An ESOMAR-certified market research and consulting firm in a new study has presented optimistic outlook for the marine radar market, especially with the advent of next generation solid state radars. The demand is expected to remain consistent through the forecast period, enabling the market register Y-o-Y growth at little above 2% in 2021.
Maritime safety and efficiency is of utmost concern when it comes to merchant marine. Hence the segment dominates in terms of application and position is expected to remain impact through the course of the report’s forecast period. Also, the rising military and naval application to enable market players maintain a strong footing.
According to market intelligence study, X-Band radar holds significant share in the market. It is also used in a wide range of applications including merchant marine, fishing vessels, yacht/recreational and military/ naval. Technology advancement and growing demand for progressive intrusion detection systems are underpinning the market growth. Study has projected the market’s valuation to reach US$ 971 Mn by the end of 2031.
Key Takeaways of Marine Radar Market Study
The global marine radar market is projected to expand at a CAGR of ~2.4% by during the forecast period of 2021-2031;
The U.S. will remain a key pocket for sales, accounting for over 90% of the North America Market based on value in 2021;
Slump in growth is likely in the U.K. following the pandemic outbreak in 2020. Study projects the market to record -0.5% Y-o-Y growth in 2021. However, recovery is on cards 2022 onwards;
Germany will remain a bright spot for sales in Europe, while negative growth is likely in France as well; and
After sluggish return in 2020, sales in both Japan and South Korea market are likely to improve.
“With the increase of naval fleet and quantum of capital investments for navigation and communication systems across regional defence sectors at a healthy rate, the demand of marine radar is expected to be buoyed in wake of the mentioned factor. Furthermore, market is also expected to evolve towards maintenance & services domain for the market participants to extend their business footprint.” says an analyst.
The demand for Marine Radar is expected to grow at moderate rate owing to its increasing consumption in Merchant Marine application. Military Naval is the segment is expected to grow during the forecast period with fastest CAGR. Naval sector plays an important role in structuring command on the marine radar market. China and India are the major target locations for supply of Marine Radar for manufacturers.
Who is Winning?
The global marine radar market is equally integrated at global and regional levels. Some of the leading players included in the report are FURUNO ELECTRIC CO., LTD., Northrop Grumman Corporation, Lockheed Martin Corporation, Saab AB, Japan Radio Co. Ltd., BAE Systems, JRC (Alphatron Marine), and Garmin, Raytheon Company, Wärtsilä SAM Electronics Gmbh, Transas Marine International AB and others. To gain competitive advantage in the market, market participants are involved in acquisition activities expansion, merger, and expansion with regards to excessive market growth.
(These insights are based on a report on Marine Radar Market by Future Market Insights)
Sea News Feature, April 6