The global marine radar market is anticipated at USD 1.34 billion in 2022. The sector is gaining pace as companies provide technologically improved marine radar with various wireless technologies.
The market is estimated to garner USD 2.4 billion in 2033, recording a CAGR of 5.5% from 2023 to 2033. The market is likely to secure USD 1.4 billion in 2023. The Europe market is projected to expand significantly due to the rapid growth of the marine industry.
| Data Points | Kay Statistics |
|---|---|
| Marine Radar Market Size Value in 2023 | USD 1.4 billion |
| Marine Radar Market Forecast Value in 2033 | USD 2.4 billion |
| Global Growth Rate | 5.5% CAGR |
| Forecast Period | 2023 to 2033 |
Marine radar provides advantages for navigation and collision avoidance in sea areas. Marine radar also becomes useful at the time of war as they are useful to keep track of enemy ships.
The increasing spending on military activities by developed & developing nations has provided a lucrative opportunity for market growth. With the rising demand for weapon guidance applications and increased marine tourism spending the global marine radar market is expected to grow in the forecast period.
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From 2018 to 2022, the market for marine radar exhibited a 5.3% CAGR. The increasing demand for marine radar from pleasure boat commercial ships and fishing vessels sector is expected to boost the market growth.
The rising demand for pleasure & luxury boats creates a growth opportunity for the market. The merchant marine is the most significant application of marine radar. Thus with all these increasing applications, the marine radar market is expected to grow in the coming years.
Marine radar is consistently implemented for surveillance &weapon guidance application which help in detecting stationary and moving objects to avoid accidents. Due to increasing application in military operations, the demand for marine radar is projected to expand at a steady pace from 2023 to 2033.
Increased R&D Activities and Advancement in Technology to Spur the Growth of the Market
Increasing investment by market players in research & development activities to achieve a competitive edge is expected to drive market growth. Also, the key market players are continuously collaborating with other manufacturers to provide new technology-based products.
With the increasing business across the globe, the new product development of new product development is on the agenda. There is high demand for robust new products with value-added features.
The increased demand for technologically advanced weapon and devices are the factor propelling the marine radar market. With the increasing demand for cutting-edge technology, the market is expected to witness significant growth during the forecast period. Thus the demand for marine radar with new & advanced technology offer lucrative prospect in the marine radar market
Increased Application of Marine Radar to Drive the Growth of the Market
According to the FMI, the demand for marine radar in the commercial and military sectors provides an opportunity for market growth. Marine radar is used in different applications like merchant marine fishing vessels, and yachts/recreational.
The naval & coastal guar used small boat intrusion systems with radar to protect their naval bases. Local, state & national agencies use radars to prevent illegal infiltration or immigration by sea, weapon trafficking, terrorism smuggling and to trace other criminal activities.
Increased demand for surveillance radars with improved technology is expected to drive market growth. Also, these radars help in preventing sea level accidents, and all these further push the market sales.
Stringent Laws Imposed by Different Regulatory Bodies Are Expected to Hinder the Market Growth
There are different standards for the anti-clutter function and detection performance standard. A radar should transmit the band according to the International Telecommunication Union Recommendation(ITU_R). Also, the International Organization for Standardization of IMO and the International Convention for Safety Of Life At Sea(SOLAS) Also regulated standards for marine radar.
The fluctuating and volatile nature of raw material prices, changeable climatic conditions, and uncertainties in ship-building industries are likely to hinder market growth.
The Increased Demand from The Shipbuilding Industry Provides an Opportunity for The Growth of the Market in The US
The global marine radar market is expected to be dominated by North America. The market is anticipated to expand at a CAGR of 5.2% over the forecast period. The United States remains a highly lucrative market for marine radar throughout the forecast period owing to the expansion of the shipbuilding industry in the country due to the increased demand from the military & commercial market.
According to the report of the United States Department of Transportation’s Maritime Administration MARAD, the shipbuilding industry have significant economic importance in the GDP.
Increasing Marine Trade Activity to Drive the Growth of the Marine Radar Market in China
China is projected to be the most lucrative market for marine radar over the forecast period. the china marine radar market is expected to witness potential growth opportunities. The market in China witnessing high demand due to the presence of the largest fisheries & aquaculture sector.
The market is blooming due to the increase in marine trade activities and both manufacturing and demand will continue to grow in the coming decade. Increased consumer demand, increased industrial activities, and import, and export drive the market growth. These factors will continue to support the expansion of the market in China.
Increased Military Spending to Boost the Growth of the Market in The United Kingdom
During the assessment period, the marine radar market in the United Kingdom is expected to grow at a CAGR of 5.1%. The market for marine radar is driven by increasing demand from the royal navy and commercial ships as the radar is used to improve the safety of navigation and detect enemy ships. Also, the increasing shipbuilding business and oil & gas import exports provide opportunities for market growth.
The increasing demand for marine radar in the region can be attributed to increased adoption in the military sector to enhance border control. Also, the increased investment in the defense sector is the major factor favorably impacting the demand for marine radar.
The strategic collaboration and partnership performed by leading players in the region drive market growth. For instance, in July 2022 one of the United Kingdom-based companies BAE Systems signed a five-year contract to support Its ARTISAN Radar on the Brazilian Navy Flagship.
X-Band Radars Remain Prominent During the Forecast Period
The X-band radar segment will continue accounting for the largest revenue share throughout the forecast period. According to FMI, the segment is expected to hold for around 42.5% of the market in terms of product type by the end of 2033. This is attributed to its wide application in various end-use cases due to its space-saving advantage & better target revolution offered by X-band radar.
Merchant Marine Segment to Drive Marine Radar Market
Based on application the merchant marine segment is expected to account for more than 40% of the total share of the global marine radar market. The rapid growth of the military merchant spending globally and increased trading activity are anticipated to drive the growth of the segment during the forecast period.
The marine radar offers an advantage for military ships and protects them from accidents and enemy ships. On the other hand, the Fishing vessel application segment is expected to expand at a CAGR of 3.6% over the forecast period owing to the increasing demand for fishing vessels.
New players in the marine radar market such as ESROE, LAMSERMAR, Radar Marine, and KB Radar among others, are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base. For instance
ESROE - Provider of software for identification and tracking of radar and other signals, the company offers artificial intelligence software system for radar identification, a software application that enables the analysis of the identification performance of automatic radar systems, processing algorithms for radar, and electronic surveillance suit.
LAMSERMAR - is the provider of radar-based sensors for diversified marine applications, it offers radar systems and software for the monitoring of coastal areas, marine environment, and vessel navigation. Its product portfolio includes control units of radars, slotted arrays, and parabolic antennas with different apertures, polarization, and radiation patterns, and solutions for vessel traffic services.
Prominent players in the marine radar market are FURUNO ELECTRIC CO. LTD., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Saab AB, Japan Radio Co Ltd, BAE Systems, JRC, Garmin, FLIR Systems, Navico Group AS, GEM Elettronica, HENSOLDT UK, Koden Electronics Co. Ltd, Rutter Inc., Kongsberg Maritime AS, TOKYO KEIKI INC, Johnson Outdoors Inc., among others.
Leading players operating in the global marine radar market are focusing on intensive research and development for launching innovative products and services in the market. Product innovation is the key strategy adopted by market players. Brand consciousness and aggressive marketing by top players however make it challenging for new entrants in this market. The market players are also emphasizing offering radar systems with high reliability and high performance
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.5% from 2023 to 2033 |
| Market Value in 2022 | USD 1.4 billion |
| Market Value in 2032 | USD 2.4 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Application, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Lockheed Martin Corporation; Northrop Grumman Corporation; Raytheon Company; Saab AB; Japan Radio Co Ltd; BAE Systems; FLIR Systems; Navico Group As; GEM Elettronica; HENSOLDT U.K.; Koden Electronics Co. Ltd; Rutter Inc. |
Marine radar sales in the United Kingdom are anticipated to experience a CAGR of 5.1% through 2033.
The marine radar market is valued at USD 1.4 billion in 2023.
By application, the merchant marine segment is expected to lead and inflate at 3.6% CAGR through 2033.
Rising maritime trade, strict safety regulations, and growing naval defense investments drive market growth.
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Marine Radar Market
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