Marine Radar Market to reach US$ 971 Mn by the end of 2031 – FMI

Future Market Insights (FMI) in a new study has presented optimistic outlook for the marine radar market, especially with the advent of next generation solid state radars. The demand is expected to remain consistent through the forecast period, enabling the market register Y-o-Y growth at little above 2% in 2021.

Maritime safety and efficiency is of utmost concern when it comes to merchant marine. Hence the segment dominates in terms of application and position is expected to remain impact through the course of the report’s forecast period. Also, the rising military and naval application to enable market players maintain a strong footing.

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According to FMI, X-Band radar holds significant share in the market. It is also used in a wide range of applications including merchant marine, fishing vessels, yacht/recreational and military/ naval. Technology advancement and growing demand for progressive intrusion detection systems are underpinning the market growth. FMI has projected the market’s valuation to reach US$ 971 Mn by the end of 2031.

Key Takeaways of Marine Radar Market Study

• The global marine radar market is projected to expand at a CAGR of ~2.4% by during the forecast period of 2021-2031
• The U.S. will remain a key pocket for sales, accounting for over 90% of the North America Market based on value in 2021
• Slump in growth is likely in the U.K. following the pandemic outbreak in 2020. FMI projects the market to record -0.5% Y-o-Y growth in 2021. However, recovery is on cards 2022 onwards
• Germany will remain a bright spot for sales in Europe, while negative growth is likely in France as well
• After sluggish return in 2020, sales in both Japan and South Korea market are likely to improve

 “With the increase of naval fleet and quantum of capital investments for navigation and communication systems across regional defence sectors at a healthy rate, the demand of marine radar is expected to be buoyed in wake of the mentioned factor. Furthermore, market is also expected to evolve towards maintenance & services domain for the market participants to extend their business footprint.” says a FMI analyst.

Discover more about report analysis with figures and data tables, along with the table of contents. Ask an Analyst- https://www.futuremarketinsights.com/ask-question/rep-gb-4258

The demand for Marine Radar is expected to grow at moderate rate owing to its increasing consumption in Merchant Marine application. Military Naval is the segment is expected to grow during the forecast period with fastest CAGR. Naval sector plays an important role in structuring command on the marine radar market. China and India are the major target locations for supply of Marine Radar for manufacturers.

Competitive Landscape

The global marine radar market is equally integrated at global and regional levels. Some of the leading players included in the report are FURUNO ELECTRIC CO., LTD., Northrop Grumman Corporation, Lockheed Martin Corporation, Saab AB, Japan Radio Co. Ltd., BAE Systems, JRC (Alphatron Marine), and Garmin, Raytheon Company, Wärtsilä SAM Electronics Gmbh, Transas Marine International AB and others. To gain competitive advantage in the market, market participants are involved in acquisition activities expansion, merger, and expansion with regards to excessive market growth.

Contact Sales for Further Assistance in Purchasing this Report- https://www.futuremarketinsights.com/checkout/4258

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Contact Us:                                                      

Future Market Insights
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com

Future Market Insights (FMI) in a new study has presented optimistic outlook for the marine radar market, especially with the advent of next generation solid state radars. The demand is expected to remain consistent through the forecast period, enabling the market register Y-o-Y growth at little above 2% in 2021.

Maritime safety and efficiency is of utmost concern when it comes to merchant marine. Hence the segment dominates in terms of application and position is expected to remain impact through the course of the report’s forecast period. Also, the rising military and naval application to enable market players maintain a strong footing.

Request a sample to obtain authentic analysis and comprehensive market insights at- https://www.futuremarketinsights.com/reports/sample/rep-gb-4258

According to FMI, X-Band radar holds significant share in the market. It is also used in a wide range of applications including merchant marine, fishing vessels, yacht/recreational and military/ naval. Technology advancement and growing demand for progressive intrusion detection systems are underpinning the market growth. FMI has projected the market’s valuation to reach US$ 971 Mn by the end of 2031.

Key Takeaways of Marine Radar Market Study

• The global marine radar market is projected to expand at a CAGR of ~2.4% by during the forecast period of 2021-2031
• The U.S. will remain a key pocket for sales, accounting for over 90% of the North America Market based on value in 2021
• Slump in growth is likely in the U.K. following the pandemic outbreak in 2020. FMI projects the market to record -0.5% Y-o-Y growth in 2021. However, recovery is on cards 2022 onwards
• Germany will remain a bright spot for sales in Europe, while negative growth is likely in France as well
• After sluggish return in 2020, sales in both Japan and South Korea market are likely to improve

 “With the increase of naval fleet and quantum of capital investments for navigation and communication systems across regional defence sectors at a healthy rate, the demand of marine radar is expected to be buoyed in wake of the mentioned factor. Furthermore, market is also expected to evolve towards maintenance & services domain for the market participants to extend their business footprint.” says a FMI analyst.

Discover more about report analysis with figures and data tables, along with the table of contents. Ask an Analyst- https://www.futuremarketinsights.com/ask-question/rep-gb-4258

The demand for Marine Radar is expected to grow at moderate rate owing to its increasing consumption in Merchant Marine application. Military Naval is the segment is expected to grow during the forecast period with fastest CAGR. Naval sector plays an important role in structuring command on the marine radar market. China and India are the major target locations for supply of Marine Radar for manufacturers.

Competitive Landscape

The global marine radar market is equally integrated at global and regional levels. Some of the leading players included in the report are FURUNO ELECTRIC CO., LTD., Northrop Grumman Corporation, Lockheed Martin Corporation, Saab AB, Japan Radio Co. Ltd., BAE Systems, JRC (Alphatron Marine), and Garmin, Raytheon Company, Wärtsilä SAM Electronics Gmbh, Transas Marine International AB and others. To gain competitive advantage in the market, market participants are involved in acquisition activities expansion, merger, and expansion with regards to excessive market growth.

Contact Sales for Further Assistance in Purchasing this Report- https://www.futuremarketinsights.com/checkout/4258

Explore FMI’s Extensive ongoing Coverage on Industrial Automation Domain

U.S. Hitter-Based Hand Tools Market: The U.S. hitter-based hand tools market is expected to register year-on-year growth of 3.3% in 2022 reaching a value of about US$ 562.1 Mn.

Hydrostatic Testing Market: The hydrostatic testing market to grow with a year-on-year growth of 4.7% in 2022 reaching a value of about US$ 582.2 Mn by 2022 end.

Industrial Vacuum Cleaners Market: The global industrial vacuum cleaners market is estimated at US$ 569.1 Mn by 2022 and is expected to reach US$ 771.2 Mn by 2028, at a CAGR of 5.2% from 2022 to 2028.

Contact Us:                                                      

Future Market Insights
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com