Marine Radar Market Forecasted for Accelerated Growth by 2024

Global Marine Radar Market: Overview

 

The 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, the marine travel has become comparatively safe as the marine radars help in avoiding the 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, the marine radar technology has evolved greatly due to the inclusion of the Automatic Radar Plotting Aids (ARPA) in the radar systems.

 

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Global Marine Radar Market: Segmentation

 

The global marine radar market is fragmented into product type, application, and regions. Based on the product type, the global market is segregated into S-band, X-band, and others. Based on the application, the market is categorized into Fishing Vessel, Military Naval, Merchant Marine, and Yacht/Recreational Boat. Based on the geographical regions, the market is diversified into Western Europe, Eastern Europe, Latin America, North America, the Middle East & Africa, and Asia Pacific.

 

Global Marine Radar Market: Growth Factors

 

The main factor that is driving the marine radar market is the increasing demand for the weapon guidance and surveillance. The purchasing power of the people has increased which has, in turn, increased the 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 of marine radars in the global market. The government is also supporting by making it mandatory the installation of marine radars in the ships and boats so that marine collision are avoided. The factors that are hampering the market growth are the increased R&D cost which is due to the complexity of the technical design of the systems and the volatile prices of the raw materials are challenging the manufacturers.

 

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Global Marine Radar Market: Regional Analysis

 

In the case of sea conflicts, the system is very useful in finding the enemy thus is very useful in the national security. Hence, all the oil reserves and the refineries which are located at the sea require the radar systems so that their positions are under constant check. The region that is leading the marine radar market is Asia Pacific region. The reason for this dominance is the fact that more than half of the shipbuilding activities are carried out in the developing countries such as South Korea, Japan, and China. In addition to it, the European companies are moving their base and are dealing with manufacturers of China as there is a benefit of cost advantage. These are the factors that will trigger the demand for the marine radars across the world in the coming years.

 

Global Marine Radar Market: Competitive Players

 

The key market players that are involved in the marine radar market include Lockheed Martin Corporation, Raytheon Company, Raymarine Inc., Terma A/S, West Marine, Furuno Electric Co. Ltd., Northrop Grumman Corporation, Saab Group, Kelvin Hughes, and BAE Systems.

 

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