The global marine radar market size was worth around USD 1.39 Billion in 2022 and is predicted to grow to around USD 2.31 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.5% between 2023 and 2030.
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➤ The market is experiencing growth due to the increasing prevalence of terrorist activities and cross-border conflicts.
In recent years, the escalation of cross-border conflicts and terrorist activities in various regions of the world has compelled numerous national governments and their defense agencies to enhance border security and surveillance. The border security and surveillance strategies employed by various governments are contingent upon the implementation of contemporary radar systems that are more reliable, precise, and efficient. Producers of military radar systems are particularly concerned with maintaining a balance between cost and quality when installing retrofit solutions to upgrade the existing solutions to the most recent standards. This is due to the realization that governments are seeking cost-effective and effective defense solutions.
➤ The market growth is impeded by input limitations from external sources.
The efficacy of marine radars is also influenced by the data they acquire from external sources. Among these sources are the Global Positioning System, satellites, compasses, and etc. Nevertheless, these data sources may be inaccurate and supply the marine data system with inaccurate information. Regrettably, the precision of the information generated by marine radar may be jeopardized by this unreliable data. Consequently, this serves as a significant impediment to the expansion of the marine radar industry during the forecast period.
➤ A lucrative opportunity is presented by technological advancements.
The marine radar industry market is also being driven by the increasing demand for high-tech weapons, devices, and weaponry, as well as technological advancements. The market is expected to expand significantly during the forecast period due to the growing demand for state-of-the-art artillery systems. The demand for the most recent radar systems is being driven by the developing countries in APAC and the Middle East, such as India, China, Israel, and South Korea, which are enhancing their fleets of ships with contemporary systems and capabilities.
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The Global Marine Radar Market is segmented based on product, application and region
Global Marine Radar Market: Product Segment Analysis
● X-Band
● S-Band
Global Marine Radar Market: Application Segment Analysis
● Fishing Vessel
● Recreational Boat
● Merchant Marine
● Others
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The global Marine Radar market profiles key players such as:
● Lockheed Martin
● Furuno
● Northrop Grumman
● Saab
● Raytheon
● Japan Radio
● Bae
● Johnson
● Alphatron Marine
● Garmin
● Wartsila Sam
● Rigil Marine
● FURUNO ELECTRIC CO. LTD.
● Japan Radio Co.
● Raymarine
● Easat Radar Systems Limited
???? Recent Developments:
• Vaisala, a pioneer in industrial, environmental, and weather measurements, has introduced the C-band Weather Radar WRS300, the most effective radar of its kind, in June 2022. It employs solid-state power amplification to enable the detection of weather over extensive areas with unparalleled longevity.
• The SPEXER 600 AESA radar, which was unveiled by HENSOLDT UK in January 2021, is capable of autonomously detecting, classifying, and tracking ground, coastal, and low-flying targets at a minimum range of 400km. The SPEXER 600 series is equipped with a solid-state GaN system that operates within the frequency range of 9 to 9.6 GHz. It operates within an azimuth coverage area of plus or minus 60 degrees and an elevation range of 40 degrees.
➤ The Asia Pacific region is anticipated to experience the most significant compound annual growth rate (CAGR) during the forecast period.
The global marine radar industry is anticipated to experience the highest CAGR growth in the Asia Pacific region during the forecast period. The region is expected to benefit from the development of radar systems as a result of the presence of numerous SMEs, manufacturing facilities, increased adoption of radar technology, and the expansion of sea trade. Financing and investment availability are expected to further facilitate the regional market’s expansion. Defense industry research and development is a substantial, ongoing trend in the Asia Pacific region.
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