[Latest] Marine Radar Market Size Will Attain USD 2.31 Billion by 2030 Growing at 6.5% CAGR - Exclusive Report by Zion Market Research | Global Marine Radar Market Size, Share, Trends Analysis Report

According to Zion Market Research, Technology development and the rising demand for high-tech weapons, devices, and weaponry are some of the other key factors propelling the marine radar industry market's expansion.

NEW YORK, United States, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Marine Radar Market Size - By Product Type (X-Band And S-Band), By Component (Transmitter, Receiver, Antennae, And Others), By Application (Fishing Vessel, Recreational Boat, Merchant Marine, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the global marine radar market size was valued at around USD 1.39 billion in 2022. The market is expected to grow above a CAGR of 6.5% and is anticipated to reach over USD 2.31 billion by 2030.”

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Marine Radar Market Overview:

Radar (Radio Detection and Ranging) is an instrument that employs radio waves to detect and identify nearby objects. Radars can therefore identify maritime objects such as ships, buoys, and wildlife. By utilizing microwaves with brief wavelengths, the location and distance of an object can be measured with extreme precision. In addition to maritime applications, radars are also utilised in meteorology and aerial surveillance.

The preponderance of marine radars operates within the frequency ranges of 3 GHz (10 cm wavelength) and 10 GHz. Although somewhat antiquated, these frequencies continue to be referred to as the X band (10GHz) and S-band. Radars that operate in the 10 GHz band (3 cm wavelength) provide much better definition (a more complete image) than those that operate in the 3 GHz band (10 cm wavelength), meaning that they are more likely to detect extremely small objects and that the radar traces of land are more distinct. Typically, the range of 3 GHz-band radars is greater. While the former is typically used to provide more comprehensive coverage at ranges of less than 20 nautical miles, the latter is typically employed for early detection of objects at ranges greater than 20 nautical miles.

Key Insights from Primary Research

• As per the analysis, the marine radar market share is likely to grow above a CAGR of around 6.5% between 2023 and 2030.
• The Marine Radar market size was worth around USD 1.39 billion in 2022 and is estimated to hit approximately USD 2.31 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• The increasing technological advancements and growing defense budgets across the globe are expected to drive marine radar market expansion.
• Based on the product type, the s-band segment is expected to dominate the market during the forecast period.
• Based on the component, the antennae segment accounted for the largest market share in 2022.
• Based on the application, the merchant marine segment is expected to capture the largest market share during the forecast period.
• Based on region, the Asia Pacific is expected to grow at the highest CAGR during the forecast period.

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Competitive Players:

The report contains qualitative and quantitative research on the global marine radar market, as well as detailed insights and development strategies employed by the leading competitors.

Some of the main players in the global marine radar market include;        

• Lockheed Martin
• Furuno
• Northrop Grumman
• Saab
• Raytheon
• Japan Radio
• Bae
• Johnson
• Alphatron Marine
• Garmin
• Wartsila Sam
• Rigil Marine
• FURUNO ELECTRIC CO. LTD.
• Japan Radio Co.
• Raymarine
• Easat Radar Systems Limited

Marine Radar Market: Growth Drivers

• Rising cross-border conflicts and terrorism drive market growth

In recent years, an increase in cross-border conflicts and terrorist activities in various regions of the world has compelled a number of national governments and their defence agencies to strengthen border security and surveillance. Modern radar systems that are more precise, reliable, and effective are crucial to the border security and surveillance strategies employed by various governments. After realizing that governments are seeking both effective and cost-effective defence solutions, manufacturers of military radar systems are particularly focused on striking a balance between quality and price when installing retrofit solutions to upgrade existing systems to the latest standards. Consequently, the increasing number of cross-border conflicts and terrorist activities drives the growth of the global marine radar market during the forecast period.

Marine Radar Market: Restraints

• Input limitations from outside sources hinder the market growth                                  

The data that marine radars collect from external sources also impacts their effectiveness. These sources consist of GPS, satellites, compasses, etc. However, these data sources may be defective and provide inaccurate data to the marine data system. Unfortunately, this unreliable information may compromise the accuracy of the data produced by marine radar. Thus, acting as a significant restraint on the marine radar industry's growth over the forecast period.

Browse Complete Report Here | Marine Radar Market Size - By Product Type (X-Band And S-Band), By Component (Transmitter, Receiver, Antennae, And Others), By Application (Fishing Vessel, Recreational Boat, Merchant Marine, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030

Marine Radar Market: Segmentation

The global marine radar industry is segmented based on product type, component, application, and region.

