MARINE RADAR MARKET

KEY FINDINGS

• The global marine radar market’s growth is influenced by the rising demand of weapon guidance application and surveillance.
• The prominent factors that impact the radar market growth are increase in demand for radar systems in automotive & defense industry, advancement in radar technology, and increase in territorial battles.
• Rise in preference of economically emerging nations toward deployment of radar technology in various passenger and commercial vehicles is a key factor that drives the growth of the global radar market.
• Highly advanced radar systems are used for digital signal processing, and are capable of extracting information from high noise levels, which is an internal source of random variations in the signal that is generated by all electronic components.
• The growth in purchasing powers of various countries has also ignited the race for the businesses on the top of the game for the global marine radar market. Also, the influx of various businesses into marine tourism has yet again elevated the use of marine radars.

INTRODUCTION TO MARINE RADAR MARKET

The marine radars are short range radars. With the help of marine radars, the location of the lands and other ships can be determined easily, hence it is highly installed in the ships.

Over the last decade, marine travel has become comparatively safe as the marine radars help in avoiding the sea accidents.

This system has proved useful in case of war, as ships are capable of keeping track of the enemy ships. Over the years, marine radar technology has evolved greatly due to the inclusion of the Automatic Radar Plotting Aids (ARPA) in the radar systems.

MARINE RADAR MARKET SEGMENTATION

Marine Radar Market By Application

• Air Traffic Control
• Remote Sensing
• Ground traffic Control
• Space Navigation & Control

Marine Radar Market By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

MARINE RADAR MARKET DYNAMICS

The main factor that is driving the marine radar market is the increasing demand for the weapon guidance and surveillance. The purchasing power of the people has increased which has, in turn, increased marine tourism thus increasing the demand for pleasure boats and luxury boats which need to be installed with the marine radars.

This factor has significantly increased the demand of marine radars in the global market. The government is also supporting by making it mandatory the installation of marine radars in the ships and boats so that marine collisions are avoided.

The factors that are hampering the market growth are the increased R&D cost which is due to the complexity of the technical design of the systems and the volatile prices of the raw materials are challenging the manufacturers.

Raytheon has secured a deal worth approximately $140.3 million to supply AN/APG-79(V)4 active electronically scanned array (AESA) radars to the Royal Canadian Air Force. This radar is one of, if not the most important component of a badly needed upgrade packagethat at least some of Canada’s CF-18A/B+ Hornet fighter jetsare set to receive in the coming years.

MARINE RADAR MARKET SIZE AND FORECAST

The Global Marine Radar Market’s growth is influenced by the rising demand of weapon guidance application and surveillance. Additionally, factors such as increasing military expenditure by developed economies is also bolstering the market growth.

The growth in purchasing powers of various countries has also ignited the race for the businesses on the top of the game for the global marine radar market. Also, the influx of various businesses into marine tourism has yet again elevated the use of marine radars. This factor also contributes to the growth of the global marine radar market.

The support of governments by making it mandatory the installation of marine radars in the ships and boats so that marine collisions are avoided will make the global marine radar market to grow exponentially in the forecast period of 2024 to 2030.

To know more about Global Marine Navigation System Market, read our report

RECENT TRENDS IN THEMARINE RADARMARKET

Officials of the Marine Corps Systems Command at Quantico Marine Base, Va., announced a $24 million contract to Raytheon  to deliver as many as 15 low-rate initial production air-to-air missile launchers, ancillary components, training, and engineering for the MADIS Increment 1 program.

The project, Machine Odyssey in a tribute to Homer's epic poem, will take a sea going tug built by Dutch shipbuilders Damen Shipyards from Hamburg, Germany around Denmark. In keeping with the theme, the tug is christened the Nellie Bly, in homage to the American journalist, industrialist, inventor, and charity worker who was widely known for her bold and record-breaking solo trip around the world in 72 days.

Elliott Bay Design Group (EBDG) led a complex weld engineering and inspection project for the USNS SBX-1. Project success is attributed to a strong team of industry experts including several of our licensed engineers who are certified welding inspectors (CWI) through the American Welding Society (AWS).

Adverse climatic conditions restrict the market growth. On the contrary, deployment of lightweight radars in aerial vehicles is expected to create lucrative opportunities for the market. Each of these factors is likely to have a definite impact on the growth of the global radar market during the forecast period.

Rise in preference of economically emerging nations toward deployment of radar technology in various passenger and commercial vehicles is a key factor that drives the growth of the global radar market. In addition, increase in demand for high-end passenger cars, rise in concerns about vehicle & driver safety, and implementation of safety regulations contributes toward the growth of the global radar industry.

Furthermore, the growth of the global radar industry is driven by increase in demand for radar systems and high defense budget due to rise in security-related issues. However, adverse climatic conditions result in the malfunctioning of the radar system, which acts as a major restraint of the radar market.

Highly advanced radar systems are used for digital signal processing, and are capable of extracting information from high noise levels, which is an internal source of random variations in the signal that is generated by all electronic components. For instance, in the aviation sector, aircraft are equipped with radar systems, which enable the detection of obstacles, help forecast weather information, and provide accurate altitude details to assist the pilot to take necessary actions.

COVID IMPACT ON MARINE RADAR MARKET

• With over 80% of global trade by volume and up to 70% of its value being carried on board ships and handled through seaports worldwide, maritime transport for trade and development is of paramount importance.
  • Therefore, shipping can be viewed as a barometer for the global economic climate. According to the United Nations Conference on Trade and Development (UNCTAD), in 2018 total volumes are estimated to have reached 11 billion tons, an all-time high.
  • The estimated growth will be hit by the coronavirus pandemic which led to a 3% drop in global trade values in the first quarter of 2020. The downturn is expected to accelerate in the second quarter, according to UNCTAD forecasts, which project a quarter-on-quarter decline of 27%.
  • For the full year, UNCTAD expected a drop of 20%. The World Bank further noted that merchandise trade appeared to have bottomed out in April 2020, falling nearly 20% year over year, after a 10% decline in March.
  • The trade contraction caused by COVID-19 is deeper than the one observed during the financial crisis of 2008–2009.
• The overall effect of the COVID-19 outbreak is impacting the production process of several industries of the radar market.
  • As governments of different provinces have already announced total lockdown and temporary shutdown of industries, the overall production process is being adversely affected; thus, hindering the overall radar market globally.
• The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the supply chain.
  • The crisis is creating uncertainty in the stock market, falling business confidence, massive slowing of supply chain, and increasing panic among the customer segments.
• The European countries under lockdowns have suffered major loss of business and revenue, due to the shutdown of manufacturing units in the region.
  • 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.
• The COVID-19 has been impacted severely on the global automotive and industrial sector, as the production facility has stalled. The symptoms include large scale manufacturing interruptions across Europe, disruption in Chinese parts exports, which may hinder the radar market.

MARINE RADAR MARKETCOMPETITIVE LANDSCAPE

Competitive analysis and profiles of the major radar market players such as 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 are provided in this report.

MARINE RADAR MARKETCOMPANY PROFILES

1. Furuno
2. Lockheed Martin
3. Raytheon
4. Saab
5. Japan Radio
6. Bae Systems
7. Alphatron Marine
8. Garmin
9. Wartsila Sam

THIS MARINE RADAR MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS

1. Marine Radar Market size and Forecast, by region, by application
2. Average B-2-B price for Marine Radar Market, by region, per user
3. Technology trends and related opportunity for new Marine Radar Market tech suppliers
4. Marine Radar Market share of leading vendors, by region,
5. Corona virus impact on Marine Radar Market earnings