According to a new report published by Allied Market Research, titled, “Radar Market by Product Type, Platform, Application, and End User: Global & Asia-Pacific Opportunity Analysis and Industry Forecast, 2019–2027” the global & Asia-Pacific radar market size was valued at $32.56 billion in 2019, and is projected to reach $49.43 billion by 2027, registering a CAGR of 3.80%. The growth of the radar system market in Asia-Pacific is driven by the factors such as increase in the defense budget of India and China and rise in demand for radar systems.
Radar is an electronic system, which measures the range and behavior of objects by transmitting an electromagnetic pulse at the object. High-power radar using large dish antennas has been used to measure distances to the moon and other planets, asteroids, and artificial satellites. In addition, radar systems are widely used in air traffic control, aircraft navigation, and marine navigation.
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The global & Asia-Pacific radar market is segmented on the basis of product type, platform, application, end user, and region. By product type, the market is fragmented into continuous wave radar, pulse radar, and others. On the basis of platform, it is classified into marine, air, ground, and space. The applications covered in the study include air traffic control, remote sensing, ground traffic control, and space navigation & control. By end user, the market is differentiated into automotive, aviation, industrial, weather monitoring, military & defense, and others.
The global & Asia-pacific radar market trends are analyzed across China, Japan, India, South Korea, rest of Asia-Pacific, and rest of the world. The radar market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in investment from the developed countries such as China and India. Moreover, high demand for autonomous vehicle and security & surveillance radar systems to detect and locate hostile targets in military & defense sector are expected to create opportunities for the radar market in the Asia-Pacific region.
COVID-19 IMPACT ANALYSIS
The COVID-19 has been impacted severely on the global & Asia-Pacific automotive and industrial sector, as the production facility have stalled which in turn have the significant demand in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to slowdown in the growth of the global & Asia-pacific radar market in 2020.
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Key Findings Of The Study
- In 2019, the continuous wave radar accounted for the maximum revenue, and is projected to grow at a notable CAGR of 3.0% during the forecast period.
- North America and Europe collectively accounted for more than 62.0% of the global & Asia-Pacific radar market share in 2019.
- India is anticipated to witness highest growth rate during the forecast period.
The key players profiled in the global & Asia-pacific radar market report include Northrop Grumman Corporation, Lockheed Martin Corporation, SAAB AB, Rockwell Collins Inc., Thales Group, Honeywell International Inc., L-3 Communications Holdings, General Dynamics Corporation, BAE Systems, and Dassault Aviation. These players have adopted various strategies such as product launch, partnership, and acquisition to expand their foothold in the industry.
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