The global ship radar market is anticipated to grow at a significant CAGR during the forecast period (2024-2031). The major factor that is fuelling the global ship radar market includes the rise in the inclusion of advanced marine radar systems, to fulfil the surge in demand for weapon guidance application as well as navigation purposes at sea in the military and defense sector.
The marine radar system is an electromagnetic ranging and detection system that uses rotating antennae to sweep a narrow beam of microwaves around the water surface surrounding a ship to the horizon and detects targets by reflected microwaves, hence displaying surroundings on a display screen. These systems provide bearing as well as the distance for navigation and collision avoidance at sea as they offer high accuracy, precision, and can detect moving and stationary objects in dense climatic conditions such as rain or fog.
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Moreover, the other factors that drive the market growth include the adoption of marine radars in cruise ships and luxury boats to avoid collisions during marine tourism as well as a rise in international trade, which further boosts the market demand. Ongoing technological advancements to enhance the range of existing radar systems as well as government regulations regarding mandatory installation of marine radar systems in vessels and boats are anticipated to pave new avenues to the industry.
The global ship radar market analysis includes some of the key market players such as Lockheed Martin Corp., Rockwell Collins, BAE Systems, Kelvin Hughes Ltd., Raymarine Inc., and Furuno Electric Co. Ltd., among others. To maintain a strong position in the market, these market players are adopting various strategic moves, such as product launches, partnerships, collaborations, and mergers and acquisitions.
Recent Development-
In April 2019, Wartsila, a global leader in marine technology launched RS-24 high-resolution radar, the first commercial K-band maritime radar that can detect small objects at a far distance at high resolution. RS24 provides safety in busy shipping lanes and congested ports as it enables large ships to view small vessels or other potential hazards near them.
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Market Coverage
- Segment Covered
- Regions Covered- Globally
Competitive Landscape: Lockheed Martin Corp., Rockwell Collins, BAE Systems, Kelvin Hughes Ltd., Raymarine Inc., and Furuno Electric Co. Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Ship Radar Market by Segment
By Product Type
- S-Band
- X-Band
- Others
By Application
- Fishing Vessel
- Recreational Boat
- Merchant Marine
- Others
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