Future Market Insights (FMI) in a new study has presented an optimistic outlook for the marine radar market, especially with the advent of next-generation solid-state radars. The demand is expected to remain consistent through the forecast period, enabling the market to register Y-o-Y growth at little above 2% in 2021.
Maritime safety and efficiency is of utmost concern when it comes to the 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 applications to enable market players to maintain a strong footing.
According to FMI, X-Band radar holds a significant share in the market. It is also used in a wide range of applications including the 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.
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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 the value in 2021
- The 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 from 2022 onwards
- Germany will remain a bright spot for sales in Europe, while negative growth is likely in France as well
- After a sluggish return in 2020, sales in both Japanese and South Korean 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. Furthermore, market is also expected to evolve towards maintenance & services domain for the market participants to extend their business footprint.” says a FMI analyst.
The demand for Marine radars is expected to grow at a moderate rate owing to its increasing consumption in Merchant Marine applications. Military Naval is the segment is expected to grow during the forecast period with the fastest CAGR. The 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.
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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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