Global Marine Radar Market Report and Forecast 2024-2032

Global Marine Radar Market Outlook

The global marine radar market size was approximately USD 1.44 billion in 2023. The market is projected to grow at a CAGR of 6.0% between 2024 and 2032, reaching a value of USD 2.45 billion by 2032.

Key Trends in the Market

An electromagnetic ranging and detecting system, or marine radar system, receives a reflection of the signal from an item, which allows it to approximate the object's size. In order to provide bearing and distance for collision avoidance and maritime navigation, it does this by recognising other ships and land impediments. These systems offer excellent accuracy and precision and can identify moving and stationary objects in intense environmental circumstances like rain or fog.

• The introduction of stringent regulations, including the European Maritime Single Window (EMSW), which provides uniform regulations for supplying the data needed for port calls by marine organisations such as the International Maritime Organisation (IMO), drives the marine radar market growth.

• Technological developments in marine radar systems that can detect dangerous targets and innovations in advanced dielectric radar technologies positively influence the marine radar market demand.

• The rise in commercial shipping, logistics, and passenger ships further contributes to the market growth of radars for enhanced security and protection. Moreover, advancements in sensor technologies, including radar, are likely to be key marine radar market trends in the forecast period.

Market Analysis

Based on product type, the market is bifurcated into X band and S band. On the basis of component, the market can be divided into transmitter, receiver, and antennae, among others.

Based on application, the marine radar market segmentation includes fishing vessel, recreational boat, and merchant marine, among others. The major regional markets for marine radar are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global marine radar market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Furuno Electric Co.,Ltd.

• Northrop Grumman Corporation

• Terma A/S

• Rheinmetall AG

• BAE Systems plc

• Thales Group

• Saab AB

• Others

Market Share by Product Type

X-band radar systems hold a significant portion of the marine radar market share. Marine radar systems using the X-band (8–12 GHz) frequency are used to warn cargo and crew members of potential hazards at sea and to direct captains to navigate within a few feet of one another in severe rain or fog.

X-band radar systems can scan the ocean surface with high enough temporal and spatial resolution to identify individual waves, and they can relay the signals in real-time. The rising prevalence of logistics and commercial shipping expands the adoption of such systems for enhanced protection.

Market Share by Region

As per the marine radar market analysis, North America is witnessing a heightened adoption of radar systems as countries such as the USA are extensively spending on the military. For instance, the USA spent 39% of the world military budget in 2022.

The Asia Pacific also holds a significant market share amid the increasing military spending of China and India. Advancements in technologies in the defence and military sector further aid the market growth in the region.

Competitive Landscape

Furuno Electric Co., Ltd. is an electronics company founded in 1938 that is engaged in developing a range of fish finders, navigational instruments, and marine radar systems by incorporating advanced technologies. The company also produces medical equipment, global positioning systems, and marine solutions such as time synchronisation utilising the Global Navigation Satellite System (GNSS).

Northrop Grumman Corporation is an American multinational aerospace and defence technology company and is regarded as one of the biggest producers of weapons and military technology worldwide. The company is listed on the New York Stock Exchange with the ticker symbol NOC (NYSE: NOC).

Terma A/S, founded in 1949, is owned by Thrige Holding A/S, a Danish firm. It is a defence and aerospace producer for both military and commercial uses. It is one of the biggest corporations in Denmark's aerospace and defence sectors. For a variety of specialised application areas, it provides cutting-edge technology and services like radar, maritime, and avionics, among others. These systems contribute to improving an organisation's security.

Other players operating in the marine radar market include Rheinmetall AG, BAE Systems plc, Thales Group, and Saab AB, among others.

Key Highlights of the Report