime security, including piracy, smuggling, and territorial disputes, are driving the demand for advanced naval radar systems. These systems help naval forces in detecting and tracking potential threats, improving their response time and overall security.
- Rapid advancements in radar technology, such as the development of phased array radar systems, solid-state radar technology, and the integration of advanced software algorithms, are driving the naval radar market. These advancements offer improved detection ranges, higher accuracy, better target discrimination, and enhanced electronic countermeasures capabilities.
- The expansion of naval fleets in various countries, especially in emerging economies, is fuelling the demand for naval radar systems. The increased number of ships, submarines, and other naval vessels require advanced radar systems for effective surveillance, target identification, and threat avoidance.
- Geopolitical tensions and regional conflicts around the world are leading to increased defense spending by many countries. As part of their naval modernization efforts, these nations are investing in state-of-the-art radar systems to strengthen their maritime capabilities, leading to the growth of the naval radar market.
Market Restraints:
- Limited defense budgets in many countries can restrict the procurement and modernization of naval radar systems. The high cost of advanced radar technologies, including research and development expenses, can make it difficult for some nations to invest in new radar systems or upgrade existing ones.
- Export control policies and regulations imposed by governments can limit the international trade of radar systems. These restrictions can hinder the growth of the naval radar market by limiting the export opportunities for radar manufacturers and reducing the overall market reach.
- The development and integration of advanced radar technologies can face technological barriers and challenges. For example, overcoming issues related to radar clutter, signal interference, and weather conditions can be complex and require substantial research and development efforts.
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Key Market Trends:
- Naval radar systems are becoming more digitally connected, enabling data fusion with other sensors and systems. Integration with electronic warfare systems, sonar, and electro-optical sensors allows for comprehensive situational awareness and improved target identification.
- Solid-state radar technology, which replaces traditional magnetron-based radar systems with solid-state components, is gaining prominence. Solid-state radar offers advantages such as improved reliability, faster scanning, better electronic counter-countermeasures, and reduced maintenance requirements.
- Phased array radar technology continues to evolve and is being increasingly deployed in naval applications. Phased array radars offer rapid scanning capabilities, electronic beam steering, and improved target tracking performance. They enable quick target acquisition and tracking in complex scenarios, enhancing overall situational awareness.
- The use of software-defined radar (SDR) technology is growing in the naval radar market. SDR enables flexibility and adaptability, allowing radar systems to be reconfigured and upgraded through software updates rather than hardware modifications. This trend facilitates faster technology insertion and extends the lifespan of radar systems.
Competitive Landscape:
The Naval Radar Market is highly competitive, with several prominent players operating globally. These companies specialize in the design, development, manufacturing, and supply of naval radar systems for various naval vessels such as destroyers, frigates, aircraft carriers, submarines, and patrol boats. Key companies in the market are focusing on new product launches to gain a competitive edge over other players in the market landscape.
Prominent Key Players of Naval Radar Industry
- Lockheed Martin Corporation
- JRC (Alphatron Marine)
- Garmin
- Navico Group As
- Transas Marine International AB
- Northrop Grumman Corporation
- Koden Electronics Co. Ltd.
- Furuno Electric Co. Ltd.
- GEM Elettronica
- Raytheon Company
- Kongsberg Maritime AS
- Wärtsilä SAM Electronics Gmbh
More Key Players……..
Key Segments of Naval Radar Industry Research
- By Type :
- Naval Surveillance Radar
- Naval Fire Control Radar
- Naval Navigation Radar
- By Component :
- Antennas
- Transmitters
- Receivers
- Power Amplifiers
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions/Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Type modifications /Innovation
4. Key Success Factors
4.1. Strategic Developments
4.2. Key regulations
4.3. Type USPs /Technology
4.4. List of Manufacturers and Providers
5. Market Background
5.1. Macro-Economic Factors
5.1.1. Global GDP outlook
5.1.2. Increasing R&D Expenditure
5.2. Forecast Factors - Relevance & Impact
5.2.1. New Type launches
5.2.2. Cost of Types
5.3. Market Dynamics
5.3.1. Drivers
5.3.2. Restraints
5.3.3. Opportunity Analysis
TOC Continues….
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