Future Market Insights (FMI) in a new study has presented optimistic outlook for the marine radar market, especially with the advent of next generation solid state radars. The demand is expected to remain consistent through the forecast period, enabling the market register Y-o-Y growth at little above 2% in 2021.
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.
Merchant marine has traditionally been the most significant application for marine radar. The market continues to expand due to the rising demand for marine radar from pleasure boats, commercial ships, and fishing vessels sectors. The increasing demand for pleasure and luxury boats will in turn create growth opportunities. Thus all this application which helps in increasing marine radar market in coming years. The leading marine radar manufacturers are focused on developing new product with new technology.
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Whether a boat is meant for sailing holiday or carrying freight from one location to another, keeping track of all objects, possible obstruction, and other boats and larger ships one might encounter on its way comes in handy if one doesn’t intend to compromise with safety. This will remain a key factor enabling marine radar sales growth at 2.4% CAGR between 2021 and 2031.
Marine radar has been consistently implemented for weapons guidance application and surveillance which help in detecting the stationary as well as moving object and avoid accident in the past few decades. The manufacturing and supply chain activities have seen a slight down fall due to the ongoing impact made by the COVID-19 pandemic, but consumption will improve with the economic recovery, after stabilization of the pandemic.
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.
Competitive Analysis:
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.
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According to FMI, the demand for marine radar in the commercial and military sector offer lucrative growth opportunities. In addition, demand for marine radar with new and advance technology offer lucrative prospects in the marine radar market. Although growing marine tourism and increasing the demand for pleasure boats and luxury boats, needed to be installed with the marine radar. The government is also made mandatory to installed marine radars in the ships and boats. This factor supposed to offer lucrative opportunity for marine radar market.
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