According to a recently released Fact.MR analysis, the 3D Radar market’s revenues were forecast to be US$ 14.7 Bn in 2021 and are expected to increase at a CAGR of 12.7% from 2022 to 2032. The market is anticipated to reach US$ 55 billion by the end of 2032.
With a predicted CAGR of 12.6% for this segment over the next ten years, hardware is expected to maintain its almost 51.6% market share. Both new hardware sales and a portion of maintenance and repair are driving the market expansion for hardware.
Key Takeaways
The 3D radar market is predicted to be worth US$ 55 billion by 2032.
North America contributed significantly to market revenue in 2021 and is expected to do so again.
3D hardware demand accounted for more than 51% of market revenue in 2021.
E/F- Band shows the highest potential for growth.
it is predicted to grow at a CAGR of about 13% from 2022 to 2032.
The U.S., the key market, is predicted to hold the largest market share and increase at a CAGR.
Competitive Landscape
There are numerous local and international businesses in this sector. These businesses compete by focusing on product innovation, quality, brand reputation, and market presence to sell their goods across multiple industries. In order to stay competitive, businesses use a range of tactics.
• Honeywell stated in February 2022 that a drone controlled by their IntuVue RDR-84K radar had won a crucial game of dodgeball.
• German company Hensoldt awarded Leonardo a $296 million contract in January 2022 for the Eurofighter radar. The Team Tempest, which includes Leonardo UK and other members, is working on a new radar breakthrough that will deliver 10,000 times more data than existing technology, according to a report from BAE Systems in October 2020.
