March 30, 2020

RADAR Market: North America led the global market for RADAR in 2018

According to a new market report published by Credence Research, Inc., the global market for RADAR is projected to reach US$ 40.55 billion in 2027, with an increase of 4.12% over the forecast period from 2019 to 2027.”

Key questions answered in this report

  • What was the market size of RADAR market in 2018 and forecast up to 2027?
  • What are the key factors driving the global RADAR market?
  • What are the key market trends and high-growth opportunities observed in the RADAR market?
  • Which is the largest regional market for RADAR market?
  • Which segment will grow at a faster pace? Why?
  • Which region will drive the market growth? Why?
  • Which players are leading the RADAR market?
  • What are the key strategies adopted by the leading players operating in the market?

Credence Research is providing Free Sample Get it here

Product Insights

Increasing the deployment of RADAR for security purposes and increasing expenditure in the defense sector are the primary factors driving demand for RADARs worldwide. Rising threat from rival countries due to technological upgrades, such as stealth technology that fails to intercept incoming enemy missiles or fighter aircraft, has deepened RADAR’s current upgraded technology spending. In addition, the rapid growth of automation in the automotive and aviation sectors is expected to further fuel the growth of the RADAR market, with a CAGR of 4.12 per cent from 2019 to 2027. However, the high cost of RADAR is expected to hinder the development of the market.

Based on the type, RADAR is classified as pulsed-wave and continuous-wave RADAR. Puled-wave (PW) RADAR is mainly used for air and maritime surveillance, weather monitoring and guiding of aircraft and drones, while continuous-wave (CW) RADAR is used for enemy missile detection, traffic monitoring, vehicle speed detection and human gait recognition. PW RADAR is better for long-range target detection, whereas CW RADAR is superior for short-range target detection. In addition, increasing developments in autonomous vehicle technology such as ADAS for the detection of objects around a vehicle are expected to increase the share of CW RADAR during the forecast period. In 2018, PW RADAR had a market share of nearly 60 per cent in the global RADAR market.

Geographically, North America led the global market for RADAR in 2018, with a market share of more than 35% of the global market size in terms of revenue. Regional countries like the U.S. are spending heavily on their defense sector to modernize their current technology. It is also home of major defense companies like Lockheed Martin Corporation, Raytheon Company and Northrop Grumman Corporation. Moreover, the North American automotive industry is highly developed; with major companies in the region, such as Waymo and BOSCH, investing heavily in an autonomous vehicle, the region is expected to be the largest in the forecast period.

The overall RADAR market is quite competitive in nature with market players focusing on getting a defense contract from the government. In June 2019, Lockheed Martin Corporation demonstrated its advanced RADAR solution suitable for Lower Tier Air and Missile Defense Sensor (LTAMDS) needs of the U.S. army. Additionally, in September 2019, the U.S. army awarded a contract of US$ 281 Mn to the company for developing Sentinel A4 RADAR system, capable of detecting cruise missiles, UAVs and another rotary/fixed wings threats.

Some of the major companies profiled in the report include BAE Systems, Lockheed Martin Corporation, Raytheon Company, Northrop Grumman Corporation, Airbus S.A.S., Honeywell International Inc., Leonardo S.p.A., Thales Group, Saab AB, Reutech Radar Systems, TERMA and Infineon Technologies AG among others.

Credence Research is providing Free Sample Get it here

Leave a Reply

Your email address will not be published. Required fields are marked *