Radar Systems Global Market 2024 To Reach $49.94 Billion By 2028 At Rate Of 9.3%

The Business Research Company’s Radar System Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, September 11, 2024 /EINPresswire.com/ -- The global radar system market is poised for significant growth, expanding from $31.71 billion in 2023 to $34.96 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. Despite challenges, the market is anticipated to reach $49.94 billion by 2028 at a compound annual growth rate (CAGR) of 9.3%, driven by increasing geopolitical tensions, the need for maritime surveillance, and the rise in autonomous vehicles.

Radar Systems Market To Grow As Weather Monitoring Applications Gain Traction
The increasing use of radar systems for weather monitoring is expected to propel the growth of the radar system market. These systems, which use electromagnetic signals to detect and locate objects, are critical for providing data to improve weather forecasts, flood warnings, and climate research. For instance, in January 2022, the India Meteorological Department (IMD) launched four new Doppler weather radars, utilizing drone-based observation technology to enhance weather forecasting. These radars offer improved rainfall monitoring and hydrometeor classification, distinguishing between snow, rain, and hail.

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Key Players and Market Trends
Major companies operating in the radar system market include BAE Systems Inc., Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Ltd., Saab AB, Thales Group, and Honeywell International Inc.

4D Electronically Scanned Array Radars Shaping the Market
The development of 4D electronically scanned array radars is a significant trend in the radar system market. Companies like Echodyne are leading the way with innovative products such as the EchoShield radar, launched in October 2021. EchoShield is a pulse-Doppler cognitive 4D radar that combines real-time dynamic waveform synthesis with ESA beamforming to achieve sub-degree tracking accuracy across a large 3D field of view. This radar is designed for a wide range of commercial, defense, and government applications, setting a new price-performance standard for mid-range radars.

Radar System Market Segments:
• By Component: Transmitter, Receiver, Antenna, Other Components
• By Technologies: Continuous Wave (CW) Radar, Pulsed Radar
• By Frequency Band: X-Band, S-Band, C-Band, Other Frequencies
• By Application: Air Traffic Control, Remote Sensing, Ground Traffic Control, Space Navigation And Control, Other Applications
• By End-user: Aviation, Maritime Applications, Automotive, Military And Defense

Geographical Insights: North America Leading the Market
North America was the largest region in the radar systems market in 2023. Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by increasing investments in defense and technological advancements in radar systems.

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Radar System Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Radar System Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on radar system market size, radar system market drivers and trends, radar system market major players, radar system competitors' revenues, radar system market positioning, and radar system market growth across geographies. The radar system market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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