Global Radar System Market Forecast 2023-2032: Estimated Market Size And Growth Rate
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Radar System Global Market Report 2023, the global radar system market is set to rise from $29.07 billion in 2022 to $32.25 billion in 2023, marking a 10.9% CAGR. By 2027, it’s projected to reach $46.62 billion, growing at a 9.7% CAGR.
North America held the largest radar system market share, and Asia-Pacific was the fastest-growing region in 2022.
Radar System Market Driver
Increasing radar system use in weather monitoring boosts market growth. Radar systems detect objects via electromagnetic signals and aid weather data collection for forecasts, flood warnings, and climate research. In January 2022, IMD introduced four Doppler weather radars employing drone-based observation, enhancing rainfall monitoring and hydrometeor classification. This surge in radar system adoption for weather monitoring propels market growth.
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Key Radar System Market Segments
The global radar system market is segmented –
1) By Component: Transmitter, Receiver, Antenna, Other Components
2) By Technologies: Continuous Wave (CW) Radar, Pulsed Radar
3) By Frequency Band: X-Band, S-Band, C-Band, Other Frequencies
4) By Application: Air Traffic Control, Remote Sensing, Ground Traffic Control, Space Navigation And Control, Other Applications
5) By End-user: Aviation, Maritime Applications, Automotive, Military And Defense
Radar System Market Prominent Players
Major players in the radar system market are BAE Systems Inc., Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies, Saab AB, Thales Group, Honeywell International Inc., General Dynamics Corporation, Israel Aerospace Industries, Reutech Radar Systems, L3harris Technologies Inc., NXP Semiconductors N.V., Infineon Technologies AG, Reutech Radar Systems, and Elcome integrated.
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Prominent Radar System Market Trend
4D electronically scanned array radars reshape the radar systems market. Companies innovate 4D ESA radars to meet customer needs. For example, in October 2021, Echodyne launched EchoShield, a versatile software-defined multi-mission radar for commercial, defense, and government applications. It redefines mid-range radar price-performance with sub-degree tracking accuracy on hundreds of objects in a vast 3D field of view using real-time dynamic waveform synthesis and ESA beamforming.
The Radar System Global Market Report 2023 provides comprehensive insights on the radar system market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the radar system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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