Solid State Radar Market to Reach $2.82 Bn, Globally, by 2030 at 4.8% CAGR: Allied Market Research
Increase in demand for radar systems in automotive and defense industries, advancement in solid state radar technologies, and surge in territorial battles drive the growth of the global solid state radar market.
PORTLAND, Ore., Jan. 19, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Solid State Radar Market By Frequency Band (L-Band, S-Band, X-Band, and Others), Waveform (Frequency Modulated Continuous Wave Radar, and Doppler Radar), and End User (Automotive, Aviation, Weather Monitoring, Military & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global solid state radar industry generated $1.81 billion in 2020, and is anticipated to generate $2.82 billion by 2030, witnessing a CAGR of 4.8% from 2021 to 2030.
Prime determinants of growth
Increase in demand for radar systems in automotive and defense industries, advancement in solid state radar technologies, and rise in territorial battles drive the growth of the global solid state radar market. However, high manufacturing cost hinders the market growth. On the other hand, high investment from developed countries in military sector and surge in adoption of unmanned aerial vehicles present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic led to the implementation of lockdown, which forced the production facilities to close their operations temporarily. This, in turn, hampered the growth of the global solid state radar market.
- Moreover, the supply chain was completely disrupted, due to which, the supply of raw materials were not on time.
- Asian and European countries under lockdowns have suffered major loss of business and revenue, especially in the initial period of the pandemic.
The X-band segment to maintain its leadership status throughout the forecast period
Based on frequency band, the X-band segment held the highest market share in 2020, accounting for more than one-third of the global solid state radar market, and is estimated to maintain its leadership status throughout the forecast period. X-band radars help in improving aviation safety and increase the operational safety of the overall air transport industry. The growing significance of climate and weather predictions has also fueled the demand for X-band solid state radar. However, the S-band segment is projected to manifest the highest CAGR of 5.6% from 2021 to 2030.
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The commercial aviation insurance segment to maintain its lead position during the forecast period
Based on end user, the military & defense segment accounted for the largest share in 2020, contributing to more than one-third of the global solid state radar market, and is projected to maintain its lead position during the forecast period. This is due to increase in automation and advancements in defense surveillance systems. However, the weather monitoring segment is expected to portray the largest CAGR of 6.0% from 2021 to 2030.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly one-third of the global solid state radar market. This is due to extensive adoption of innovative processing technologies, development of industries, and high investment in military & defense projects. However, Asia-Pacific is expected to witness the fastest CAGR of 6.4% from 2021 to 2030. This is driven by factors such as increase in the defense budget of India and China and rise in demand for radar systems.
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Leading Market Players:-
- BAE Systems
- Furuno Electric Co. Ltd.
- Honeywell
- L3Harris Technologies
- Leonardo S.p.A.
- Lockheed Martin
- Northrop Grumman Corporation
- Raytheon Technologies
- SAAB AB
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