Surveillance Radar Market Outlook
The MRFR report suggests that surveillance radar market is poised for significant expansion. From a value of USD 8,993.53 million in 2022, the market is projected to reach USD 14,489.10 million by 2030, representing a compound annual growth rate (CAGR) of 6.17% during the forecast period (2023-2030)
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A surveillance radar refers to an electronic device used to determine the position and speed of an object located at a distance, such as an automobile, ship, or aircraft. The global market for surveillance radar has experienced major spike in the growth rate in recent years. The advancement is driving the market's growth in border surveillance systems, rising Défense expenditures, and growing need for enhanced situational awareness. On the other hand, the growth rate of the surveillance radar market is likely to be hampered by the elevated costs of deployment and operation.
Competitive Analysis
The global market for surveillance radar has a strong competition owing to the presence of several leading players. With growing demand for these radars worldwide the market players are focusing on growing their market presence by adopting different growth strategies. The list of leading players in the global surveillance radar market includes Thales Group (France), Raytheon Company (U.S.), Hensoldt (Germany), Leonardo Spa (Italy), L3 Harris Technologies (U.S.), Flir Systems, Inc. (U.S.), DeTect Inc. (U.S.), Aselsan AS (Turkey), Saab AB (Sweden), Honeywell International Inc. (U.S.), Lockheed Martin Corporation (U.S.), Israel Aerospace Industries Ltd (Israel), GEM Elettronica (Italy), Elbit Systems Ltd. (Israel), Blighter Surveillance Systems Ltd (U.K.), and many others.
Recent Developments
- December 2021- RTXbusiness segment by Raytheon Technologies Corporation, Missiles & Defense unit, has lately got a modification contract to provide advanced radars detection laboratory generator support alongside integration and production support. The deal has been extended by the Naval Sea Systems Command, Washington, D.C.
- November 2021- Thales Group has disclosed the 'GM400 Alpha' release, the latest Ground Master family radar portfolio member. The latest air surveillance radar with three-dimensional (3D) long-range has more than five times more processing power, advanced artificial intelligence (A.I.) capabilities, and an expanded range of up to 515km.
Segment Analysis
The global market for surveillance radar has been disintegrated into various segments based on components, platform, and region.
Based on components, the global market for surveillance radar is divided into receivers, duplexers, transmitters, and antennas.
The surveillance radar market is split into space, airborne, naval, and land-based on the platform.
Regional Analysis
The global market for surveillance radar is studied across five major regions: North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.
The North American region has conquered the global market for surveillance radar in recent times. The region is projected to maintain the top position over the review era. The regional market's growth is attributed to the presence of prominent players such as Raytheon Company, L3 Harris Technologies, Lockheed Martin Corporation, and Flir Systems, Inc. Furthermore, the heavy investments made by these market leaders are also likely to catalyze the regional market's growth.
The European regional market for surveillance radar is anticipated to observe considerable growth over the forecast timeframe. The regional market's growth is being driven by the growing adoption of innovative systems by the military organizations across the region and reconnaissance missions.
The surveillance radar market for the Asia-Pacific region is likely to register the fastest growth over the coming years. The regional market's growth is driven by the increasing terrorist activities and growing defense expenditures.
The growth of the surveillance radar market for the Middle East & African region is likely to be driven by the growth in defense expenditures by countries such as Israel, the UAE, and Saudi Arabia.
The South American regional market for surveillance radar is projected to record substantial growth over the forecasted era owing to the increase in the use of UAVs with radar systems.
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