Report : South America 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 3.0% CAGR, the North America Naval System Surveillance Radar Market is speculated to be worth US$ 237.71 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the North America naval system surveillance radar market was valued at US$ 198.69 million in 2022 and is expected to reach US$ 237.71 million by 2028, registering an annual growth rate of 3.0% from 2022 to 2028.Integration of advanced technology with naval radars and modernization of conventional naval system surveillance radar are the critical factors attributed to the market expansion.
The rise of modern naval traffic and advanced naval radar technologies is increasing demand for operators capable of operating with modern-day naval on-ground naval ship-related equipment and naval technology. Naval system surveillance radar deals with large volumes of unprocessed radar signal data to uncover unidentified airborne threats, naval threats, or other objects within the defined perimeters. There has been an increase in the adoption of radar among the navy across various countries, which will trigger high investment in the development and research of radar technology. The fact that demand is expected to increase in the coming years presents a huge growth opportunity for the key market players and the overall naval system surveillance radar market in the coming years. As the naval sectors are expected to grow during the forecast period, this is expected to boost the demand for advanced technology naval radar for navigation, national security, and land borders obstacles of countries. Hence, the demand for advanced technology naval 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 North America naval system surveillance radar market.
- Based on type, the North America 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$ 113.26 million. It is projected to garner US$ 131.64 million by 2028 to expand at 2.5% CAGR during 2022–2028.
- Based on application, the North America naval system surveillance radar market is bifurcated into weapon guidance system and surveillance. The surveillance segment held 65.9% market share in 2022, amassing US$ 130.91 million. It is projected to garner US$ 159.83 million by 2028 to expand at 3.4% CAGR during 2022–2028.
- Based on country, the North America naval system surveillance radar market has been categorised into Brazil and Rest of SAM. Our regional analysis states that Brazil captured 74.7% market share in 2022. It was assessed at US$ 148.41 million in 2022 and is likely to hit US$ 179.83 million by 2028, exhibiting a CAGR of 3.3% during the forecast period.
Key players dominating the North America 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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