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Surveillance Radar System Market worth over $10bn by 2027
- Published Date: November 2, 2021
Surveillance Radar System Market size is set to surpass USD 10 billion by 2027, according to a new research report by Global Market Insights Inc.
Advancements in radar technology along with the growing demand for affordable, compact, and high precision radars for commercial & military applications will create market growth opportunities. The growing market trend of signal digitalization in surveillance radar systems to enhance their processing capabilities will support the market expansion.
Increasing expenditure on military and defense applications by emerging economies is driving the market progression. Military expansion and modernization plans in several countries will support the rapid adoption of surveillance radar systems during the forecast timeframe.
Extreme weather conditions, such as high rainfall or dense cloud cover, are hampering the accuracy of radars, challenging the market revenue. In extreme weather conditions, surveillance radar system sensors face challenges in detecting aircraft, missiles, or unmanned vehicles. The absorption of radar signals or electromagnetic energy by water drops causes attenuation of the radar signal. To overcome these challenges, companies are developing 3D weather radar sensors that incorporate the latest technologies for air & weather surveillance, fostering the industry growth during the forecast period.
The COVID-19 pandemic has negatively impacted the surveillance radar system market. The postponement of numerous military exercises globally has adversely affected the industry demand for radars in military & defense applications. The shortage of electronic components, labor supply, and disruption in the supply chain management have declined the revenue of market players. However, market statistics gained momentum in 2021 with the rising expenditure on the military by several countries, which resulted in the high procurement of radars for the safety & security of the forces.
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The acceptance of ground surveillance radars to strengthen security operations
The UK land surveillance radar platform is expected to reach USD 180 million by 2027. Ground surveillance radar systems perform the role of a primary sensor in security operations. For instance, in October 2021, Thales Group launched the GO 20 MM (multi-mission) ground radar for ground surveillance and UAV detection. The compact size radar provides 360-degree 3D coverage to mitigate a multitude of threats, fast update rates, and early detection & classification of long-range drones.
Browse key industry insights spread across 210 pages with 201 market data tables and 21 figures & charts from the report, “Surveillance Radar System Market Size, By Component (Hardware, Software), By Platform (Land, Air, Naval, Space), By Radar Range Type (Short Range, Medium Range, Long Range), By Application (Commercial, Military, Homeland, Security), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’’, in detail along with the table of contents:
The development of aviation infrastructure globally will fuel the commercial application growth
The Canada commercial application held 30% of the surveillance radar system market share in 2020. The use of surveillance radar systems in commercial aviation applications is increasing owing to the rapid development of aviation infrastructure globally. Increasing air traffic is also encouraging airport authorities to install surveillance radars to manage and keep track of air traffic, human & vehicle movement, thus spurring the segment growth.
Rapid deployment of long-range surveillance radar systems due to their superior performance
In China, long-range radar is anticipated to witness 10% growth rate through 2027. Long-range radars are cost-efficient and provide superior performance compared to medium & short-range radars. These radars are primarily deployed in the military, & airports and are equipped with cutting-edge technology to provide better situational awareness and counter ballistic missile threats.
Supportive government initiatives and new radar launches in APAC region
The Asia Pacific surveillance radar system market size was over USD 2 billion in 2020 led by the increasing spending on defense, supportive government initiatives to modernize the military, and heavy investments in R&D activities. For instance, in April 2021, China launched portable multipurpose anti-stealth radars, SLC-7 L-band 3D surveillance radar systems and YLC-8E UHF-band 3D surveillance radar systems to detect small & low flying targets. These radars can detect the most advanced stealth aircraft and other targets at a long-range.
Key players operating in the surveillance radar system market are Raytheon Company, Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Israel Aerospace Industries Ltd., Thales Group, Honeywell Inc., Therma A/S, BAE Systems, SAAB AB, HENSOLDT, L&T Defence, FLIR Systems, Inc., Elbit Systems Ltd., and L3HARRIS Technologies. Market leaders are emphasizing on the launch of new advanced surveillance radars systems to capture market shares and increase revenue streams.