Portland, May 27, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global radar market garnered $32.56 billion in 2019, and is estimated to reach $49.43 billion by 2027, witnessing a CAGR of 3.8% from 2020 to 2027. The report offers a detailed analysis of key market dynamics, key winning strategies, major segments, pricing, Porter’s Five Forces, and competitive landscape.
Increase in demand for radar systems from the automotive and defense sectors, surge in territorial battles, and technological advancements drive the growth of the global radar market. However, unfavorable climatic conditions hinder the market growth. On the other hand, rise in investments in the military sector presents new opportunities in the coming years.
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Covid-19 scenario:
- Radars have been used for security and surveillance applications to ensure if people follow lockdown restrictions.
- The battlefield radars can be modified for biomedical purposes for determining the heart rate and breathing patterns to identify the symptoms of corona disease.
- Many companies have installed radars for determining room occupancy to maintain social distancing and monitor the heartbeats of people in the room.
The report offers a detailed segmentation of the global radar market in terms of product type, platform, application, end user, and region.
Based on platform, the air segment accounted for the highest share in 2019, holding nearly one-third of the total revenue, and is estimated to continue its dominant share during the forecast period. However, the ground segment is expected to portray the highest CAGR of 5.0% from 2020 to 2027. The research also analyzes segments including marine and space.
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Based on end user, the military and defense segment accounted for the largest share in 2019, contributing to nearly two-fifths of the total share, and is expected to maintain its largest share during the forecast period. However, the automotive segment is expected to maintain the highest CAGR of 5.8% throughout the forecast period.
Based on region, North America contributed to the highest market share, accounting for nearly one-third of the total share in 2019, and is projected to continue its lead position during the forecast period. However, Asia-Pacific is expected to portray the highest CAGR of 5.6% from 2020 to 2027.
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The research discusses key players of the global radar market including Northrop Grumman Corporation, SAAB AB, Lockheed Martin Corporation, Thales Group, Rockwell Collins Inc., L-3 Communications Holdings, Honeywell International Inc., BAE Systems, General Dynamics Corporation, and Dassault Aviation.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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