Overview and Scope
Radar systems and technology refer to the use of radio waves to detect the presence, direction, distance, and speed of objects such as aircraft, ships, vehicles, and weather formations. Radar systems and technology function based on the principle of emitting radio waves from an antenna, which then interact with target objects and are detected upon their return to a receiver. This technology enables accurate and versatile applications across multiple industries.
Sizing and Forecast
The radar systems and technology market size has grown strongly in recent years. It will grow from $20.75 billion in 2023 to $22.01 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increasing demand for reducing runway incursions, rising use of passive radars, increasing demand in active electronically scanned array (AESA), demand for enhanced security, integration of radars and GPS.
The radar systems and technology market size is expected to see steady growth in the next few years. It will grow to $26.53 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to demand for autonomous vehicles, increasing demand for enhanced surveillance, security, and situational awareness, rise in defense budgets of various countries, growing use of radar systems, increasing need for radar systems in military and defense sectors. Major trends in the forecast period include technological advancements, advancements in signal processing and data analysis techniques, integration of radar systems with other sensors and technologies, development of new airports and terminal expansion, advances in signal processing.
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Segmentation & Regional Insights
The radar systems and technology market covered in this report is segmented –
1) By Type: Ground-Based Radar Systems, Airborne Radar Systems, Naval Radar Systems
2) By Sales Channel: Direct Channel, Distribution Channel
3) By Application: Automotive, Industrial, Medical, Military And Defense, Other Applications
North America was the largest region in the radar systems and technology market in 2023. The regions covered in the radar systems and technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising demand for autonomous vehicles is expected to propel the growth of the radar systems and technology market going forward. Autonomous vehicles are designed with powerful sensor technology, artificial intelligence (AI), and machine learning algorithms to improve overall road safety by lowering the possibility of human error. Radar systems and technology enable autonomous vehicles to detect obstacles, measure distances, estimate speeds, and navigate safely through traffic by providing essential data for collision avoidance and adaptive driving features. For instance, in December 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization, by 2025, 3.5 million self-driving cars or autonomous vehicles were expected to be on American roads. By 2030, it’s also anticipated that 4.5 million autonomous cars will be on the road. Therefore, the rising demand for autonomous vehicles is driving the growth of the radar systems and technology market.
Key Industry Players
Major companies operating in the radar systems and technology market are RTX Corporation, Lockheed Martin Corporation, Airbus SE, General Dynamics, Northrop Grumman Corporation, Mitsubishi Electric Corporation, BAE Systems Plc, Thales Group, L3Harris Technologies Inc., Leonardo SpA, Infineon Technologies AG, NXP Semiconductors NV, Rockwell Collins Inc., Harris Corporation, Rheinmetall AG, Saab AB, Indra Sistemas SA, Israel Aerospace Industries, Aselsan A.S., Hensoldt AG, Terma A/S, RADA Electronic Industries Ltd., Honeywell International Inc., Reutech Radar Systems, Kelvin Hughes Limited, Cambridge Consultant, Tactical Solutions, Telephonics Corp.
The radar systems and technology market report table of contents includes:
1. Executive Summary
2. Radar Systems And Technology Market Characteristics
3. Radar Systems And Technology Market Trends And Strategies
4. Radar Systems And Technology Market – Macro Economic Scenario
5. Global Radar Systems And Technology Market Size and Growth
……
32. Global Radar Systems And Technology Market Competitive Benchmarking
33. Global Radar Systems And Technology Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Radar Systems And Technology Market
35. Radar Systems And Technology Market Future Outlook and Potential Analysis
36. Appendix
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