Investment in cutting-edge technologies and security apparatus continues to gain ground as governments around the globe focus on strengthening their defense arsenal. Key participants in the radar market are focusing on launching advances and innovative products to consolidate their position, finds a new report titled “Radar Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)”, that has been added to the exhaustive repository of XploreMR, global sales of radar technology are poised to bring in over US$ 50 Bn revenues by 2027-end.
Radar Market: Extending Application Scope to Pave Lucrative Growth Avenues
Radar detectors are increasingly employed in marine and aerospace industry for mapping out climatic conditions, with major users being shuttle, boats, air ships, and vehicles. The advent of 3D radar, along with rapid penetration of unmanned aerial vehicles (UAVs) has led framework development and innovation in radar technology. Basically used in peacekeeping activities, and reconnaissance purposes, UAVs operate on radio signals, and the radar installed enables these UAVs in pinpointing the exact location of the moving targets, such as flying machine, choppers, and tanks.
Such applications have fuelled advancements in UAVs for reinforcing military power, which in turn will augur well for future growth of the radar market. However, dearth of indigenous capacities and budgetary confinements in economically-challenged nations will continue to limit the radar market’s expansion.
Defense to Spearhead Radar Market with Automotive on the Trail
Rising security concerns with regard to various factors such as terrorism has several countries across the globe to increase their defense expenditure on effective & high-precision detection technologies, which in turn has been driving adoption of radar technology in this field. Technological proliferation in the defense sector is the leading growth determinant for radar market worldwide.
Automotive industry is considered to be a developing market for radar. Although radars perceive limited adoption in currently manufactured automobiles, future cars are foreseen to incorporate radar as a default asset for providing enhanced security for passengers. The report states that radar companies pursuing capitalization in the automotive sector, along with partnerships with automakers, are likely to gain a competitive edge in the foreseeable future. As automotive radars are yet under research & development, early investment from radar companies in the area will enable them in eating into higher shares of the market in the upcoming years
Radar Market: North America Continues to Stay at the Forefront
Currently accounting for the bulk shares of the radar market, North America is foreseen to remain dominant in the radar market. This can be primarily attributed to incessant focus of the U.S. automotive companies such as Tesla, Google, Uber, and Ford, on developing autonomous cars, with incorporation of radar technology. While radar forms an integral aspect of the driver’s assistance systems, it is highly likely that they will play an imperative role in mechanisms of the autonomous vehicles.
Western Europe will also endure as a lucrative market for radar, with growing focus of nations in the region on the overall security infrastructure improvement, which is mainly driven by instability in the countries of Eastern Europe and Middle East & Africa (MEA). Advanced defense systems are in high demand in the Western Europe, with uncertainties regarding politics & international relations, and threats from civil wars & terrorisms.
Prominent players operating in the radar market have directed their focus toward technological enhancement, in a bid to maintain a firm foothold in the market. Leading companies in the radar market include Leonardo S.p.A, Honeywell International Inc., General Dynamics Corporation, SAAB AB, and BAE Systems.