The global radar market size was valued at $32.56 billion in 2019, and is projected to reach $49.43 billion by 2027, to register a CAGR of 3.80% from 2020 to 2027.
Radar is an electromagnetic system, which detects the location and distance of objects and uses radio waves to determine the spread, angle, and speed of an object, which falls within its radius. Radar comprises a transmitter to produce an electromagnetic signal, which is radiated into space by an antenna. It is used to forecast and detect the spacecraft, aircraft, missiles, weather, and other forms of vehicles. Radar systems are majorly used in industrial applications such speed monitoring, object recognition & tracking, area & distance monitoring, collision avoidance with static & moving objects, owing to their high robustness in measuring of distances, velocities, and angles as compared to optical or ultrasound systems.
Radar was initially developed for defense and military purposes. However, with upcoming technologies and innovation, modern radar system is primarily applicable for air traffic control, radar astronomy, weather formation, and meteorological monitoring. In addition, it is incorporated in air defense systems, anti-missiles systems, and aircraft anti-collision systems.
Furthermore, radar system is widely used in the automotive industry, which has enhanced safety features in passenger cars and other transport systems. Radar deployed in automotive assist in lane changing, aids in cruise control, which allows adjusting the vehicle speed to maintain a safe distance from vehicles ahead, and delivers collision warning, assisting driver about the possible threats.
Rise in preference of economically emerging nations toward deployment of radar technology in various passenger and commercial vehicles is a key factor that drives the growth of the global radar market. In addition, increase in demand for high-end passenger cars, rise in concerns about vehicle & driver safety, implementation of safety regulations contribute toward the growth of the global radar industry. Furthermore, the growth of the global radar industry is driven by increase in demand for radar systems and high defense budget due to rise in security-related issues. However, adverse climatic conditions result in the malfunctioning of the radar system, which acts as a major restraint of the radar market.
Highly advanced radar systems are used for digital signal processing, and are capable of extracting information from high noise level, which is an internal source of random variations in the signal that is generated by all electronic components. For instance, in the aviation sector, aircraft are equipped with radar systems, which enable the detection of obstacles, help forecast weather information, and provide accurate altitude details to assist the pilot to take necessary actions.
The global radar market is segmented into product type, platform, application, end user, and region. By product type, the market is fragmented into continuous wave radar, pulse radar, and others. On the basis of platform, it is classified into marine, air, ground, and space. The applications covered in the study include air traffic control, remote sensing, ground traffic control, and space navigation & control. Depending on end user, the market is segregated into automotive, aviation, industrial, weather monitoring, military & defense, and others.
Region wise, the radar market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, Italy, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Top Impacting Factors
The prominent factors that impact the radar market growth are increase in demand for radar systems in automotive & defense industry, advancement in radar technology, and increase in territorial battles. However, adverse climatic conditions restrict the market growth. On the contrary, deployment of lightweight radars in aerial vehicles is expected to create lucrative opportunities for the market. Each of these factors is likely to have a definite impact on the growth of the global radar market during the forecast period.
Competition Analysis
Competitive analysis and profiles of the major radar market players such as Northrop Grumman Corporation, Lockheed Martin Corporation, SAAB AB, Rockwell Collins Inc., Thales Group, Honeywell International Inc., L-3 Communications Holdings, General Dynamics Corporation, BAE Systems, and Dassault Aviation are provided in this report.
