Radar Systems Market worth $41.0 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 2, 2022 /PRNewswire/ -- According to the new research report, the "Radar Systems Market by Application, Platform (Air, Marine, Unmanned, Land, Space), Frequency Band, Type, Component, Range, Dimension, Technology, & Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America) - Forecast to 2026", published by MarketsandMarkets™, the market is estimated to be USD 32.5 billion in 2021 and is projected to reach USD 41.0 billion by 2026, at a CAGR of 4.8% from 2021 to 2026. Growth of this market can be attributed to the rise in trade of radar systems, developments in the defense sector, and national security sector.
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Major players in the radar systems market include SAAB AB (Sweden), Raytheon Technologies (US), Mitsubishi Electric (Japan), Thales Group (France), Northrop Grumman Corp. (US), Aselsan AS (Turkey), and Lockheed Martin (US). Other key players in the market are Hensoldt AG (Germany), Telephonics Corp. (US), and Src, Inc. (US). The report covers various industry trends and new technological innovations in the radar systems market for the period, 2018-2026.
Radar systems in Unmanned Surface Vessels (USVs)
Unmanned surface vessels (USVs) are being adopted by many defense as well as research organizations for the detection of ships & aircraft, obstacles, etc. One of the important factors responsible for the successful adoption of USVs is the high-tech radar systems used in them. For unmanned surface vessels, a special type of radar system that is smaller and can be operable remotely is used. The latest innovation in this field is Kongsberg's Sounder USV which uses this type of radar system for facilitating advanced mission autonomy.
Land section of platform segment of Radar systems market is projected to witness a higher CAGR during the forecast period
Land platform that uses radar systems includes commercial & military land equipment. The market for land is expected to grow from USD 8,470 million in 2021 to USD 10,754 million in 2026, at the highest CAGR 4.9%.
Single band frequency segment is estimated to be the largest share in Radar systems market
Single band frequencies are further classified as radio waves which include UHF/VHF-bands; microwave, which is subsegmented into L-band, S-band, C-band, X-band, Ku/Ka-band, and others; and millimeter band.
The single band frequency segment is projected to grow from an estimated USD 26,248 million in 2021 to USD 33,027 million by 2026, at a CAGR of 4.7%
Defense Application segment is estimated to account for the largest share of the radar systems market during the forecast period
The defense application is further segmeted into perimeter security, battlefield surveillance, military space assets, and air defense. This segment is projected to reach USD 15,794 million by 2026, at a CAGR of 4.9%.
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Long Range Radar segment projected to lead the radar systems market during the forecast period
Long-range radar are considered to have an instrumental range of 150 km and above. Air surveillance systems, military radar, air mapping systems, weapon control systems, and missile guidance systems can function with the help of long-range radar.
Companies such as L&T Defence offer long-range radar with simultaneous modes of operations supporting multi-mission capabilities for land and sea operations and weapon deployments. Lockheed Martin Corporation (US) offers TPS-59, a radar system that covers a range of 740 km.
The long range radar segment is projected to grow from an estimated USD 12,849 million in 2021 to USD 16,270 million by 2026.
Europe region accounts for largest market share in Radar systems market
Europe is the largest market for radar systems in terms of demand as well as presence of key radar systems manufacturers. The region accounted for a total share of 33.8% of the global Radar systems market in 2020. Europe has many countries that invest a good amount of money in defense This results in a high requirement of radar systems in the Europe. Europe market of Radar systems is expected to grow from USD 11.0 billion in 2021 to USD 14.2 Billion by 2026 at the highest CAGR of 5.2% during the forecast period.
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