Marine radar is a device that sends out small bursts of electromagnetic waves when the waves are received back, helping to identify the range, angle, or speed of targets. Marine radar provides advantages for navigation and collision avoidance in the sea. They detect stationary as well as moving objects even at the time of bad weather or climate, which helps in avoiding an accident. Marine radar also becomes useful at the time of war as it is capable to keep track of enemy ships.
The market for marine radar has grown significantly over the past few years due to factors like increased demand for surveillance and weapon guidance applications. Additionally, rising military expenditures by both developed and developing nations have created lucrative growth opportunities. The rise in spending on marine tourism has led to a significant expansion of the global market for marine radar. Over the upcoming years, this trend is anticipated to continue.
Marine radar is used extensively in both commercial and military naval operations. Besides this, the increasing demand for fishing vessels is creating worthwhile growth in demand for marine radar.
The most significant application of marine radar has historically been in the merchant marine. Due to the increasing demand for marine radar from fishing boats, commercial ships, and pleasure boats, the market is still growing. The rising demand for luxury and recreational boats will in turn open up new business opportunities. Thus, all of these applications contribute to the growth of the marine radar market in the years to come. The top marine radar producers are concentrating on creating new products using cutting-edge technology.
If one doesn’t want to compromise on safety, keeping track of all objects, potential obstacles, and other boats and larger ships one might encounter on the way is helpful, whether a boat is intended for a sailing trip or carrying freight from one place to another.
This will remain a key factor enabling marine radar sales growth at 2.4% CAGR between 2021 and 2031. Marine radar has been consistently implemented for weapons guidance applications and surveillance which help in detecting stationary as well as moving objects and avoiding an accident in the past few decades.
FMI has projected China to be one of the most lucrative markets throughout the forecast period. China’s coastal are constituted around 14 % of its land area, therefore ocean is a major source of food production and employment. China also has one of the largest fisheries and aquaculture sectors. Owing to maritime activity, the demand for marine radar has grown at a fast pace in the past few decades.
The shipbuilding industry has a sizable economic contribution to the U.S. GDP, according to a Maritime Administration (MARAD) report from the U.S. Department of Transportation. Due to rising demand from both the military and the commercial market, the US shipbuilding industry is growing. In addition, the U.S. Navy is increasingly in need of radar as a result of rising regional instability. For instance, the United States defense department received an advanced radar system from the Raytheon Company in 2016.
Some of the leading companies operating in the marine radar market are:
- FURUNO ELECTRIC CO., LTD.
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Raytheon Company
- Saab AB
- Japan Radio Co. Ltd
- BAE Systems
- JRC (Alphatron Marine)
- Wärtsilä SAM Electronics Gmbh
- FLIR Systems, Inc.
- Navico Group As
- GEM Elettronica
- HENSOLDT UK
- Koden Electronics Co., Ltd.