Future Market Insights (FMI) in a new study has presented 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 register Y-o-Y growth at little above 2% in 2023.
When it comes to commercial marine, maritime safety and efficiency are critical. As a result, the segment dominates in terms of application, and this position is expected to hold throughout the report’s prediction period. Furthermore, the rising military and naval applications will assist market participants in maintaining a solid foothold.
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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 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
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.
- X Band Radars
- S Band Radars
- Merchant Marine
- Fishing Vessels
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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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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