Radio detection and ranging also known as radar is an object detection system to determine objects through radio wave or microwave emission. A radar system primarily operates on UHF (Ultra high frequency) and RF (radio frequency) spectrum to detect the movement of a certain object. Radar system are mainly used in aircraft navigation, marine navigation and air traffic control. According to a recent research by Future Market Insights, the global radar market is expected to register a CAGR of 8.3% during the forecast period 2017 – 2027. By the end of forecast period, the sales of radar system expected to reflect a value of nearly U$ 50.8 Bn.
According to your exhaustive research, what are the dynamic factors to influence radar market?
Application of radar system to track climatic conditions for the military army, air force and maritime task is likely to have positive impact on radar market. Implementation of radar system in air ships, commercial boats, vehicles, spacecraft and unmanned vehicles is increasing over the recent past. Moreover, introduction of latest technologies in 3D radar system has led to expand its utilization in UAV (Unmanned aerial vehicles) is expected to drive demand for radar system. In addition, installation of UAV provides access to track movement of target location on ground/ air such as tanks, flying machines and choppers within the range of 9.32 miles. Such technological advancement in UAVs aids military operations worldwide and thereby, drives demand for radar during the forecast period.
What is the presumptive scenario for radar market among regions?
Based on regional analysis, North America is expected to offer tremendous opportunities for market players involved in manufacturing of radar system. The leading companies from North America are expected to account for 36.3% value share in radar market during the forecast period. The region is expected to remain dominant owing to increasing demand for radar system in defense sector. Moreover, automotive manufacturers are highly likely to focus on integration of technological advancement in autonomous cars. Companies such as Tesla, Google, Ford and Uber are investing heavily in product development in order to meet futuristic demand of end users.
After North America, what is you uptake on other regions like Europe, APEJ?
European nation are making efforts in modification of entire security infrastructure. This is highly attributed due to political conflicts and instability in neighboring nations of the Middle East & Africa (MEA). With the increasing unfavorable situations regarding international relations, terrorism and civil war, demand for high tech radar system for national security is expected to witness sturdy growth during the forecast period.
As far as Asia Pacific excluding Japan (APEJ) is concerned, the region is anticipated to remain as an intense competitor to Western Europe in term of defense budget. Emerging economies of APEJ such as India and China are expected to launch several initiatives in inland production of military equipment and lowering heavy reliance on foreign companies.
As per FMI’s demarcation on radar, where do you think companies attain prolific opportunities in terms of application?
Radar system manufacturers are highly likely to witness remarkable opportunities in defense and aerospace industry. Growing security concern has led to increase defense budgets at both developed and developing nations. Thus, technological proliferation is anticipated to have positive impact on revenue growth of radar market.
Which product type is anticipated to witness increase or decrease in uptake during the forecast period?
Based on the product type, demand for detection and search radars is highly likely to remain comparatively high during the forecast period. Followed by this, weather sensing radar sales is expected to witness fast growth in the near future.
Who are the leading manufacturers to contribute towards market growth of radar?
The market is observed as consolidated with limited number of leading market players. The primary objective of companies operating in radar market is to integrate innovative technology in order to maintain strong market position during the forecast period. Most of the market players are located at North America and Europe such as SAAB AB, BAE Systems, Leonardo S.p.A, Honeywell International Inc. and General Dynamics Corporation among others.
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