Marine Radar Market Size, Share, Trends, Growth 2030

Marine Radar Industry Prospective:

The global marine radar market size was worth around USD 1.39 Billion in 2022 and is predicted to grow to around USD 2.31 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.5% between 2023 and 2030.

The report analyzes the global marine radar market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the marine radar industry.    

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Marine Radar Market: Overview

An instrument that uses radio waves to identify objects in the immediate area is called radar (Radio Detection and Ranging). Radars can therefore identify objects in the maritime world like ships, buoys, or birds. The location of the object and its distance can be measured with extreme accuracy through the use of short-wavelength microwaves. Radars are used in a wide range of fields besides maritime ones, including meteorology and aerial monitoring.

The majority of marine radars function in the 3 GHz (10 cm wavelength) and 10 GHz frequency ranges. These bands remain referred to as the X band (10GHz) and S-band, despite being somewhat antiquated. Radars that operate in the 10 GHz band (3 cm wavelength) provide a much better definition (a more thorough picture) than those that operate in the 3 GHz band (10 cm wavelength), meaning that they are more likely to pick up extremely small objects and that the radar traces of land are better defined. Radars that operate in the 3 GHz bands typically encompass a wider area. While the former is used to provide more thorough covering at ranges under 20 nautical miles, the latter is typically used for early detection of objects at ranges greater than 20 nautical miles.

Key Insights

• As per the analysis shared by our research analyst, the global marine radar market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2023-2030).
• In terms of revenue, the global marine radar market size was valued at around USD 1.39 billion in 2022 and is projected to reach USD 2.31 billion, by 2030.
• The increasing technological advancements and growing defense budgets across the globe are expected to drive marine radar market expansion.
• Based on the product type, the s-band segment is expected to dominate the market during the forecast period.
• Based on the component, the antennae segment accounted for the largest market share in 2022.
• Based on the application, the merchant marine segment is expected to capture the largest market share during the forecast period.
• Based on region, the Asia Pacific is expected to grow at the highest CAGR during the forecast period.

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Marine Radar Market: Growth Drivers

The rising number of cross-border conflicts and terrorist activities drive the market growth

Several national governments and their defense agencies are being forced to strengthen border security and surveillance due to the rise in cross-border conflicts and terrorist activities in various parts of the globe in recent years. Modern radar systems that are more accurate, dependable, and work better are essential to the border security and surveillance strategies being used by different governments. Military radar system producers are particularly focused on striking a balance between quality and cost while installing retrofit solutions to upgrade the existing solutions to the latest standards after realizing that governments are looking for effective as well as cost-effective defense solutions. Thus, the rising number of cross-border conflicts and terrorist activities drive the global marine radar market growth over the forecast period.

Marine Radar Market: Restraints

Input limitations from outside sources hinder the market growth                                   

The data that marine radars acquire from outside sources also affect how effective they are. These sources include the Global Positioning System, satellites, compasses, etc. However, these data sources may be flawed and provide the marine data system with incorrect data. Unfortunately, the precision of the information produced by marine radar may be compromised by this unreliable information. Thus, acting as a major restraining factor for the growth of the marine radar industry over the forecast period.

Marine Radar Market: Opportunities

Advancement in technology provides a lucrative opportunity

Technology development and the rising demand for high-tech weapons, devices, and weaponry are some of the other key factors propelling the marine radar industry market's expansion. With the increasing demand for cutting-edge artillery systems, the market is anticipated to experience significant growth during the forecast period. The demand for the most recent radar systems is being driven by the developing countries in APAC and the Middle East, such as India, China, Israel, and South Korea, which are strengthening their fleets of ships with contemporary systems and capabilities. Defense organizations all over the world are putting a lot of emphasis on creating different programs that will aid different businesses in creating monitoring systems.

Marine Radar Market: Challenges

Hidden cost in the deployment of RADAR poses a major challenge

The hidden cost in the deployment of RADAR is expected to act as a major challenge for the market growth during the forecast period.

Marine Radar Market: Segmentation

The global marine radar industry is segmented based on product type, component, application, and region.

