Marine Radar Market Is Driven By A Rapidly Increasing International Trade With A Healthy CAGR Of 6.89% During The Forecast Period Of 2022 To 2030

Market Research Future Insights

According to MRFR analysis, the global Marine radar market is expected to register a CAGR of 6.89% from 2022 to 2030 and hold a value of over USD 4.89 Billion by 2030.

The marine radar market refers to the industry involved in the development, production, and deployment of radar systems for maritime navigation and surveillance. Marine radars use radio waves to detect and track objects such as other vessels, land formations, and navigational hazards, providing essential information for safe navigation and situational awareness at sea. The COVID-19 pandemic has had a mixed impact on the marine radar market. On one hand, the pandemic has disrupted global supply chains, manufacturing processes, and project timelines, leading to delays in the production and delivery of marine radar systems. Additionally, the economic downturn caused by the pandemic has affected the shipping and maritime industries, resulting in reduced demand for new radar installations and upgrades. However, the pandemic has also highlighted the importance of maritime safety and security. The need for efficient navigation systems and vessel tracking capabilities has become even more critical during times of crisis.

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Regional Analysis

North America, particularly the United States, holds a significant share in the market due to its extensive coastline and active maritime industry. Europe also has a strong market presence, driven by countries with large shipping sectors like Germany, the Netherlands, and the United Kingdom. Asia Pacific is experiencing rapid growth in the marine radar market, fueled by increasing maritime trade and the development of ports and coastal infrastructure. The Middle East and Africa region is witnessing growth in the market due to its strategic location for international shipping routes and investments in maritime surveillance systems. Latin America has a smaller market share but is witnessing increased adoption of marine radar technologies, particularly in countries with significant fishing and shipping activities.

Market Segmentation

The Global Marine radar market has been segmented into type and application

By Type: S Band and X Band

By Application: Fishing Vessel, Merchant Marine, Military Naval and Recreational Boat

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Key Players

Some of the market key players are Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), FURUNO ELECTRIC CO.LTD. (Japan), Raytheon Company (US), Saab AB (Sweden), BAE Systems (UK), Garmin Ltd (US), FLIR Systems, Inc. (US) and Kongsberg Group (Sweden) and Alphatron Marine B.V. (The Netherlands)

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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