Report : Europe 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 8.0% CAGR, the Europe Naval System Surveillance Radar Market is speculated to be worth US$ 1,727.08 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Europe naval system surveillance radar market was valued at US$ 1,087.93 million in 2022 and is expected to reach US$ 1,727.08 million by 2028, registering an annual growth rate of 8.0% from 2022 to 2028. Rise in procurement of naval system surveillance radar and growing importance of naval surveillance systems are the critical factors attributed to the market expansion.
The concerns regarding security in naval ships, naval boats, and naval ports are increasing continuously worldwide. In order to effectively manage and control naval threats with the help of radar systems have become an important paradigm for the navy and security authorities. In that case navy take a help of naval system surveillance radar in national security, navigation and detection of incoming ships or land obstacles to avoid a collision. The increase in military expenditure across various countries is influencing the growth of the Europe naval system surveillance radar market. Radar systems for surveillance are increasingly gaining adoption traction to ensure the safety of naval operations and personnel and efficient training for radar operators. Naval system surveillance radars are being procured by many countries to strengthen their respective navy forces to train operators to combat the threats from advanced naval strikes that occur frequently. Naval system surveillance radar further helps the Navy officials devise navigation counter plans and detect incoming ships and land obstacles to avoid collision and attacks from unidentified threats. Naval system surveillance radar procurement is increasing in the defense sectors across various countries. Governments in several countries are proposing higher naval spending budgets to help the naval and defense sectors procure more advanced radar systems for surveillance. Thus, the increasing procurement of naval system surveillance radar is driving the market growth.
On the contrary,design constraints and component failure due to environment conditions hurdles the growth of Europe naval system surveillance radar market.
- Based on type, the Europe 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 57.0% market share in 2022, amassing US$ 620.15 million. It is projected to garner US$ 968.31 million by 2028 to expand at 7.7% CAGR during 2022–2028.
- Based on application, the Europe naval system surveillance radar market is bifurcated into weapon guidance system and surveillance. The surveillance segment held 63.8% market share in 2022, amassing US$ 693.87 million. It is projected to garner US$ 1,125.64 million by 2028 to expand at 8.4% CAGR during 2022–2028.
- Based on country, the Europe naval system surveillance radar market has been categorised into Germany,France,Italy,UK,Russia, and Rest of Europe. Our regional analysis states that Russia captured 21.67% market share in 2022. It was assessed at US$ 235.73 million in 2022 and is likely to hit US$ 308.46 million by 2028, exhibiting a CAGR of 4.6% during the forecast period.
Key players dominating the Europe 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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