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What CAGR is Anticipated for the Naval Radar Market During the Forecast Period, and Why?

Over the past few years, the size of the naval radar market has seen substantial growth. It is projected to expand from $12.67 billion in 2024 to $13.42 billion in 2025, with a compound annual growth rate (CAGR) of 6.0%. The historical growth surge is credited to the increased emphasis on enlarging and fortifying naval fleets, heightened acquisition of radar and air defense systems, the need for new-generation air and missile defense systems, and the rise in disposable income.

In the coming years, the naval radar market size is predicted to witness consistent growth, maturing to $16.04 billion by 2029 with a compound annual growth rate (CAGR) of 4.5%. This upward trend during the projected period might be due to the surge in coastal surveillance needs, increased worldwide shipping trade, growth in disposable income, the rise in the population of affluent individuals globally, and enhanced expenditure on the improvement of sophisticated naval systems on ships. Key tendencies for the forecast period encompass technological progress in the naval radar industry, radar technology advancements, investments in R&D to accelerate the introduction of innovative systems with advanced abilities, increased usage of lightweight unmanned aerial vehicles (UAV), and the integration of multi-function radar systems.

How Are the key drivers Contributing to the Expansion of the Naval Radar Market?

The surge in defense budgets, targeted to enhance coastal surveillance, is projected to be a driving force for the expansion of the naval radar market. By allocating funds for the acquisition of equipment, technological evolution, infrastructure, training, and coordination, the defense budgets affirm maritime security and protect coastal areas. As a vital component in coastal surveillance, naval radars facilitate perennial observation of maritime activities on coastlines, aiding in identifying and following vessels, regulating maritime traffic and supporting marine security along with law enforcement measures. For example, the US Navy’s budget for the fiscal year 2024, as reported by the United States Department of Defense, a government agency based in the US, was projected to be $211.7 billion, indicating a 1.8% increase from 2023. This budget proposal included $58.5 billion dedicated to shipbuilding and conversion, $18.8 billion for weaponry procurement, $49.8 billion earmarked for operations and maintenance, and an allocation of $20.4 billion for research and development. Consequently, the upsurge in defense budgets for coastal surveillance is propelling the growth of the naval radar market.

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Which Companies Are Poised to Shape the Future of the Naval Radar Market?

Major companies operating in the naval radar market are RTX Corporation, Lockheed Martin Corporation, Airbus Group, Northrop Grumman Corporation, BAE Systems PLC, Thales Group, Leonardo S.p.A., Rheinmetall AG, Garmin Ltd., SAAB AB, Israel Aerospace Industries Ltd., Hensoldt AG, Japan Radio Co., Furuno Electric Co. Ltd., West Marine, Navico Group, Aselsan A.S., Tokyo Keiki Inc., Terma A.S., Alphatron Marine, Koden Electronics Co. Ltd., GEM Elettronica, Kongsberg Maritime AS, FLIR Systems Inc., Kelvin Hughes Limited, Rutter Inc., Transas Marine International AB, Wärtsilä SAM Electronics Gmbh

What Are the Latest Innovations and Trends Influencing the Naval Radar Market?

Prominent players in the naval radar market are honing in on advanced technologies, including refined imaging and automation attributes as well as brushless DC motors, to develop cutting-edge radar systems that augment maritime safety, navigation, and operational efficacy for navy and commercial vessels. A brushless DC motor is an electric motor that functions without brushes, employing electronic commutation to enhance efficiency, diminish maintenance requirements, and boost reliability in various purposes. For instance, Furuno USA, Inc., a US-based marine electronics firm, introduced the FAR2XX8MK2 commercial radar series in July 2024, engineered to bolster bridge functions and safety on water with sharper, precision radar images. The series boasts easy-to-maintain features, ergonomic controls, and progressive tracking skills, making it accessible and effective for maritime proceedings. Moreover, the incorporation of a brushless DC motor ensures prolonged operational periods without the need for regular maintenance, thereby further minimizing downtime.

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How Are the Key Segments of the Naval Radar Market Impacting Its Expansion and Revenue Streams?

The naval radar market covered in this report is segmented –

1) By Type: Naval Surveillance Radar, Naval Fire Control Radar, Naval Navigation Radar

2) By Component: Antennas, Transmitters, Receivers, Power Amplifiers

3) By Application: Naval Ships, Submarines, Unmanned Surface Vehicles, Other Applications

Subsegments:

1) By Naval Surveillance Radar: Long-Range Surveillance Radar, Medium-Range Surveillance Radar, Short-Range Surveillance Radar, Air Surveillance Radar, Sea Surveillance Radar

2) By Naval Fire Control Radar: Target Tracking Radar, Gun Fire Control Radar, Missile Fire Control Radar, Weapon Guidance Radar

3) By Naval Navigation Radar: Surface Navigation Radar, Collision Avoidance Radar, Navigation For Airborne Platforms, Navigation For Submarines, Radar For Port And Harbor Navigation

What Regions Are Contributing Significantly to the Growth of the Naval Radar Market?

North America was the largest region in the naval radar market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the naval radar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Key Elements Shape the Definition of the Naval Radar Market?

Naval radar refers to radar systems designed for maritime vessels to maintain situational awareness, detect and track potential threats, and support various naval operations, including search and rescue, maritime patrol, and combat operations. These systems are more robust and operate in challenging marine environments, including adverse weather conditions, sea clutter, and electronic warfare threats.

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