The growth in global RADAR market is fueled by increase in demand across various industries such as electronics, IT & Telecommunication, aerospace & defense, and automotive industries.
According to a new report published by Allied Market Research, titled, RADAR Market by Type: Global Opportunity Analysis and Industry Forecast, 2014-2022, projects that the RADAR market is expected to reach $10.4 billion by 2022, growing at a CAGR of 3.9% during the forecast period. In 2015, North America dominated with over 32% share of the overall market, and is anticipated to continue this trend during the forecast period.
RADAR detects the direction, presence, speed, and distance of moving objects such as aircraft, ships, and other objects in real time, by reading the reflected back pulses of radio waves. The accuracy of the measurement of target location in range and angle is also another major aspect which is fueling the demand for RADAR system.
Based on type, ground-based RADAR captured the largest share in the market in 2015. This type of system is an X-band phased array RADAR system operated mechanically. It functions primarily as a fire control RADAR for ballistic missile defense. The RADAR is used for surveillance using sensors and designed to acquire, track, discriminate targets, and provide information about the enemy during war. Ground-based RADAR system stood over 30% share of the total RADAR system overall followed by other types.
Based on geography, North America contributed the largest share in overall RADAR market, followed by Asia-Pacific, Europe, and LAMEA. The LAMEA market is anticipated to grow at highest rate.
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The key players of the global RADAR market adopt new concepts & ideas, partnerships, and acquisitions. They plan to improve the manufacturing techniques, besides enhancing their profitability, to gain a competitive edge over other players.
The major players profiled in the report include Northrop Gruman Corporation, Lockheed Martin Corporation, SAAB AB, Rockwell Collins Inc., Thales Group, Kelvin Hughes, L-3 Communications Holdings, General Dynamics Corporation, Dassault Group, SRC Inc., Honeywell International Inc., Leonardo-Finmeccanica-Corporation, Harris Corporation, and others.
Radio Detection And Ranging (RADAR) is used to accurately track the speed, position, and direction of objects moving at high velocity. These devices have the highest adoption rate majorly in the defense and automotive industries. They are categorized as naval, airborne, ground-based, and space-based. Of all these RADARs the ground-based RADAR accounts for the largest share in overall RADAR market owing to its applications as fire control in ballistic missiles, surveillance applications in defense as well as acquisition, tracking, and discrimination of enemy targets during war.
Global RADAR market holds a vital scope for growth worldwide. The market is expected to increase significantly within the next six years. Adverse climatic condition is a major drawback for the RADAR system. However, recent innovation in the RADAR system and technological advancement enforces high efficiency in the RADAR system. Development in the RADAR system has enabled the technology to reach a wider segment of audiences around the globe and to distant places.
At present, space-based, naval, ground-based, and airborne find a lot of applications in the global RADAR market. Ground-based has high adoption rate due to increase in demand for RADAR system. Rise in demand and introduction of new types of RADAR system is expected to fuel market growth in the subsequent years.
There is a continuous growth observed in the Asia-Pacific market owing to the largest share in electronics market and increase in number of vehicles. Furthermore, the developing nations in this region are working to strengthen their defense mechanism and increase the expenditure on military, thus supplementing the market growth.
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