Radar Market 2024 | Growth, Market Size, Analysis, Competitive Landscape, Share & Forecast To 2033

Jun 20, 2024 - 13:33

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Overview and Scope
Radar refers to a system that emits radio waves and processes their reflections for display. Radar devices are synchronized with radio transmitters and receivers, mainly used for detecting and locating objects. It has an electromagnetic sensor that detects, finds, tracks, and recognizes objects in the atmosphere, such as aircraft, spacecraft, ships, insects, and birds.

Sizing and Forecast
The radar market size has grown rapidly in recent years. It will grow from $31.71 billion in 2023 to $34.96 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to military modernization, air traffic control (atc) upgrades, weather monitoring and prediction, maritime security, automotive radar for collision avoidance.

The radar market size is expected to see rapidly grown in the next few years. It will grow to $49.94 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to next-generation military radar systems, 5g network expansion, environmental monitoring, autonomous vehicles integration, space debris tracking. Major trends in the forecast period include cybersecurity for radar systems, miniaturization of radar systems, integration of artificial intelligence, rapid prototyping and development, frequency modulation continuous wave (fmcw) radar.

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Segmentation & Regional Insights
The radar market covered in this report is segmented –

1) By Type: Detection And Search, Targeting Radars, Weather Sensing Radars, Navigational Radars, Mapping Radars, Other Types
2) By Component: Antenna, Transmitter, Receiver, Other Components
3) By Range: Long, Medium, Short
4) By End Use: Military, Aviation, Weather Forecast, Ground Traffic Control, Others End Uses

North America was the largest region in the radar market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in the radar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.

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Major Driver Impacting Market Growth
An increase in seaborne trade globally propels the growth of the radar market. The seaborne business continues to grow, benefiting consumers and companies worldwide through lower freight costs. Through seaborne trade, goods are shipped in containers and tankers via a sea route that enables the shipping of a large volume of goods at a low cost. Due to these dynamic and cheaper transport services, there is an increase in the use of the sea for the trading of goods and services, resulting in the increasing demand for radar which helps in navigating, identifying landmasses, detecting boats, birds, and weather systems. For instance, in January 2023, according to the United Nations Conference on Trade and Development (UNCTD), a Switzerland-based intergovernmental organization, in 2021, global maritime trade experienced growth, with shipments increasing by an estimated 3.2% to reach a total of 11 billion tons. This marked a significant improvement of 7 percentage points compared to the figures from 2020. Therefore, the increase in seaborne trade will drive the radar market.

Key Industry Players
Major companies operating in the radar market report are Lockheed Martin Corporation, BAE Systems plc, Saab AB, L3Harris Technologies Inc., Northrop Grumman Corporation, Raytheon Technologies Corporation., Thales Group, Leonardo S.p.A., L3 Technologies Inc., Rheinmetall AG, General Dynamics Corporation, Airbus SE, Honeywell International Inc., Israel Aerospace Industries Ltd., Mitsubishi Electric Corporation, Kelvin Hughes Limited, SRC Inc., ASELSAN Elektronik Sanayi ve Ticaret A.S., Terma A/S, RADA Electronic Industries Ltd., HENSOLDT UK, ELTA Systems Ltd., Mercury Systems Inc., Reutech Radar Systems (Pty) Ltd., DeTect Inc., DRS Technologies Inc., Echodyne Corporation, Blighter Surveillance Systems, Robin Radar Systems B.V.

The radar market report table of contents includes:

1. Executive Summary

2. Radar Market Characteristics

3. Radar Market Trends And Strategies

4. Radar Market - Macro Economic Scenario

5. Global Radar Market Size and Growth

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32. Global Radar Market Competitive Benchmarking

33. Global Radar Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Radar Market

35. Radar Market Future Outlook and Potential Analysis

36. Appendix