Radar Market Size, Share, Growth and Trends, Value, Forecast 2024-2031

The Global Radar Market reached US$ 24,012.56 million in 2023 and is projected to witness lucrative growth by reaching up to US$ 41,026.41 million by 2031. The market is growing at a CAGR of 5.8% during the forecast period (2024-2031).

The radar market refers to the industry that designs, manufactures, and sells radar systems. Radar, which stands for Radio Detection and Ranging, is a technology that uses radio waves to detect and determine the distance, speed, and other characteristics of objects. This technology is crucial in various applications, from air traffic control and weather forecasting to military operations and automotive safety.

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Key Developments:

• On March 20, 2023, L3Harris Technologies in Melbourne announced a strategic partnership with Israeli Aerospace Industries' ELTA Systems Group (IAI/ELTA) and Korean Air Lines. This collaboration aims to deliver the Republic of Korea Air Force with the latest high-altitude airborne early warning and control aircraft.

• On November 21, 2022, Lockheed Martin Corp., headquartered in the U.S., secured a contract to provide ground-based radar systems to Kuwait. This contract was awarded by the Air Force Life Cycle Management Centre at Hanscom Air Force Base in Massachusetts.

• Additionally, on November 9, 2022, Saab received a contract modification to supply the U.S. Navy with two more AN/SPN-50(V)1 shipboard air traffic radar (SATR) systems.

Market Dynamics:

The Need For Military Radars And Surveillance Equipment Is Increasing Due To The Growing Border Safety

In recent years, the focus on improving border security has intensified due to increasing cross-border threats, illegal immigration, smuggling, and terrorist activities. To address these challenges, governments and defense organizations around the world are investing heavily in advanced radar systems to enhance their surveillance capabilities and strengthen border safety.

The military sector also plays a crucial role in driving the demand for radar systems. Modern military operations rely on advanced radar technologies for crucial functions such as situational awareness, target detection, tracking, and threat assessment. These radar systems are essential for monitoring airspace, maritime domains, and land borders, enabling defense forces to effectively respond to potential threats and safeguard national security.

Segment Covered in Radar Market:

By Range: Short Range, Medium Range, Long Range.

By Application: Military Applications, Air Traffic Control, Remote Sensing, Ground Traffic Control, Space, Others.

By Platform: Land, Naval, Airborne, Space.

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Key players involved in Radar Market:

• ASELSAN A.S.
• Lockheed Martin Corporation
• Saab AB
• Rockwell Collins
• Northrop Grumman Corporation
• Thales Group
• Raytheon Technologies Corporation
• Hensoldt AG
• L3Harris Technologies, Inc.
• SRC, Inc.

*Note:

• Additionally, I wanted to highlight that the full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted.

Regional Analysis:

The Radar Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Radar Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.

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