Based on the product type, the global market is bifurcated into x-band and s-band. The s-band segment is expected to dominate the market during the forecast period. For a variety of hydrometeorological and navigational uses where observations during precipitation and rainfall are required, radar systems are used. Under adverse weather circumstances, S-band radars are used to generate precise and trustworthy observations. S-band radars operate in the 2GHz to 4GHz microwave regions of the electromagnetic spectrum. High spatial and temporal resolution approximations are produced by S-band frequency radars.

S-band radar provides a long-range perspective and aids engineers in making plans in adverse conditions. S-band radar systems are capable of providing extensive coverage over both land and water owing to their strong radiated power. S-band radars are extensively used and readily available long-range weather detection radars due to their low attenuation. On the other hand, the x-band radar segment is expected to grow significantly over the forecast period. A ship or other large vessel will typically use an X-band radar to continuously watch a sea surface region that is several kilometers square. The development of the market is being driven by elements like an increase in the number of sea vessels and offshore installations as well as an increase in the use of radars for ship traffic control and navigation.

Based on the component, the global marine radar industry is segmented into the transmitter, receiver, antennae, and others. The antennae segment accounted for the largest market share in 2022 and is expected to continue the same pattern during the forecast period. The increase in demand for digital signal processing is responsible for the segment's expansion. Additionally, it is anticipated that a healthy demand for antennas will emerge in the global market due to the expanding deployment of radar systems around the world and the upgrading of the current systems.

Based on the application, the market is segmented into fishing vessels, recreational boats, merchant marine, and others. The merchant marine segment is expected to capture the largest market share during the forecast period. The segment growth is attributed to the rapid growth of military merchants' growing trading activities. For instance, according to the World Trade Organization, since 1995, the average growth in global trade volume and value has been 4% and 6%, respectively.

Recent Developments:

• In June 2022, the most effective radar of its kind, the C-band Weather Radar WRS300, has been launched by Vaisala, a leader in weather, environmental, and industrial measurements. It makes use of solid-state power amplification to allow weather detection over vast areas with unprecedented longevity.
• In January 2021, HENSOLDT UK unveiled the SPEXER 600 AESA radar that can automatically detect, classify, and track ground, coastal, and low-flying targets at a minimum range of 400km. The SPEXER 600 series features a solid-state GaN system operating at a frequency range of 9 to 9.6 GHz with an azimuth coverage area of plus or minus 60 degrees and an elevation range of 40 degrees.

Marine Radar Market Report Scope:

Marine Radar Market: Regional Analysis

The Asia Pacific is expected to grow at the highest CAGR during the forecast period

The Asia Pacific region is expected to grow at the highest CAGR in the global marine radar industry over the forecast period. The region is anticipated to benefit from the development of radar systems due to the existence of several SMEs, manufacturing facilities, greater adoption of radar technology, and expanding sea trade. The expansion of the regional market is anticipated to be further aided by financing and investment availability. Defense industry research and development is a significant, ongoing tendency in the Asia Pacific region.

North America is expected to capture the largest share in the marine radar market over the forecast period. Territorial disputes across the globe are motivating governments to install highly effective surveillance systems across their international boundaries, especially in these delicate regions. As a consequence, several countries are increasing their national defense budgets. For instance, the US spent USD 801 billion on its military in 2021, or about 38% of all military spending worldwide, according to the Stockholm International Peace Research Institute (SIPRI). Thus, the aforementioned fact supports the market expansion over the forecast period.

Marine Radar Market: Competitive Analysis

The global marine radar market is dominated by players like:

• Lockheed Martin
• Furuno
• Northrop Grumman
• Saab
• Raytheon
• Japan Radio
• Bae
• Johnson
• Alphatron Marine
• Garmin
• Wartsila Sam
• Rigil Marine
• FURUNO ELECTRIC CO. LTD.
• Japan Radio Co.
• Raymarine
• Easat Radar Systems Limited

The global marine radar market is segmented as follows:

By Product Type

• X-Band
• S-Band

By Component

• Transmitter
• Receiver
• Antennae
• Others

By Application

• Fishing Vessel
• Recreational Boat
• Merchant Marine
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa