The key players in the global marine radar market are Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), FURUNO ELECTRIC CO.LTD. (Japan), Raytheon Company (US), Saab AB (Sweden), BAE Systems (UK), Garmin Ltd (US), FLIR Systems, Inc. (US), Kongsberg Group (Sweden) and Alphatron Marine B.V. (The Netherlands).
The marine radar market is estimated to register a CAGR of approximately 2.9% during the forecast period of 2018 to 2023.
Marine radars are detection devices that assist in detecting ships and other obstacles. Factors such as growing demand for enhanced surveillance systems, technological trends and increasing spending capability of people are driving the global marine radar market.
The global marine radar market has been segmented based on type, application, and region. On the basis of type, the marine radar market is divided into S band and X band. In 2017, the X band segment dominated the global market. Enhanced target resolution and higher compatibility with small antennas are factors driving the demand for X band marine radars. However, S band radars are anticipated to grow at the fastest CAGR over the forecast period owing to factors such as long-range detection and enhanced surveillance capabilities offered. On the basis of application, the market has been segmented into fishing vessel, merchant marine, military naval, and recreational boat.
The merchant marine segment dominated the global market over the forecast period owing increasing international trade. However, military naval is expected to grow at the fastest CAGR over the forecast period. Increasing defense expenditure by developing countries, and increased adoption of marine radars by government is driving the market growth.
On the basis of region, the global marine radar market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. In 2017, North America dominated the global market. Presence of prominent players such as Lockheed Martin Corporation, and Northrop Grumman Corporation among others is driving the market growth. Additionally, stringent government regulations pertaining marine safety and surveillance are driving the market growth. However, Asia Pacific is expected to grow at the fastest CAGR over the forecast period owing to factors such as increasing disposable income and increasing defense expenditure.
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