Radar Market size is forecast to total US$ 34.2 Bn in 2021, expanding at a 10% CAGR, the market valuation is expected to reach US$ 60.5 Bn by 2028.
| Attribute | Details |
| Estimated Radar Market Size 2022 | US$ 34.2 Bn |
| Radar Market Value-based CAGR (2022-2028) | ~10% |
| Projected Radar Market Size in 2028 | US$ 60.5 Bn |
A new report published by Future Market Insights (FMI) titled “Radar Market: Global Industry Analysis (2017-2022) and Opportunity Assessment (2022-2028)” states that with the increasing focus of governments on defence and the growing budget of the sector are expected to trigger substantial growth in the global radar market in the coming years.
Radar is a type of object-detection system that employs radio waves for determining the angle, range, or velocity of respective objects. It can also be used for detecting ships, aircraft, guided missiles, motor vehicles, weather formations, spacecraft, and terrain. As a result of these benefits, the demand for radar is likely to rise over time, especially in the defence and aerospace sectors.
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Increasing Application Areas to Present Lucrative Growth Prospects
Radar detectors are employed to map out climatic conditions for the air force, army, and other maritime tasks. Shuttle, air ship, boats, and vehicles are few of the key users of radar innovation. The presentation of 3D radar innovation and an expansion in the utilization of unmanned aerial vehicles (UAVs) is driving the market for radar framework and innovation internationally. Unmanned vehicles are basically utilized in peacekeeping activities and are additionally utilized for reconnaissance purposes.
Defence and Aerospace to Grab a Substantial Piece of the Pie; Automotive to Catch up
Growing security concerns along with rising defence budgets of both developing and developed nation are the core factors that are expected to boost the growth of the global radar market in the long run. Technological proliferation is expected to have incessant impacts on the growth of the market in this sector.
The developing market for radars is expected to be in the automotive industry. While today’s cars make limited use of radars, future cars are anticipated to integrate radars as a default element in their models. The chances for radar companies to capitalize on this evolving market are currently very high. Several automakers are still looking to partner with component manufacturers on integrated radar systems. For radar manufacturers, the time to invest in automotive radars is ideal because automotive radars are still under research and an early investment from the companies in the R&D process would stand them to gain a favourable learning chance.
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Radar Market by Category
Platform:
- Land
- Naval
- Airborne
- Space
Range:
- Short Range
- Medium Range
- Long Range
Application:
- Defense & Aerospace
- Marine
- Weather Forecasting
- Remote Sensing
- Automotive
Type:
- Detection and Search
- Targeting Radars
- Weather Sensing Radars
- Navigational Radars
- Mapping Radars
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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