According to the new research report published by The Insight Partners, titled “Naval System Surveillance Radar Market is projected to reach US$ 6,465.89 million by 2028 from US$ 4,249.75 million in 2022; it is expected to grow at a CAGR of 7.2% from 2022 to 2028.
Radar is an essential part of every ship as it ensures the safety of ships at sea and close to the land. Ships use S-band and X-band frequency radar systems for navigation and detection of impending ships or land impediments to avoid a collision. The radars detect targets and relay the information on the ship deck screen. Naval system surveillance radars detect small targets at a longer range in bad weather conditions. It employs both X and S-band frequency processes to achieve higher efficiency in the detection of small objects at a distance. Solid radar needs minimal maintenance and employs a proprietary low-power pulse sequence.
The global naval system surveillance radar market based on geography is segmented into North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The North American region accounted for the highest share in the global naval system surveillance radar industry in 2021; however, the APAC naval system surveillance radar market share is expected to grow with the highest CAGR during the forecast period. North America has the largest aerospace and defense market globally due to the various military, naval, and air forces. Over the years, the US increased its military spending on acquiring advanced and updated vessels, equipment, and communication. Further the presence of market players is another reason behind the dominance.
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The COVID-19 pandemic led to raw material supply chain disruptions in the initial phase of the pandemic. As a result, the market players witnessed a slowdown in production. However, by mid-2020, the companies overcame these challenges through several initiatives such as strategic partnerships and contract acquisitions. The high number of COVID-19 cases severely affected the European navy from 2020 to 2021. The COVID-19 pandemic triggered a decline in the demand for tactical naval system surveillance radars, which resulted in reduced production, and hampered the European naval system surveillance radar market growth. However, the market players acquired naval system surveillance radar contracts from various military forces globally during the COVID-19 pandemic, which enabled the market players to generate revenues and contribute to the naval system surveillance radar market growth. However, the revenue generated in 2020 was comparatively less than in 2019.
The naval system surveillance radar market is segmented on the basis of type, application, and geography. Based on type, the market is segmented into X-band and Ku-band, L-band and S-band, and others. By application, the market is segmented into weapon guidance system and surveillance. On the basis of geography, the naval system surveillance radar industry size is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.Based on type, the global naval system surveillance radar market is segmented into X-band and Ku-band, L-band and S-band, and others
Companies Profiled in this report includes
Lockheed Martin Corporation
Northrop Grumman Corporation
Raytheon Technologies Corporation
Saab AB
Thales Group
BAE Systems
Israel Aerospace Industries Ltd.
Leonardo S.p.A.
Ultra
HENSOLDT
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