Selbyville, Delaware, Nov. 02, 2021 (GLOBE NEWSWIRE) --
The surveillance radar system market size is anticipated to record a valuation of USD 10 billion by 2027, according to the most recent study by Global Market Insights Inc. The rising adoption of radar systems to strengthen the security and safety of defense forces across the globe is supporting the market growth. The ability of these radars to detect hostile targets in military applications and commercial aviation will propel the market expansion.
The coronavirus pandemic has impacted the surveillance radar system market progression with a significant decline in demand from military and commercial applications. The cancellation of several military projects and temporary suspension of R&D activities resulted in the delay of new surveillance radar developments during the pandemic period. However, rising defense spending and airport construction in several countries will support the industry growth over the coming years.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/5145
The naval surveillance radar system will witness high acceptance in the coming years as several countries are deploying 3D radars to strengthen their maritime security. These radars provide high-level accuracy, resolution, response, and information to the naval force. They are equipped with advanced sensors and are capable of detecting & monitoring illegal migrants, trafficking, terrorism, smuggling, illicit fishing, and other illegal activities. They are primarily used in sea surface surveillance, ship navigation, and short to medium-range air surveillance.
Europe surveillance radar system market is expected to showcase a high growth rate during the forecast period owing to its rapid advancements in AI & IoT technologies and increase in military expenditure. According to Stockholm International Peace Research (SIPRI), UK spent over USD 59.2 billion and Germany spent USD 52.8 billion in 2020. Such a rise in military expenditure due to geopolitical conflicts will support the installation of surveillance radar systems in the region.
Some of the major companies operating in the surveillance radar system market include Raytheon Company, Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Israel Aerospace Industries Ltd., Thales Group, Honeywell Inc., Therma A/S, BAE Systems, SAAB AB, HENSOLDT, L&T Defence, FLIR Systems, Inc., Elbit Systems Ltd., and L3HARRIS Technologies. Industry leaders are focusing on expanding their radar portfolios to enhance their revenue share.
Request for customization of this research report @
https://www.gminsights.com/roc/5145
Some key findings in the surveillance radar system market report include:
- Increasing air traffic along with the expansion of commercial airline activities will support the industry expansion.
- The rising proliferation of unmanned aircraft across developed economies will drive the industry progression during the forecast period. These UAVs are integrated with radar sensors for several applications such as object detection, security, obtaining precise navigation, and surveillance.
- A rapid uptick in military expenditure along with supportive government initiatives to strengthen security and surveillance activities will foster the market statistics through 2027.
- Technological advancements in surveillance radar systems to provide high-level precision and detect obstacles will create robust opportunities for market size. Modern surveillance radars are equipped with 3D sensors, augment reality, AI, and IoT to provide better situational awareness.
- North American and European countries, such as Canada, the U.S., and UK, are focusing on space surveillance radars to protect critical space assets and fill the gap in space situation awareness capabilities.
Table of Contents (ToC) of the report:
Chapter 3 Surveillance Radar System Market Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.3 Industry ecosystem analysis
3.4 Investment landscape
3.5 Technology & innovation landscape
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.2 Industry pitfalls & challenges
3.8 Growth potential analysis
3.9 Porter's analysis
3.10 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/surveillance-radar-system-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
