Radar Market size is Estimated to Attain $44.35 Billion by 2028 | Registering a CAGR of 4.7%

WILMINGTON, DELAWARE , UNITED STATES, October 5, 2023 /EINPresswire.com/ — Allied Market Research published a report on the Radar Market by Product Type, Printing Type, and End-User Industry: Global Opportunity Analysis and Industry Forecast, 2021-2028. 

The global radar market size was valued at $32.56 billion in 2019, and is projected to reach $44.35 billion by 2028, registering a CAGR of 4.7% from 2021 to 2028.

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Radar is an electronic system, which measures the range and behavior of objects by transmitting an electromagnetic pulse at the object. High-power radar using large dish antennas has been used to measure distances to the moon and other planets, asteroids, and artificial satellites. In addition, radar systems are widely used in air traffic control, aircraft navigation, and marine navigation.

Major factors that drive the global radar market are increase in demand for radar systems in automotive & defense industries, advancement in radar technology, and increase in territorial battles. However, the adverse climatic conditions result in malfunctioning of radar systems, which hampers the growth of the global industry. On the contrary, increase in investment from developed countries in the military sector is anticipated to create lucrative opportunities for the expansion of the global radar market during the forecast period.

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Competitive Analysis: 
The competitive environment of the radar industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, radar market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Some of the major key players of the radar industry include:
⦁ L3 TECHNOLOGIES, INC. (L3HARRIS TECHNOLOGIES, INC.)
⦁ Rockwell Collins, Inc.
⦁ BAE Systems
⦁ General Dynamics Corporation
⦁ Thales Group
⦁ Dassault Aviation
⦁ Honeywell International Inc.
⦁ Saab AB
⦁ Lockheed Martin Corporation
⦁ Northrop Grumman Corporation

Radar systems have witnessed increasing popularity in the military & defense sector, as radar antennas are mounted at the airports or other ground stations to detect approaching enemy airplanes or missiles. For instance, the U.S. Department of State has approved the sales of integrated air defense weapon systems of $1.87 billion to India, which includes radar, launchers, targeting, and guidance systems, advanced medium-range air to air missiles, and more, as per a statement from the state department.

In addition, Lockheed Martin, an American global aerospace, defense, security, and advanced technologies company, launched state-of-the-art next-generation RADAR technology, Digital Array Row Transceiver (DART), which operates on the principle of the gallium–nitride (GaN) technology and extends the service life of the radar system.

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Key Benefits for Stakeholders:
⦁ This study comprises analytical depiction of the global radar market size along with the current trends and future estimations to depict the imminent investment pockets.
⦁ The overall radar market analysis is determined to understand the profitable trends to gain a stronger foothold.
⦁ The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
⦁ The current radar market forecast is quantitatively analyzed from 2019 to 2028 to benchmark the financial competency.
⦁ Porter’s five forces analysis illustrates the potency of the buyers and the radar market share of key vendors.
⦁ The report includes the market trends and the market share of key vendors.

About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.   

David Correa
Allied Market Research
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