Pune, India, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The global surveillance radars market size was valued at USD 9.13 billion in 2021. The market is projected to grow from USD 10.16 billion in 2022 to USD 20.46 billion by 2029, exhibiting a 10.5% CAGR during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, "Surveillance Radars Market, 2022-2029."
Russia-Ukraine War Impact
Russia-Ukraine War Proliferated Procurement of Surveillance Radars Globally
A new approach to defense funding and acquisition has been impacted by the Russian-Ukrainian war. In the wake of events such as the Russia-Ukraine War, numerous nations throughout the world have reviewed their defense expenditure & acquisition plans and made appropriate adjustments. Countries, including Canada, China, Estonia, India, Iraq, Taiwan, and others have prioritized building the necessary infrastructure for the radar business as a result of mounting risks. The confrontation between Russia and Ukraine has therefore sparked a global demand for monitoring radars.
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List of Key Players Mentioned in the Report:
- BAE Systems Plc (U.K.)
- Hensoldt AG (Germany)
- Leonardo S.P.A. (Italy)
- Honeywell International (U.S.)
- Lockheed Martin Corporation (U.S.)
- L3 Harris Technologies Inc. (U.S.)
- Northrop Grumman Corporation (U.S.)
- Raytheon Technologies Corporation (U.S.)
- SAAB AB (Sweden)
- Thales Group (France)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 10.5% |
| 2029 Value Projection | USD 20.46 Billion |
| Base Year | 2021 |
| Surveillance Radars Market Size in 2021 | USD 9.13 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 212 |
| Segments Covered | By Platform Analysis, By Radar Type Analysis, By Application Analysis |
| Surveillance Radars Market Growth Drivers | Increasing Fleet of Commercial Aircraft and Airports and Demand for Advanced Air Traffic Control (ATC) to Surge the Product Demand |
Segments
Space Surveillance Radar Segment to be Fastest Growing due to Technological Advantages
The market is segmented by platform into airborne, ground, space, and naval. In 2021, the ground segment dominated the market by having the largest share.
Increasing Defense Applications Will Boost Growth of Long Range Surveillance Radar
Based on radar type, the market is divided into short-range surveillance radar, medium range surveillance radar, and long range surveillance radar. The long range surveillance radar segment is expected to be the fastest growing in the forecast period.
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https://www.fortunebusinessinsights.com/surveillance-radars-market-104290
Defense Segment to Hold Dominance in Forecast Years due to Increased Defense Budget
Based on application, the market is divided into commercial, defense, homeland security, and others. The defense segment is projected to grow at the highest CAGR over the period of 2022-2029.
By region, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Report Coverage:
The report offers valuable insights obtained by a thorough study done by our researchers. Extensive research was conducted to provide the estimated size of the market for surveillance radars. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Drivers:
Increasing Fleet of Commercial Aircraft and Airports and Demand for Advanced Air Traffic Control (ATC) to Surge the Product Demand
Growing commercial airports and aircraft fleets, together with concerns about reducing carbon emissions through effective traffic management, will drive market expansion. The Indian government has constructed about 18 new airports in the last two years. Additionally, the government of India's Civil Aviation Minister declared that 220 new airports would be built by 2025. As a result, there is a rapidly growing need for airport surveillance radars for aircraft traffic management, command, and control.
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Regional Insights:
Asia Pacific to Lead Backed by Rise in Defense Budget
Due to massive defense budgets of nations such as China, India, and Japan, the Asia Pacific region dominates and is predicted to have the highest surveillance radars market growth. In addition to the defense budget, other issues include border disputes between South and North Korea, China, and Taiwan, India, and China, and India and Pakistan
According to estimates, North America held the second-largest surveillance radars market share. The space segment is expected to grow at the fastest rate in North America.
The third-placed market is Europe, which is anticipated to expand significantly as a result of increased investments from the commercial and defense industries. Increased investment from nations such as the United Arab Emirates, Saudi Arabia, and Israel fueled the market expansion for radars in the Middle East & Africa.
Competitive Landscape:
Key Players Sign Significant Contracts to Make Remarkable Changes in the Market
The players operating in the market often employ numerous tactics that will aid the market growth and product demand. Among the pool of strategies, one such notable strategy to expand the business prospect is signing multimillion contracts with government bodies and securing profitable revenue for their own company.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest Trends
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of Russia-Ukraine War on Surveillance Radar Market
- Impact of Russia Ukraine War on Surveillance Radar Market
- Potential Opportunities due to Russia Ukraine War Impact
TOC Continued…!
Key Industry Development:
July 2022: On the NAM Atlântico multipurpose aircraft carrier operated by the Brazilian Navy, BAE was given a five-year contract for the ARTISAN radar. The DNA2 Combat Management System (CMS) and ARTISAN radar on NAM Atlântico received lifetime support as part of the contract.
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