The global demand for Marine Radar Market is presumed to reach the valuation of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% during the period of 2022-2028.
Marine radars are short-range radars majorly used by the navy of most of the countries. These radars help to find the location of the lands and other ships can be determined easily. It can also find the ships that are lost in the depth of the seas and locate the personnel lost from the ships. Therefore, it is highly installed in the ships. Over the last decade, marine travel has developed comparatively safe as the marine radars which help in avoiding sea accidents. This system proved beneficial in different cases such as war, as ships are now skilled to track ships of the enemies. The marine radar technology has changed greatly attributed to the presence of the Automatic Radar Plotting Aids (ARPA) in the radar systems. Radar is the mandatory aid for navigation purposes, in order to identify the location of the ships and track the land obstacles.
The major factor responsible for the growth of the market is the growing demand for surveillance and weapon guidance. The purchasing cost of the populace has raised in which turned to increase marine tourism. Thus, increasing the pleasure boats and luxury boats demand and need to be installed with the marine radars. This particular factor has expressively increased the demand for marine radars in the global market. The government majorly involves supporting by making it obligatory for the installation of marine radars in ships and boats. Hence, marine collision is avoided at a larger extent. Increased R&D cost which is due to the complexity of the technical design of the systems coupled with the volatile prices of the raw materials is expected to restraint the market growth.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of marine radar.
The entire marine radar market has been sub-categorized into product and application. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
- Fishing Vessel
- Merchant Marine
- Military Naval
- Recreational Boat
This section covers regional segmentation which accentuates on current and future demand for marine radar market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Marine Radar Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the marine radar market include Lockheed Martin Corporation, Saab AB, Kelvin Hughes Limited, BAE Systems, Raytheon Company., Terma A/S and Raymarine Inc., Furuno Electric Co., Ltd., West Marine, and Northrop Grumman Corporation. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.