The 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.
New York, July 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Naval System Surveillance Radar Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Application" - https://www.reportlinker.com/p06295687/?utm_source=GNW
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 naval system surveillance radar market is segmented on the basis of type, application, and geography.Based on type, the naval system surveillance radar market analysis is segmented into X-band and Ku-band, L-band and S-band, and others.
By application, the naval system surveillance radar market is segmented into weapon guidance systems and surveillance. On the basis of geography, the naval system surveillance radar market size is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.
One of the most widely used equipment systems onboard ships is a radar for operating in a harsh environment.It is made for detecting and tracking targets at long distances.
The proper use of radar and radar plotting helps in restricted visibility and clear weather, which help prevent collisions and ensure the ship’s security and safety.Accidents can occur if the watchkeeping officer is not fully conversant with the operation of the equipment.
For reliable interpretation, the radar operating controls must be adjusted properly. Additionally, radar requirements for navy applications include strong operational efficiency, user-friendly advanced technologies, platform compatibility, and a wide frequency spectrum, all of which add to the design’s complexity.
On the other hand, techniques and fundamental theories limit the size and performance of radar systems.The market’s growth is currently hampered by design and development limits in surveillance radar systems.
Radar-equipped systems are used in navy applications, and they operate in harsh environments.Moreover, any equipment failure on the submarine, navigation, detection of incoming ships, and land obstacles result in devastating damage.
Thus, the design constraints and component failure due to environmental conditions hinder the naval system surveillance radar market growth.
North America accounted for the largest global naval system surveillance radar market share in 2021; however, Asia Pacific naval system surveillance radar market is expected to grow with the highest CAGR during the forecast period.Based on country, the APAC naval system surveillance radar market share is segmented into Australia, China, India, Japan, South Korea, and the rest of Asia Pacific.
The region significantly experienced a rise in military expenditure due to the government initiatives to establish a strong military base across these countries.As per the report published by SIPRI in 2021, the total military spending in the Asia Pacific reached US$ 586 billion in 2021, which accounted for a rise of 3% compared to 2020.
Moreover, it is expected to be on an upward trend in the coming years.China and India are two major economies increasing their military spending, resulting in the rise in manufacturing and procurement of naval ships, boats, radar, surveillance systems, and others.
China and India together accounted for less than 70% of the total military expenditure till 2021 n Asia Pacific region. This rise in the military expenditure by China and India supports the growth of the region’s naval system surveillance radar market.
COVID-19 Impact on Naval System Surveillance Radar Market
The COVID-19 pandemic impacted various industries, such as the aerospace & defense industry.The procurement of naval system surveillance radar got adversely affected due to the temporary discontinuation of various production facilities in the naval industries, such as ships, vessels, naval equipment, and naval port.
The lockdown was imposed to minimize the transmission of SARS-CoV-2, which significantly disrupted the supply chain activities and reduced the production of components and sub-components.It also impacted the global military ship/vessel manufacturing sectors.
Further, there were restrictions on foreign trades due to the closure of international borders, non-operational distribution channels, and various government norms to take precautionary measures for public health and safety.
Asia Pacific was severely affected by the COVID-19 pandemic, with Asian countries experiencing a drop in national GDPs, international trade, and economy.The APAC naval industry was disrupted during the first half of 2020, leading to a massive decline in the revenue of key players operating in the naval system surveillance radar market.
The COVID-19 outbreak resulted in a decrease in naval operations and disruptions of supply chains across the region.Many emerging economies had to cut their defense budget and redirect the funding to fulfill healthcare demands, which further reduced military expenditure.
This 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.
A few players operating in the global naval system surveillance radar market profiled in the market study include Leonardo S.p.A., Raytheon Technologies Corporation, Northrop Grumman Corporation, Thales Group, and Ultra are prominent players in the naval system surveillance radar market.
The overall naval system surveillance radar market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the naval system surveillance radar market size.
The process also serves the purpose of obtaining an overview and market forecast of the naval system surveillance radar market size with respect to all the market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.
The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the naval system surveillance radar market.
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