Asia-Pacific
Global & Asia-Pacific Radar Market to Reach $49.43 Bn, Globally, by 2027 at 3.8% CAGR, Says Allied Market Research
PORTLAND, OREGON, UNITED STATES, October 18, 2022 /EINPresswire.com/ — Allied Market Research lately revealed a report, “Global & Asia-Pacific Radar Market by Product Type (Continuous Wave Radar, Pulse Radar, and Others), Platform (Marine, Air, Ground, and Space), Application (Air Traffic Control, Remote Sensing, Ground Traffic Control, and Space Navigation & Control), and End User (Automotive, Aviation, Industrial, Weather Monitoring, Military & Defense, and Others): Opportunity Analysis and Industry Forecast, 2020–2027”. According to the report, the worldwide & Asia-Pacific radar market was pegged at $32.56 billion in 2019, and is projected to attain $49.43 billion by 2027, rising at a CAGR of three.8% from 2020 to 2027.
Major drivers of the market
Increased territorial battles, developments in radar know-how, and rise in demand for radar programs in automotive & protection business drive the expansion of the worldwide & Asia-Pacific radar market. However, antagonistic weather conditions hamper the market. On the opposite, excessive funding from the developed international locations in army sector is predicted to create profitable alternatives for the market gamers sooner or later.
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Covid-19 situation:
Military tensions throughout the borders of China and India have elevated the demand for radar for surveillance.
However, disrupted provide chain and lack of labor have hampered the manufacturing sector.
Air site visitors management section dominated the market
By utility, the air site visitors management section held the most important share in 2019, accounting for greater than one-fourth of the worldwide & Asia-Pacific radar market, due to surge in variety of airports and air journey in growing international locations and enhance in want for environment friendly airspace administration system. However, the bottom site visitors management section is predicted to manifest the very best CAGR of 5.1% from 2020 to 2027, owing to rising alternatives for the airports to combine superior taxing steerage programs primarily based on the present worldwide requirements and built-in applied sciences.
Automotive section to painting highest CAGR by means of 2027
By end-user, the automotive section is anticipated to register the very best CAGR of 5.8% throughout the forecast interval, due to enhance in demand for security options in cars and rise in demand for consolation. However, the army and protection section held the most important share in 2019, contributing to round two-fifths of the worldwide & Asia-Pacific radar market, owing to rise in utilization of digital warfare system and UAVs that pressured a number of international locations to improve their radar capabilities.
China held the lion’s share
By area, the market throughout China held the most important share in 2019, due to demand from Chinese army for superior compact measurement radar for navy’s service fleet. However, the worldwide & Asia-Pacific radar market throughout India is predicted to register the very best CAGR of seven.7% from 2020 to 2027, owing to speedy improvements and technological developments, adopted by rising focus of presidency towards Make in India initiative within the protection sector.
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Major market gamers
Northrop Grumman Corporation
SAAB AB
Lockheed Martin Corporation
Thales Group, Rockwell Collins Inc.
L-3 Communications Holdings
Honeywell International Inc.
BAE Systems
General Dynamics Corporation
Dassault Aviation
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