Market Insights Reports delivers key insights on the Global Radar Systems market in its latest report titled, “Radar Systems Market – Growth, Trends, COVID-19 Impact, And Forecasts (2021 – 2026)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The Radar Systems Market was valued at USD 29.12 billion in 2020 and expected to reach USD 35.9 billion by 2026 and grow at a CAGR of 3.57% over the forecast period (2021 – 2026).
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Top Key Players in the Global Radar Systems Market: Indra, Lockheed Martin, Raytheon, Thales, Rockwell Collins, Saab, Honeywell, General Dynamics, BAE Systems, Northrop Grumman, Leonardo, and Others.
– Jun 2019 – BAE Systems, Inc. announced the acquisition of Riptide Autonomous Solutions (Riptide). It is a provider of an innovative, affordable unmanned underwater vehicle (UUV) technology and solutions. Addition of Riptide’s technological capabilities will position BAE systems to provide customers unmatched flexibility by offering UUVs and integrated payload solutions capable of supporting a variety of critical missions.
– Apr 2019 – Leonardo S.p.A., an Italian defense contractor completed the full acquisition of Vitrociset, a manufacturer of protection, command and control systems, and other electronic products. this initiative allows Italian national consolidation of the aerospace, defense, and security value chain, increasing its competitiveness with significant market opportunities.
Key Market Trends:
Automotive Application to Witness Significant Growth
– The autonomous driving is gaining traction into the market, and companies are commercializing their products. In response, regulatory bodies across the globe are mandating the deployment of security features, and hence, the adoption of advanced driver assistance systems is on the rise. Several different sensing technologies are being used currently, including radar and other technologies. Most of the ADAS systems today rely on multiple technologies to provide reliable solutions to the market.
– The developments of the radar systems towards its miniaturization has increased the opportunities of applications for the automotive industry. Radars can sustain all weather conditions like temperature and humidity. Also, the accuracy towards detecting multiple objects at a time is gaining its deployment on autonomous vehicles. Whereas, radars are less effective in enclosed environments like tunnels is the factor affecting its dominance in the segment to an extent.
– Recently many leading companies are investing in driverless technology. For instance, Volkswagen has dedicated USD 50 billion investment for the technology is the highest value by any company. The value is over 500% more than its successor company investing for the same. Volkswagen is potential to build 15 million electric cars in just a few years using its planned electric vehicle platform.
Top Line Market Forecast:
Both Regional and Global sectors are included in the Outlook, with special breakouts for the NAM, European, MENA, and Global regions. The data covered is from 2015 to 2019 historically and from 2020 to 2026 forecasted, it also includes the impact of Covid-19 both on the short- and long-term prospects of the industry.
Browse Complete Report details with Table of Content:
North America to Record a Significant Growth Rate
– The United States is the highest paying country in the world for defense and military with over USD 639 billion spent for the purpose in 2018. Being the strongest military base in the world, aviation and maritime applications have a major demand for the radar systems in the region.
– The technological advancements in the Unmanned Vehicles for defense applications have increased its applications in the segments resulting in demanding more radar for the product.
– Pioneer of the electric cars Tesla Inc. has its production plant in California, USA. The production of Tesla’s model 3 has an application of the radar system facing forward. in quarter 4 of the year 2018, Tesla has produced 61,394 Model 3 vehicles and the figure is towards the growing trend and is expected to follow in the forecast period.
– Radar application has a significant penetration in the space technology segment for remote monitoring of the earth from space and also for the space stuttles to the other planets. NASA has released its next ten-year plan for projects which includes the next project to visit Mars. Such projects will drive the market for heavy duty and integrated radar systems in the region.
This Radar Systems Market report addresses:
– The Market size from 2016-2021
– Expected market growth until 2026
– Forecast of how market drivers, restraints, and future opportunities will affect
– Segment and regions that will drive or lead the market growth and why
– Comprehensive mapping of the competitive landscape
– In-depth analysis of key sustainability strategies adopted by market place
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Post Covid-19 Analysis:
All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.
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