Radar Market Expected to Reach $44.35 Billion by 2028-Allied Market Research

According to a new report published by Allied Market Research, titled, “Radar Market by Offering, Product Type, Platform, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2028” the global radar market size was valued at $32.56 billion in 2019, and is projected to reach $44.35 billion by 2028, to register a CAGR of 4.7% from 2021 to 2028. North America is expected to be the leading contributor to the global radar market during the forecast period, followed by Europe and Asia-Pacific.

Radar is an electronic system, which measures the range and behavior of objects by transmitting an electromagnetic pulse at the object. High-power radar using large dish antennas has been used to measure distances to the moon and other planets, asteroids, and artificial satellites. In addition, radar systems are widely used in air traffic control, aircraft navigation, and marine navigation. 

Radar systems have witnessed increasing popularity in the military & defense sector, as radar antennas are mounted at the airports or other ground stations to detect approaching enemy airplanes or missiles. For instance, the U.S. Department of State has approved the sales of integrated air defense weapon systems of $1.87 billion to India, which includes radar, launchers, targeting, and guidance systems, advanced medium-range air to air missiles, and more, as per a statement from the state department. In addition, Lockheed Martin, an American global aerospace, defense, security, and advanced technologies company, launched state-of-the-art next-generation RADAR technology, Digital Array Row Transceiver (DART), which operates on the principle of the gallium–nitride (GaN) technology and extends the service life of the radar system. 

Major factors that drive the global radar market are increase in demand for radar systems in automotive & defense industries, advancement in radar technology, and increase in territorial battles. However, the adverse climatic conditions result in malfunctioning of radar systems, which hampers the growth of the global industry. On the contrary, increase in investment from developed countries in the military sector is anticipated to create lucrative opportunities for the expansion of the global radar market during the forecast period. 

Moreover, economically developed nations tend to witness high penetration of radar technology in various vehicle segments. Factors such as economic growth, increase in demand for passenger vehicles, rise in concerns about vehicle & driver safety contribute toward the radar market growth in the coming years.

The global radar market is segmented on the basis of offering, product type, platform, application, end user, and region. By offering, the market is segmented into hardware, software, and services. 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. By end user, the market is differentiated into automotive, aviation, industrial, weather monitoring, military & defense, and others.

Region wise, the radar market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed maximum revenue in 2019. However, between 2019 and 2028, the radar market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in investment from the developed countries such as China and India.

Covid-19 Impact Analysis

The COVID-19 has been impacted severely on the global automotive and industrial sector, due to production facility have stalled which in turn have the significant demand in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, thereby, leading to slowdown in the growth of the radar market in 2020. 

Key Findings Of The Study

• In 2019, the continuous wave radar accounted for the maximum revenue, and is projected to grow at a notable CAGR of 3.8% during the forecast period.
• North America and Europe collectively accounted for more than 60.0%% of the radar market share in 2019.
• India is anticipated to witness highest growth rate during the forecast period.
• Automotive segment is expected to witness highest growth rate in global radar market during forecast period.

The key players profiled in the report include 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. These players have adopted various strategies such as product launch, partnership, and acquisition to expand their foothold in the industry.