The Surveillance Radar Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Surveillance Radar Global Market Report 2024, The surveillance radar market size has grown strongly in recent years. It will grow from $9.07 billion in 2023 to $9.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to military defense development, air traffic control enhancement, maritime surveillance advancements, weather monitoring and forecasting, early warning systems.
The surveillance radar market size is expected to see strong growth in the next few years. It will grow to $13.98 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to rise in unmanned systems, adoption in smart cities, growth in counter-drone technology, infrastructure modernization, remote sensing and satellite integration. Major trends in the forecast period include multi-functional radar systems, interoperability and networking, environmental sustainability, integration with 5g technology, persistent surveillance techniques.
The increasing military expenditure is expected to propel the growth of the surveillance radar market going forward. Military expenditure refers to the quantity of financial resources allotted by a country to building and maintaining an armed force or other necessary defense measures. The modernization and infrastructure development of the defense services primarily drives the increasing military expenditure. Increased military expenditure drives research, development, and procurement of advanced surveillance technologies, leading to technological advancements and market growth in the surveillance industry. For instance, in April 2023, according to the Stockholm International Peace Research Institute, a Sweden-based independent international institute dedicated to research into conflict, armaments, and arms, the North American military spending amounted to $904 billion in 2022, an increase of 0.7% compared with 2021. Therefore, increasing military expenditure is driving the growth of the surveillance radar market.
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The surveillance radar market covered in this report is segmented –
1) By Component: Antennas, Transmitters, Power Amplifiers, Receivers, Duplexers, Digital Signal Processors, Other Components
2) By Radar Type: Short Range, Medium Range, Long Range
3) By Platform: Airborne, Ground, Space, Naval
4) By Application: Commercial, Military, National Security, Aerospace, Maritime, Other Applications
Product innovation has emerged as a key trend gaining popularity in the surveillance radar market. Major companies operating in the surveillance radar market are concentrating on developing innovative products to strengthen their position in the market. For instance, in March 2021, Thales Group, a France-based technology company, launched the new digital secondary radar RSM-NG, a new meta-sensor for safer air traffic management. The RSM NG combines ADS-B and radar data (Mode S) for quicker track initialization and higher-quality, more reliable information. The radar can simultaneously share 64 data outputs with several air traffic control centers while tracking up to 2,000 flight paths. The radar uses cutting-edge digital technology to give airports superior performance, cyber protection, and reduced life-cycle costs.
The surveillance radar market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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