The global marine radar market was analyzed by Market Research Future (MRFR) and it was projected that a CAGR of 2.9% will be attained by the market over the forecast period of 2018 to 2023. The valuation of the marine radar market was further stated to surpass its previous valuation with the revenue pool getting wider.
The global marine radar market is experiencing increasing demand due to a host of key factors. One of the biggest driving factors of the market is the growing demand for weapon guidance application and surveillance across the globe. Add to this, increasing military expenditure by some of the developed countries is further aiding the growth of the market. However, fluctuation in pricing of raw materials is projected to dampen the growth of the market. Strict regulations imposed by the government in relation to radar manufacturing is also anticipated to negatively influence the global market for marine radars. The players in the global market have to strictly abide by and follow the rules and regulations imposed by the governments of various countries.
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The global marine radar market has been segmented in terms of type and application.
By type, the market is branched down into X band and S band. Back in 2017, the X band type segment held the dominant portion of the global marine radar market. The segment is further anticipated to receive high growth over the forecast period to continue its run at the top of the standings. The improved target resolution alongside higher compatibility nature with small antennas are key driving factors for the X band segment. However, on the other side, S band radars are projected to grow during the forecast period with the fastest CAGR. This is due to the features it offers like enhanced surveillance capabilities and long-range detection.
By application, the market includes military naval, fishing vessel, recreational boat, and merchant marine. The merchant marine segment is the dominant of the mentioned applications and is expected to remain the same in the forthcoming years as well. The growth and standings of the market is due to the increasing international trade. However, military naval segment is projected to grow during the forecast period with the fastest CAGR. The fast-paced growth of the segment can be majorly attributed to the increasing adoption of marine radars by different governments and a surging rate of defense expenditure by developing nations.
The global marine radar market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
North American is projected to garner the maximum share in the global marine radar market over the forecast period. The presence of a number of key players like Northrop Grumman Corporation and Lockheed Martin Corporation is one of the critical driving factors of the market. However, Asia Pacific is projected to witness the fastest CAGR in the coming years due to the high defense expenditure in developing nations like India and China.
The global marine radar market comprises a host of key players. This includes names like
Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), FURUNO ELECTRIC CO.LTD. (Japan), Raytheon Company (US), Saab AB (Sweden), BAE Systems (UK), Garmin Ltd (US), FLIR Systems, Inc. (US), Kongsberg Group (Sweden) and Alphatron Marine B.V. (The Netherlands).
April 2019, Wärtsilä announced the launch of its RS24 high resolution K-band maritime radar. It is said to be the first ever commercially available K-band maritime radar. The radar boasts the capability of detecting far smaller objects and can aid in increasing the safety in busy ports. The radar provides enhanced visibility of small vessels and various other potential hazards that may be close to large ships, thereby promoting safety in congested shipping lanes.
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