Marine Radar Market to Record CAGR of 2.9% Rise in Growth by 2017 – 2027

According to a market report published by the Future Market Insights in its latest report titled ‘Marine Radar Market: Global Industry Analysis and Opportunity Assessment, 2016 – 2026’. The global Marine Radar market growth is expected to remain positive as countries across the globe are enhancing surveillance capabilities, anticipated to register CAGR of 2.9% during the forecast period (2017 – 2027). The report primarily focuses on the application of radar systems in marine vessels. Marine Radar installed in ships assist the crew in detection of surface craft, obstructions and hazards and relevant speed.

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The increasing defence operations in naval/government applications pertaining to coastline surveillance and commercial application in weather forecasting are expected to spur Marine Radar growth. The growing preference for small boats, such as fishing boats, the X-band radar segment is expected to register significant growth in Marine Radar Sales. In terms of value, the X-band Marine Radar segment is expected to hold more than half of the total global Marine Radar sales. The installed base for X-band Marine Radar is expected to remain significant owing to its high deployment in small-medium size vessels. The growing spending on recreational actives and tourism has significantly increased the fleet size of the recreational vessels especially in high income countries. Adding to this, fleet Modernization and Expansion Program and other reforms are estimated to structure the growth of the Marine Radar Market. There are various types of ships armed with weapon systems and are categorized on the basis of size such as large-size cargo vessel and mid-size cargo vessels that have both types of radar namely x-band Marine Radar and s-band Marine Radar. Off which s-band radar is anticipated to play an important role in the growth of the overall market. In terms of application of Marine Radars, the merchant marine segment involves all medium and large vessels used for transporting cargos and well as cruise ships.

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The segment performance is dependent on the construction of new ship as well as the replacement rate in the existing fleet. The large number of existing as well as new ordered fishing vessels is estimated to play a crucial role for the growth of the Marine Radars demand. The new technology development by the key players to meet the costumer requirement and international standards is the major focus area for the marine radar manufacturers. Also, most of the research is focused towards integration of Marine Radar systems for autonomous or unmanned surveillance and attack modules. The companies are entering into strategic acquisition or tie-up with the major technology companies in order to enhance Marine Radar capabilities to produce advanced technology.  The Asia Pacific Excluding Japan is estimated to be a prominent region for the Marine Radar market. The company is providing radar system and surveillance system in Asia Pacific region for strengthening market share in countries such as India, China, Thailand and Australia & New Zealand. The mergers and acquisitions in the shipping industry have played an important role in the global Marine Radar industry. The Marine Radar market is characterized by prominent strategic alliances, owing to synergistic and strategic consolidation.

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Marine Radar Market Participants

The major market participant covered 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, Johnson Outdoors Inc., Alphatron Marine BV, Garmin, Wärtsilä SAM Electronics GmbH and Transas Marine International AB. The company competing in the global Marine Radar market are looking to expand sales and distribution network in the countries that are opening private investment in defence sector. The major strategies taken by the Marine Radar market participants for the improvement of worldwide sales of Marine Radar has been targeting specific end use of clients, partnering with the OEMs and integrators along with joint efforts with different members of the entire Marine Radar market value chain to grow business activities.

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