Radar Market Trends & Growth Analysis
Global Radar Market size was estimated at $31.45 billion in 2019 and is anticipated to grow at a CAGR of 3.7% over the forecast period as per the new research report published by UpGraph Research.
Substantial growth and strategic investments in automotive and defense industries across the globe are expected to drive the growth of the Radar market over the upcoming years. Border tensions in most parts of the globe, for example, Indo-China tensions over LAC, War towing capitals in the Middle-east, controlled military conflicts across the Israel border, and the presence of Navy convoys in the South China Sea are some of the reasons that economies around the globe have increased their military spending and radars play a vital role in combating any kind armed or unarmed infiltration across borders. Additionally, radars are gaining significant importance in air traffic monitoring, meteorological monitoring, weather monitoring, marine, and many niche industry verticals.
Radars were originally developed for defense purposes but it’s now witnessing a lot traction from other industry verticals as well, for example, automobile industry, automobile manufacturers have started using radars for on-road safety and enhance the driving experience. Many premium car manufacturers have upgraded the safety policy and promoted the use of radars as a value-added feature to prevent a collision on roadways. With many governments emphasizing on road safety and minimize road accidents, this could be a strategic move which could propel the use of radars in cars and further add fuel to its market growth.
North American region is the front-runner in the growth of the radar market due to heavy investments in research and development in the military sector, for example, Canada is developing Quantum radar which can detect stealth aircraft and is expected to launch in the next 5 years. The NA region is closely followed by the Asia-Pacific region, the presence of SMEs in the Asia Pacific region fuels its growth and bags orders from around the globe for precision radars. The research and development capabilities of this region are magnificent, for example, China, who has developed radars that can develop all kinds of bombers and fighter jets.
Read detailed analysis and download a FREE sample report here: Radar Market Size, Share & Trends Analysis Report 2020-2027 (PDF)
Radar Market Segmentation
- Global Radar Component Overview (Revenue, USD Million, 2017 – 2027)
- Global Radar Service Overview (Revenue, USD Million, 2017 – 2027)
- Support & Maintenance
- Training & Consulting
- Global Radar Platform Overview (Revenue, USD Million, 2017 – 2027)
- Global Radar Frequency Band Overview (Revenue, USD Million, 2017 – 2027)
- Global Radar Range Overview (Revenue, USD Million, 2017 – 2027)
- Global Radar End-Use Overview (Revenue, USD Million, 2017 – 2027)
- Military Applications
- Air Traffic Control
- Remote Sensing
- Ground Traffic Control
- Global Radar Regional Overview (Revenue, USD Million, 2017 – 2027)
- North America
- The U.S.
- Asia Pacific
- South Korea
- North America
- Latin America
- Middle East & Africa