Future Market Insights (FMI) in a new study has presented optimistic outlook for the marine radar market, especially with 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.
Maritime safety and efficiency is of utmost concern for merchant marine. Hence the segment dominates in terms of application and position is expected to remain impact through the course of the report’s forecast period. Also, the rising military and naval application to enable market players maintain a strong footing.
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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.
Key Takeaways of Marine Radar Market Study
- The global marine radar market is projected to expand at a CAGR of ~2.4% by during the forecast period of 2021-2031
- The U.S. will remain a key pocket for sales, accounting for over 90% of the North America Market based on value in 2021
- Slump in growth is likely in the U.K. following the pandemic outbreak in 2020. FMI projects the market to record -0.5% Y-o-Y growth in 2021. However, recovery is on cards 2022 onwards.
- Germany will remain a bright spot for sales in Europe, while negative growth is likely in France as well
- After sluggish return in 2020, sales in both Japan and South Korea market are likely to improve
“With the increase of naval fleet and quantum of capital investments for navigation and communication systems across regional defence sectors at a healthy rate, the demand of marine radar is expected to be buoyed in wake of the mentioned factor. Market is also expected to grow towards maintenance & services domain for the market participants to extend their business footprint.” says a FMI analyst.
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.
Who is Winning?
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.
Competitive Landscape
The global marine radar market is highly consolidated by few large players often involved in defense and security technology development. The key players hold around 50% to 63% of market value share. Most of these players have bases in Europe and North America as the regional policies favor private sector involvement in defense technology development. Also, these players have large pile of patents which gives them extra edge over the small players and startups.
Companies operating in the market for marine radar plan to collaborate strategically with end consumers and regional distributors to meet the needs of an expanding consumer base. Suppliers of marine radar adopt acquisition and regional expansion strategies to establish a foothold in new and fast growing markets. Besides this, there is significant focus on research and development.
For instance:
- Lockheed Martin’s solid state radar (SSR) technology offers front-line defense to several countries through partnerships with Spain, Japan, Canada, and the U.S. Government
- Raytheon has built two shipsets of SPY-6 radars under a contract of US$ 250 million with the U.S. Navy. The company also has entered into a contract to deliver 9 radar shipsets to DDG-51 Flight III destroyers.
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Some of the leading companies operating in the marine radar market are:
- FURUNO ELECTRIC CO., LTD.
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Raytheon Company
- Saab AB
- Japan Radio Co. Ltd
- BAE Systems
- JRC (Alphatron Marine)
- Garmin
Key Segments
Product Type
- X Band Radars
- S Band Radars
Application
- Merchant Marine
- Fishing Vessels
- Yacht/Recreational
- Military/Naval
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Want to Know More?
Future Market Insights has released a Marine Radar market research report providing the 2016-2020 global industry analysis and the 2021-2031 opportunity assessment. The report provides an in-depth analysis of the Marine Radar Market across various segments, namely the type, application and region of the product. The Marine Radar Market study, along with an overview of the parent market, also provides supply and demand trends.