Trends, Drivers and Vendor Forecasts for 2022-2026
The marine radar market is expected to grow by $ 147.29 million, decelerating at a CAGR of almost 3.59% during the forecast period. The market is fragmented. This research report provides insights into the top market players and their product portfolio along with pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in this intensely competitive market, players must distinguish their product and service offerings through a clear and unique value proposition.
BAE Systems Plc, Dassault Aviation Group, General Dynamics Corp., Honeywell International Inc., L3Harris Technologies Inc., Lockheed Martin Corp., Northrop Grumman Corp., Raytheon Technologies Corp., Saab AB, and Thales Group are some of the major market participants.
Marine Radar Market: Market Segments and Key Trends
The Marine radar market is segmented by Application (Fishing vessel, Merchant vessel, Naval vessel, and Recreational vessel) and Geography (North America, Europe, APAC, South America, and MEA). North America led the market with 31% of the market growth set to originate from this region during the forecast period.
Adverse climatic conditions is one of the challenges that will need to be overcome to drive growth. This research report provides a detailed analysis of all the segments, key trends, and challenges that are likely to influence growth.
Marine Radar Market: Top Drivers and Trends to Boost Demand
Technologically advanced systems is one of the primary factors driving the growth of the marine radar market. Advanced radar systems are utilized for digital signal processing that can recover information from high noise levels. Radars are incorporated with a comprehensive array of marine equipment aboard commercial ships, including chart plotters, sonar, two-way marine radio, satellite navigation (GNSS) receivers such as the US global positioning system (GPS), and emergency locators (SART). Accidents at sea can be avoided with the use of ship radar by utilizing the radar's multiple intrinsic features (determining the CPA and the TCPA, EBL, and VRM).
The report provides a detailed study of all the factors that are likely to boost the market. An understanding of the key drivers will enable clients to leverage growth opportunities to their advantage with a view to short-term and long-term business goals. For additional insights on this market: Download FREE Sample Report.
Browse through our Related Market Research Report for further insights into the market:
Radar Simulator Market: Decelerating at a CAGR of 11.67%, the radar simulator market is expected to grow by post an incremental growth of $ 169.17 million over the next five years.
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