The 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 Radar Global Market Report 2024, The radar market size has grown rapidly in recent years. It will grow from $31.71 billion in 2023 to $34.96 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to military modernization, air traffic control (atc) upgrades, weather monitoring and prediction, maritime security, automotive radar for collision avoidance.
The radar market size is expected to see rapidly grown in the next few years. It will grow to $49.94 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to next-generation military radar systems, 5g network expansion, environmental monitoring, autonomous vehicles integration, space debris tracking. Major trends in the forecast period include cybersecurity for radar systems, miniaturization of radar systems, integration of artificial intelligence, rapid prototyping and development, frequency modulation continuous wave (fmcw) radar.
An increase in seaborne trade globally propels the growth of the radar market. The seaborne business continues to grow, benefiting consumers and companies worldwide through lower freight costs. Through seaborne trade, goods are shipped in containers and tankers via a sea route that enables the shipping of a large volume of goods at a low cost. Due to these dynamic and cheaper transport services, there is an increase in the use of the sea for the trading of goods and services, resulting in the increasing demand for radar which helps in navigating, identifying landmasses, detecting boats, birds, and weather systems. For instance, in January 2023, according to the United Nations Conference on Trade and Development (UNCTD), a Switzerland-based intergovernmental organization, in 2021, global maritime trade experienced growth, with shipments increasing by an estimated 3.2% to reach a total of 11 billion tons. This marked a significant improvement of 7 percentage points compared to the figures from 2020. Therefore, the increase in seaborne trade will drive the radar market.
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The radar market covered in this report is segmented –
1) By Type: Detection And Search, Targeting Radars, Weather Sensing Radars, Navigational Radars, Mapping Radars, Other Types
2) By Component: Antenna, Transmitter, Receiver, Other Components
3) By Range: Long, Medium, Short
4) By End Use: Military, Aviation, Weather Forecast, Ground Traffic Control, Others End Uses
Major companies operating in the selenium market are increasing their focus on introducing new mining facilities to gain a competitive edge in the market. Mining facilities are specialized sites or locations where various processes, equipment, and infrastructure are employed to extract, process, and refine minerals and other valuable resources from the earth or underground deposits. For instance, in September 2023, Kazakhmys Progress LLP, a UK-based mining company, collaborated with Russian scientists to develop a unique method of producing branded selenium. They opened a new plant in the city of Balkhash, which can produce 75 tons of high-purity selenium per year. This new technology is more efficient and eco-friendly than traditional methods, allowing Kazakh scientists to produce selenium of the highest purity in a single step. The plant will cater to the domestic and international markets, supplying the needs of both.
The radar market report table of contents includes:
1. Executive Summary
2. Radar Market Characteristics
3. Radar Market Trends And Strategies
4. Radar Market – Macro Economic Scenario
5. Global Radar Market Size and Growth
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26. South America Radar Market
27. Brazil Radar Market
28. Middle East Radar Market
29. Africa Radar Market
30. Radar Market Competitive Landscape And Company Profiles
Top Major Players:
- Lockheed Martin Corporation
- BAE Systems PLC
- Saab AB
- L3Harris Technologies Inc
- Northrop Grumman Corporation
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