The radar market is worth approximately US$ 35,064.5 million in 2023. Over the next decade, it is projected to expand significantly, with an estimated market size of US$ 97,195.2 million by 2033. This growth will be driven by a compound annual growth rate (CAGR) of 10.7%, indicating a steady increase in radar market revenue in the years ahead.
A high-resolution radar image became more precise and accurate as radar technology advanced. With increasing demand in areas like weather forecasting, environmental monitoring, and defense, the radar market is expected to grow.
Many industrial and commercial applications use radar technology. For example, radar is used for preventing collisions in automobiles, ground-penetrating radar is used for surveying and construction, and maritime radar serves as a navigation tool. Airborne radar platforms can be in high demand because of geopolitical tensions and conflicts.
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Systems that use RADAR can calculate the velocity of objects in motion. With the help of RADAR systems, radio signals can cover large geographic areas at once. Many industries across the economic spectrum can benefit from RADAR data.
Due to the radar’s ability to function behind opaque surfaces, it also provides OEMs with significant packaging flexibility. The dielectric constant and the surface roughness of the soil can also be measured by radar to estimate soil moisture and water stress levels. As a result of analyzing the reflectivity and structure of the crops, radar is also capable of detecting pests and diseases.
Radar technology and innovations in agriculture are looking bright, driven by research and development that improves their efficiency, functionality, and affordability. Providing autonomous vehicles with safe navigation is impossible without radar sensors. With the deployment of AVs increasing, there will be an increasing demand for advanced radars that are more accurate, longer range, and better at detecting and classifying cyclists and pedestrians.
Satellites are equipped with radar technology for observing the Earth and exploring the planets. In the near future, radar instruments will be able to map and study celestial bodies in greater detail, and monitor the climate on Earth as it changes.
Emerging consumer electronics trends include gesture recognition based on radar and monitoring vital signs. Mobile devices, such as smartphones, smartwatches, and health monitors, could benefit from further innovation in health monitoring and touchless interfaces.
Radar Market Trends and Highlights:
The radar sensor is one of the key technologies rapidly evolving in the market. Automotive radar systems are experiencing a significant amount of growth.
Vehicles are increasingly integrating radar sensors for advanced driver assistance systems (ADAS) and autonomous driving. Safety and autonomy are driving forces behind its development. As well as measuring car speeds on the road, radars are commonly used to measure tennis ball speeds.
Key Takeaways from the Radar Market Report:
- As the global radar market expands throughout the forecast period, the United Kingdom is expected to experience a CAGR of 10.1% until 2033.
- Among platform segments, airborne will capture 27.6% of the market share between 2023 and 2033.
- A growth rate of 4.3% is expected in Japan until 2033.
- The medium-range segment is expected to account for 40.5% of the market during the forecast period.
- The radar market in South Korea is expected to expand at a CAGR of 2.1% by 2033.
Leading Key Players:
- BAE Systems
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Saab AB
- Thales Group
- General Dynamics Corporation
- Harris Corporation
- SRC Inc.
- Honeywell International Inc.
- Leonardo S.p.A
- Rockwell Collins Inc.
Market Developments Include:
- In May 2023, Bharat Electronics Limited (BEL) and Thales signed a contract to supply Indian Navy surface ships with multifunction radar systems.
- In April 2023, Northrop Grumman introduced its Digital Affordable Sensor System (DASS), an airborne reconnaissance and surveillance radar system.
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Segmentation Analysis of the Radar Market:
By Platform:
- Land
- Naval
- Airborne
- Space
By Application:
- Short Range
- Medium Range
- Long Range
By Type:
- Defense & Aerospace
- Marine
- Weather Forecasting
- Remote Sensing
- Automotive
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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