Global Marine Radar Market Is Projected To Expand At A CAGR Of ~2.4% Between 2021-2031

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Over the course of the past few years, the global marine radar market is driven by factors such as rising demand for weapons guidance application and surveillance. Also increasing spending on military activities by developed and developing countries has provided lucrative growth opportunities. The global marine radar market has witnessed significant growth owing to the increase in marine tourism spending. This trend is expected to persist over the coming years.

According to FMI, 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. FMI 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. FMI 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
• 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 a FMI 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.

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Key Segments

Product Type

• X Band Radars
• S Band Radars

Application

• Merchant Marine
• Fishing Vessels
• Yacht/Recreational
• Military/Naval

Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa

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Competitive Landscape:

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.