Report : Asia Pacific Naval System Surveillance Radar Market Forecast to 2028– COVID-19 Impact and Regional Analysis– by Type (X-band and Ku-band, L-Band and S-band, and Others) and Application (Weapon Guidance System and Surveillance)
At 9.0% CAGR, the Asia Pacific Naval System Surveillance Radar Market is speculated to be worth US$ 1,434.89 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Asia Pacific naval system surveillance radar market was valued at US$ 856.56 million in 2022 and is expected to reach US$ 1,434.89 million by 2028, registering an annual growth rate of 9.0% from 2022 to 2028. Modernization of conventional naval system surveillance radar and integration of advanced technology with naval radars are the critical factors attributed to the market expansion.
The demand for conventional naval equipment to be modernized is increasing as warfare and submarine management are changing. Modernization in radar is necessary to keep pace with technological progress during warfare. Thus, the demand to upgrade the system is driving the growth of the APAC naval system surveillance radar market. Modernization aims to enhance technology and provide high reliability and cost-effective surveillance system solutions. Many developing countries are focusing on upgrading their naval system surveillance radar. However, radar is still lacking the motivation to develop technically advanced and modernized equipment such as navigational aids (Navaids), maritime communication systems, naval gun mounts, ship engines, and gas turbines. Naval drones fired from the deck, artificial intelligence in a naval battle, space surveillance, and a secure private 5G network for machine-to-machine communication are other possibilities that the Navy has considered. Hence, the demand for conventional naval system surveillance radar across the naval forces will create opportunities for the market.
On the contrary,design constraints and component failure due to environment conditions hurdles the growth of Asia Pacific naval system surveillance radar market.
- Based on type, the Asia Pacific naval system surveillance radar marketis segmented into x-band and ku-band, l-band and s-band, and others. The x-band and ku-band segment held 56.0% market share in 2022, amassing US$ 479.71 million. It is projected to garner US$ 786.35 million by 2028 to expand at 8.6% CAGR during 2022–2028.
- Based on application, the Asia Pacific naval system surveillance radar market is bifurcated into weapon guidance system and surveillance. The surveillance segment held 64.7% market share in 2022, amassing US$ 554.21 million. It is projected to garner US$ 949.83 million by 2028 to expand at 9.4% CAGR during 2022–2028.
- Based on country, the Asia Pacific naval system surveillance radar market has been categorised into Australia,China,India,Japan,South Korea, and Rest of APAC. Our regional analysis states that China captured 37.6% market share in 2022. It was assessed at US$ 321.89 million in 2022 and is likely to hit US$ 545.26 million by 2028, exhibiting a CAGR of 9.2% during the forecast period.
Key players dominating the Asia Pacific naval system surveillance radar market are Lockheed Martin Corporation; Northrop Grumman Corporation; Raytheon Technologies Corporation; Saab AB; Thales Group; BAE Systems; Israel Aerospace Industries Ltd; Leonardo S.p.a; Ultra; and HENSOLDT,among others.
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