During the projected period (2019-2029), the global Surveillance Radar market is expected to develop at a steady CAGR of over 4%, reaching a value pool of over US$ 2 billion. During the forecast period, increased defence spending for expanding the naval fleet and defending the coastal line is expected to drive the market for Surveillance Radars.
The need for Surveillance Radars is expected to expand due to increased coastal surveillance and the introduction of e-navigation technologies. For worldwide Surveillance Radar manufacturers, emerging countries provide significant expansion potential. Regional defence groups have altered their focus to improve monitoring capabilities and lessen dangers to coastlines as a result of geopolitical concerns and maritime disputes, piracy, and terrorism.
Surveillance Radars Market: Key Takeaways
- Due to the growing shipbuilding sector and naval expansion, China has exhibited strong growth potential at the country level in recent years. In the near future, the country is predicted to grow at a moderate rate of 3%.
- North America and Europe, as a whole, remain important locations with a thriving shipbuilding industry and a wide range of vessel repair and maintenance services; the region is predicted to lead the way in terms of Surveillance Radar demand. The combined market share of the two regions in the worldwide Surveillance Radar market is more than 35%.
- Surveillance radars will continue to account for the majority of demand growth, increasing by 1.3 times over the predicted period. This is due to increased international rivalry for maritime resources used for scanning, searching, and identifying targets.
- Because of the necessity to track in a range of conditions and avoid collisions, navigation is another segment that is driving up demand for Surveillance Radars. By the conclusion of the projected period, the segment is expected to have grown 1.5X.
“In the near future, upgrades to current radar platforms, as well as a transition from specialised radar systems to multi-band and multi-role radar systems, will have a beneficial impact on demand for Surveillance Radars.”
The demand for modern Surveillance Radars will grow as terrorist activities around the globe and geopolitical dangers across all nations increase.” –Says the Fact.MR Analyst
Surveillance Radars to Strengthen Growth Prospects
Surveillance radars with better technology are increasingly employed to strengthen detection capabilities, owing to the optimistic need for naval security, and are expected to gain momentum in the worldwide Surveillance Radar market during the research period.
The growing defence economy, combined with advanced technology such as automated multi-role and multi-band radar systems, is driving up demand for dedicated surveillance radar.
Over a quarter of the overall market value is accounted for by navigation radars. Navigational radars are used to identify, monitor, and position ships as well as securely steer them from one location to another.
Accidents at sea can be avoided with the use of navigational radars. These advantages have pushed the market even further toward a lucrative future.