FMI states in its recent study on the marine radar market that the market will record a CAGR of over 2.4% through 2031. Its needs are anticipated to continue surging as the increasing demand for the fishing vessel is creating worthwhile growth in demand for marine radar.
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Marine radar market – Important Highlights
- Soon, demand for X Band Radars is expected to remain high, in particular, because of its growing usage in various applications in the merchant marine and fishing vessels.
- According to end-use, In merchant shipping applications, marine radar is commonly used. Their use is growing day-by-day in fishing and yacht/recreational boats.
- China is expected to dominate the market of marine radar equipment, owing to its various maritime activities
- Japanese ship operators are building a silent market revolution through a mix of R&D, strategic projects, and organizational transformation teams.
Marine radar market – Drivers
- Due to rising demand from the military as well as from the commercial market, the shipbuilding industry is growing, which is driving the growth of the market.
- Due to the rise in marine tourism spending, the global marine radar market has seen considerable expansion.
- The rapid rise in demand for pleasure and luxury boats is anticipated to create growth opportunities.
- Increasing investment in the R&D industry is boosting the market growth.
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Marine radar Market – Restraints
- It is predicted that fluctuations in the costs of raw materials would hamper demand development.
- The global marine radar demand would also be affected by strict government legislation on radar production.
COVID-19 Impact on Marine radar Market
The Marine radar market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic with the shutdown of several developing units. When the economies to halt and the supply chains were disrupted, it also prevented manufacturing activities. Stringent rules of social distancing to stop the virus from spreading have resulted in reduced manufacturing activities. The Marine Radar market is anticipated to set on a path of regaining as economies steadily stabilize.
Some of the leading companies operating in the marine radar market are:
- FURUNO ELECTRIC CO., LTD.
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Raytheon Company
- Saab AB
- Japan Radio Co. Ltd
- BAE Systems
- JRC (Alphatron Marine)
- Garmin
- Wärtsilä SAM Electronics Gmbh
- FLIR Systems, Inc.
- Navico Group As
- GEM elettronica
- HENSOLDT UK
- Koden Electronics Co., Ltd.
Competitive Landscape
The Marine radar market players are leaning towards the expansion of the production facilities To broaden their global reach, top producers are strategically acquiring regional players. For instance, The solid-state radar (SSR) technology from Lockheed Martin provides the front-line defense to many nations by collaborations with Spain, Japan, Canada, and the U.S. Government. Some of the key manufacturing companies are FURUNO ELECTRIC CO., LTD., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Saab AB, Japan Radio Co. Ltd, BAE Systems, JRC (Alphatron Marine)
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Key Questions Answered in the Report:
Which is the most lucrative market for marine radar?
China currently leads the global market for marine radar. China will continue accounting for more than half of the East Asia market for marine radar through the forecast period.
Which type of marine radar is more in demand?
X Band Radars are highly preferred for many applications. The demand for X Band Radars is expected to remain high in the near future, especially due to its increasing use in various applications in merchant marine and fishing vessels.
Which end-use application is exhibiting high demand for marine radar?
Marine radar are widely used in merchant marine applications. Their usage in fishing vessels and yacht/recreational is rising day-by-day.
Which are some of the leading companies providing marine radar?
Some of the leading companies manufacturing marine radar are FURUNO ELECTRIC CO., LTD., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Japan Radio Co. Ltd, etc.
Key Segments
Product Type
- X Band Radars
- S Band Radars
Application
- Merchant Marine
- Fishing Vessels
- Yacht/Recreational
- Military/Naval
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa