Increased territorial battles, advancements in radar technology, and
rise in demand for radar systems in automotive & defense industry drive the
growth of the global & Asia-Pacific radar market. However,
adverse climatic conditions hamper the market. On the contrary, high investment
from the developed countries in military sector is expected to create lucrative
opportunities for the market players in the future.
According
to the report, the global & Asia-Pacific radar market was pegged at $32.56 billion in 2019, and is projected to reach $49.43 billion by 2027, growing at a CAGR of 3.8% from 2020 to 2027.
Air traffic control segment dominated the market
By
application, the air traffic control segment held the largest share in 2019,
accounting for more than one-fourth of the global & Asia-Pacific radar
market, due to surge in number of airports and air travel in developing
countries and increase in need for efficient airspace management system.
However, the ground traffic control segment is expected to manifest the highest
CAGR of 5.1% from 2020 to 2027, owing to growing opportunities for the airports
to integrate advanced taxing guidance systems based on the existing
international standards and integrated technologies.
Read Full News: https://www.alliedmarketresearch.com/global-and-asia-pacific-radar-market-A06640
Automotive segment to portray highest CAGR through
2027
By
end-user, the automotive segment is anticipated to register the highest CAGR of
5.8% during the forecast period, due to increase in demand for safety features
in automobiles and rise in demand for comfort. However, the military and
defense segment held the largest share in 2019, contributing to around
two-fifths of the global & Asia-Pacific radar market,
owing to rise in usage of electronic warfare system and UAVs that forced
several countries to enhance their radar capabilities.
China held
the lion's share
By
region, the market across China held
the largest share in 2019, due to demand from Chinese military for
advanced compact size radar for navy's carrier fleet. However, the global & Asia-Pacific radar
market across India is
expected to register the highest CAGR of 7.7% from 2020 to 2027, owing to rapid
innovations and technological advancements, followed by growing focus of
government toward Make in India initiative
in the defense sector.
Major market players
- Northrop Grumman
Corporation
- SAAB AB
- Lockheed Martin
Corporation
- Thales Group,
Rockwell Collins Inc.
- L-3 Communications
Holdings
- Honeywell
International Inc.
- BAE Systems
- General Dynamics Corporation
- Dassault Aviation
No comments:
Post a Comment