According to a new market report published by Credence Research, Inc., “Global RADAR Market (By Type (Pulsed-wave, Continuous-wave), By Component (Antenna, Transmitter, Receiver, Others), By Range (Long, Medium, Short), By End-use (Military, Aviation, Weather Forecasting, Ground Traffic Control, Others) – Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global RADAR market is expected to touch US$ 40.55 Bn in 2027, witnessing a growth of 4.12% CAGR across the forecast period of 2019 to 2027.
Increasing deployment of RADAR for security purpose and rising expenditure in the defense sector are the primary factors driving the demand for RADARs worldwide. Rising threat from rival countries due to technological up-gradation such as stealth technology that fails to intercept incoming enemy missiles or fighter aircrafts has deepen the spending in up-grading current RADAR technology. Besides, the rapid growth of automation in the automotive and aviation industry is expected to further fuel the RADAR market growth, with a CAGR of 4.12% from 2019 to 2027. However, the high cost of RADAR is expected to hamper the market evolvement.
Based on type, RADAR is classified into pulsed-wave and continuous-wave RADAR. Puled-wave (PW) RADAR is majorly used for air and maritime surveillance, weather monitoring and guiding aircraft & drones whereas continuous-wave (CW) RADAR finds its application in enemy missile detection, traffic monitoring, vehicle speed detection and human gait recognition. PW RADAR is better for long-range whereas CW RADAR is superior for short-range target detection. Moreover, increasing development in autonomous vehicle technology such as ADAS, for detecting objects around a vehicle is expected to increase the CW RADAR share during the forecast period. In 2018, PW RADAR had a share of nearly 60% in the global RADAR market.
On the basis of geography, North America led the global RADAR market in 2018 with market share of over 35% of the global market size, in terms of revenue. Regional countries like the U.S. is spending heavily on its defense sector for modernizing its current technology. Also, it is home of major defense companies such as Lockheed Martin Corporation, Raytheon Company and Northrop Grumman Corporation. In addition, North American automotive industry is highly developed; with major companies of the region such as Waymo and BOSCH are investing heavily on an autonomous vehicle, the region is expected to be the largest during the forecast period.
The overall RADAR market is quite competitive in nature with market players focusing on getting a defense contract from the government. In June 2019, Lockheed Martin Corporation demonstrated its advanced RADAR solution suitable for Lower Tier Air and Missile Defense Sensor (LTAMDS) needs of the U.S. army. Additionally, in September 2019, the U.S. army awarded a contract of US$ 281 Mn to the company for developing Sentinel A4 RADAR system, capable of detecting cruise missiles, UAVs and another rotary/fixed wings threats.
Some of the major companies profiled in the report include BAE Systems, Lockheed Martin Corporation, Raytheon Company, Northrop Grumman Corporation, Airbus S.A.S., Honeywell International Inc., Leonardo S.p.A., Thales Group, Saab AB, Reutech Radar Systems, TERMA and Infineon Technologies AG among others.
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