A new report published by Future Market Insights (FMI) titled “Radar Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)” states that with the increasing focus of governments on defence and the growing budget of the sector are expected to trigger substantial growth in the global radar market in the coming years. Radar is a type of object-detection system that employs radio waves for determining the angle, range, or velocity of respective objects. It can also be used for detecting ships, aircraft, guided missiles, motor vehicles, weather formations, spacecraft, and terrain. As a result of these benefits, the demand for radar is likely to rise over time, especially in the defence and aerospace sectors.

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The global market for radars
is expected to witness a CAGR of 8.3% from 2017 to 2027. The market is expected
to touch a valuation of over US$ 50.8 Bn by the end of 2027.

Increasing
Application Areas to Present Lucrative Growth Prospects

Radar detectors are employed to map out climatic conditions for
the air force, army, and other maritime tasks. Shuttle, air ship, boats, and
vehicles are few of the key users of radar innovation. The presentation of 3D
radar innovation and an expansion in the utilization of unmanned aerial
vehicles (UAVs) is driving the market for radar framework and innovation
internationally. Unmanned vehicles are basically utilized in peacekeeping
activities and are additionally utilized for reconnaissance purposes. These
UAVs work on radio signs, and the installed radar permits these UAVs to execute
moving target location, which can track and distinguish moving articles, for
example, tanks, choppers, and flying machine with a range up to 9.32 miles.
This has brought about and advancement in UAVs for military powers over the world,
which will, thus, drive the market for radars in the forthcoming years.

However, budgetary constraints and the dearth of indigenous
capacities in several nations are likely to act as a road block in the growth
of the global radar market in the course of the forecast period.

Defence
and Aerospace to Grab a Substantial Piece of the Pie; Automotive to Catch up

Growing security concerns along with rising defence budgets of
both developing and developed nation are the core factors that are expected to
boost the growth of the global radar market in the long run. Technological
proliferation is expected to have incessant impacts on the growth of the market
in this sector.

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The developing market for
radars is expected to be in the automotive industry. While today’s cars make
limited use of radars, future cars are anticipated to integrate radars as a
default element in their models. The chances for radar companies to capitalize
on this evolving market are currently very high. Several automakers are still
looking to partner with component manufacturers on integrated radar systems.
For radar manufacturers, the time to invest in automotive radars is ideal
because automotive radars are still under research and an early investment from
the companies in the R&D process would stand them to gain a favourable
learning chance.

Other than these, based on type, detection and search radars
will the most used radars followed by weather sensing radars by the end of the
forecast period. On the basis of range, the market is expected to be led by
medium range. Based on platform, radar are likely to be used highly in airborne
activities.

Key
Players to Focus on Technological Enhancement

The players operating in the market are likely to focus on
technological enhancement at present to maintain a strong hold over the market
in the long run. The leading companies in the market are BAE Systems, SAAB AB,
General Dynamics Corporation, Honeywell International Inc., and Leonardo S.p.A,
among others.

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