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Which emerging drivers are set to accelerate the growth of the naval radar market further?
Increasing defense budgets on coastal surveillance is expected to propel the growth of the naval radar market going forward. Defense budgets support coastal surveillance by providing funding for equipment, technology development, infrastructure, training, and coordination, enhancing maritime security, and protecting coastal regions. Naval radar plays a crucial role in coastal surveillance by providing continuous monitoring of marine activities along coastlines to detect and track vessels, monitor maritime traffic, and support marine security and law enforcement efforts. For instance, according to the United States Department of Defense, a US-based government agency, the US Navy’s budget proposal for the fiscal year 2024 amounted to $211.7 billion, reflecting a 1.8% rise compared to 2023. This budget allocation encompassed $58.5 billion designated for shipbuilding and conversion, $18.8 billion for weapons procurement, $49.8 billion for operation and maintenance, and $20.4 billion allocated towards research and development initiatives. Therefore, increasing defense budgets on coastal surveillance is driving the growth of the naval radar market.
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What are the key factors influencing the forecasted market size of the naval radar industry?
The naval radar market size has grown strongly in recent years. It will grow from $12.67 billion in 2024 to $13.42 billion in 2025 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to increasing focus on strengthening and expanding naval fleets, increasing procurement of radar and air defense systems, the requirement of new-generation air and missile defense systems, increasing procurement of radar and air defense systems, rising disposable income.
The naval radar market size is expected to see steady growth in the next few years. It will grow to $16.04 billion in 2029 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to rising demand for coastal surveillance, increasing global trade through shipping, rising disposable income, increasing number of high net-worth individuals around the world, increasing spending on the upgradation of advanced naval systems on ships. Major trends in the forecast period include technological advancements in the naval radar industry, advancements in radar technology, investing in research and development to hasten the launch of novel systems with advanced capabilities, rise in adoption of lightweight unmanned aerial vehicles (UAV), the adoption of multi-function radar systems.
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Who are the leading competitors in the naval radar market?
Major companies operating in the naval radar market are RTX Corporation, Lockheed Martin Corporation, Airbus Group, Northrop Grumman Corporation, BAE Systems PLC, Thales Group, Leonardo S.p.A., Rheinmetall AG, Garmin Ltd., SAAB AB, Israel Aerospace Industries Ltd., Hensoldt AG, Japan Radio Co., Furuno Electric Co. Ltd., West Marine, Navico Group, Aselsan A.S., Tokyo Keiki Inc., Terma A.S., Alphatron Marine, Koden Electronics Co. Ltd., GEM Elettronica, Kongsberg Maritime AS, FLIR Systems Inc., Kelvin Hughes Limited, Rutter Inc., Transas Marine International AB, Wärtsilä SAM Electronics Gmbh
Which emerging trends are set to transform the naval radar market landscape?
Major companies in the naval radar market are focusing on advanced technologies, such as enhanced imaging and automation features and brushless DC motors, to deliver cutting-edge radar systems that improve maritime safety, navigation, and operational efficiency for naval and commercial vessels. A brushless DC motor is an electric motor that operates without brushes, using electronic commutation to improve efficiency, reduce maintenance needs, and enhance reliability in various applications. For instance, in July 2024, Furuno USA, Inc., a US-based marine electronics company, launched the FAR2XX8MK2 commercial radar series, designed to enhance bridge operations and safety at sea with more transparent, more accurate radar images. The series features simplified maintenance, ergonomic controls, and advanced tracking capabilities, making it user-friendly and efficient for maritime operations. Additionally, the use of a brushless DC motor allows for extended operational periods without frequent maintenance, further reducing downtime.
How do different geographies compare in terms of market share and growth potential in the naval radar market?
North America was the largest region in the naval radar market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the naval radar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which major segments of the naval radar market are experiencing the fastest growth?
The naval radar market covered in this report is segmented –
1) By Type: Naval Surveillance Radar, Naval Fire Control Radar, Naval Navigation Radar
2) By Component: Antennas, Transmitters, Receivers, Power Amplifiers
3) By Application: Naval Ships, Submarines, Unmanned Surface Vehicles, Other Applications
Subsegments:
1) By Naval Surveillance Radar: Long-Range Surveillance Radar, Medium-Range Surveillance Radar, Short-Range Surveillance Radar, Air Surveillance Radar, Sea Surveillance Radar
2) By Naval Fire Control Radar: Target Tracking Radar, Gun Fire Control Radar, Missile Fire Control Radar, Weapon Guidance Radar
3) By Naval Navigation Radar: Surface Navigation Radar, Collision Avoidance Radar, Navigation For Airborne Platforms, Navigation For Submarines, Radar For Port And Harbor Navigation
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How is the naval radar market defined?
Naval radar refers to radar systems designed for maritime vessels to maintain situational awareness, detect and track potential threats, and support various naval operations, including search and rescue, maritime patrol, and combat operations. These systems are more robust and operate in challenging marine environments, including adverse weather conditions, sea clutter, and electronic warfare threats.
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