Market Size in 2022 | Market Forecast in 2026 | CAGR (in %) | Base Year |
---|---|---|---|
USD 1.39 Billion | USD 2.31 Billion | 6.5% | 2022 |
FrequentlyAsked Questions
Marine radars are short-range radars. With the help of marine radars, the location of the lands and other ships can be determined easily, hence it is highly installed in the ships. Over the last decade, marine travel has become comparatively safe as marine radars help in avoiding sea accidents. This system has proved useful in case of war, as ships are capable of keeping track of the enemy ships. Over the years, marine radar technology has evolved greatly due to the inclusion of Automatic Radar Plotting Aids (ARPA) in radar systems.
The main factor that is driving the marine radar market is the increasing demand for weapon guidance and surveillance. The purchasing power of the people has increased which has, in turn, increased marine tourism thus increasing the demand for pleasure boats and luxury boats which need to be installed with the marine radars. This factor has significantly increased the demand for marine radars in the global market.
According to the report, the global market size was worth around USD 1.39 billion in 2022 and is predicted to grow to around USD 2.31 billion by 2030.
The global marine radar market is expected to grow at a CAGR of 6.5% during the forecast period.
The global marine radar market growth is expected to be driven by the Asia Pacific. It is currently the world’s highest revenue-generating market owing to the existence of several SMEs, manufacturing facilities, greater adoption of radar technology, and expanding sea trade.
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 and Easat Radar Systems Limited among others.
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