Based on the product type, the global market is bifurcated into x-band and s-band. The s-band segment is expected to dominate the market during the forecast period. Radar systems are utilised for a variety of hydrometeorological and navigational applications that require observations during precipitation and rainfall. S-band radar offers a long-distance perspective and aides engineers in planning in adverse conditions. Due to their high radiated power, S-band radar systems are capable of providing extensive coverage over both land and water. In contrast, the x-band radar segment is anticipated to experience substantial growth over the forecast period.

Based on the component, the global marine radar industry is segmented into the transmitter, receiver, antennae, and others. The antennae segment accounted for the largest market share in 2022 and is expected to continue the same pattern during the forecast period.

Based on the application, the market is segmented into fishing vessels, recreational boats, merchant marine, and others. The merchant marine segment is expected to capture the largest market share during the forecast period.

Regional Analysis:

• Asia-Pacific region is anticipated to experience the maximum CAGR over the forecast period

Asia-Pacific region is anticipated to experience the maximum CAGR growth in the global marine radar market during the forecast period. The region is expected to benefit from the development of radar systems due to the presence of numerous small and medium-sized enterprises (SMEs), manufacturing facilities, increased adoption of radar technology, and expanding maritime trade. The expansion of the regional market is anticipated to be assisted by the availability of capital and investments. Research and development in the defence industry is a significant and ongoing trend in the Asia-Pacific region.

North America is expected to hold the largest share of the marine radar market throughout the forecast period. Territorial disputes around the world motivate governments to install highly effective surveillance systems along their international borders, particularly in these volatile regions. As a result, numerous nations are increasing their national defence spending. According to the Stockholm International Peace Research Institute (SIPRI), the United States spent USD 801 billion on its military in 2021, or roughly 38% of all military expenditure worldwide. Consequently, the aforementioned fact supports the expansion of the market over the forecast period.

Report Scope:

Report Attribute	Report Details
Market Size in 2022	USD 1.39 Billion
Market Forecast in 2030	USD 2.31 Billion
Growth Rate (From 2023 to 2030)	CAGR of 6.5%
Base Year	2022
Forecast Years	2023- 2030

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Recent Industry Developments:

• In June 2022, the most effective radar of its kind, the C-band Weather Radar WRS300, has been launched by Vaisala , a leader in weather, environmental, and industrial measurements. It makes use of solid-state power amplification to allow weather detection over vast areas with unprecedented longevity.
• In January 2021, HENSOLDT UK unveiled the SPEXER 600 AESA radar that can automatically detect, classify, and track ground, coastal, and low-flying targets at a minimum range of 400km. The SPEXER 600 series features a solid-state GaN system operating at a frequency range of 9 to 9.6 GHz with an azimuth coverage area of plus or minus 60 degrees and an elevation range of 40 degrees.

The global marine radar market is segmented as follows:

By Product Type

• X-Band
• S-Band

By Component

• Transmitter
• Receiver
• Antennae
• Others

By Application

• Fishing Vessel
• Recreational Boat
• Merchant Marine
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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FREQUENTLY ASKED QUESTIONS:

What is marine radar?

Marine radars are short-range radars. With the help of marine radars, the location of the lands and other ships can be determined easily, hence it is highly installed in the ships. Over the last decade, marine travel has become comparatively safe as marine radars help in avoiding sea accidents. This system has proved useful in case of war, as ships are capable of keeping track of the enemy ships. Over the years, marine radar technology has evolved greatly due to the inclusion of Automatic Radar Plotting Aids (ARPA) in radar systems.

Which key factors will influence the marine radar market growth over 2023-2030?

The main factor that is driving the marine radar market is the increasing demand for weapon guidance and surveillance. The purchasing power of the people has increased which has, in turn, increased marine tourism thus increasing the demand for pleasure boats and luxury boats which need to be installed with the marine radars. This factor has significantly increased the demand for marine radars in the global market.

What will be the value of the marine radar market during 2023-2030?

According to the report, the global market size was worth around USD 1.39 billion in 2022 and is predicted to grow to around USD 2.31 billion by 2030.

Which region will contribute notably towards the marine radar market value?

The global marine radar market growth is expected to be driven by the Asia Pacific. It is currently the world’s highest revenue-generating market owing to the existence of several SMEs, manufacturing facilities, greater adoption of radar technology, and expanding sea trade.

Key Offerings:

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market

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