Market Introduction
The South American economy is facing a lot of instability in the current times and poses a challenge to the developing economies. Yet, the growing share of the middle class in the region is expected to positively impact the growth of the military & defense sector in South America. Also, the governments of various countries in South America are investing the additional budget in defense to strengthen the military forces and safeguard their nations from any external threat. South American countries too are equipped with lengthier coastlines, and their coasts are anticipated to be the nodes of economic growth of the countries. South American countries are involved in trading several raw materials to the other parts of the world. Therefore, the ports, harbors, and coasts of the region play a vital role in defining the economy of the entire region. The security environment in South America and the Caribbean is characterized by complex, diverse, and non-traditional challenges.
Brazil has recorded the highest number of COVID-19 cases in SAM, followed by Ecuador, Peru, Chile, and Argentina, among others. The containment measures affected all economic activities in the region in 2020, thereby affecting the overall GDP of the region. A decline in overall GDP in the region and a decrease in military spending in 2020 compared to 2019, the procurement of advanced surveillance systems, including coastal surveillance radars, lowered in 2020 compared to that in 2019. SAM also experienced the tremors of the supply-side disruption, which resulted in the delayed deliveries of coastal surveillance radar systems in 2020. However, as the supply lines were stabilized from 2021 and deliveries of coastal radars began meeting their stipulated delivery timelines. For instance, ELTA System, a subsidiary of IAI, was awarded a coastal surveillance radar contract by the Republic of Trinidad and Tobago with 3-year maintenance agreement in 2019, which was marginally affected upon the onset of COVID-19.
Market Overview and Dynamics
The coastal surveillance radar market in SAM is expected to grow from US$ 32.03 million in 2021 to US$ 37.68 million by 2028; it is estimated to grow at a CAGR of 2.3% from 2021 to 2028. Being strategically covered by the water on all sides, the region faces imminent threats from the pirates. Many reports suggest a rise in the pirate activities near the South American coasts by the pirates from Caribbean islands or the African islands. Pirate attacks around South American and Caribbean waters are growing, and violence is increasingly used during robberies committed on vessels at anchor. Fishers working on the oil-rich Lake Maracaibo have for years been the victims of frequent violent armed robberies, which have often resulted in the deaths of their colleagues. Over the past year, criminal groups in the area have continued to perpetrate such attacks while also increasingly targeting commercial maritime assets. Safeguarding the coasts for the fishermen to carry out their routine tasks without any hindrances is another major factor driving the demand for coastal surveillance radar systems installations at the Latin American ports & harbors. For instance, in April 2019, the Jamaican government ordered numerous Thales Coast Watcher 100 coastal surveillance systems to improve its capabilities. These investments by the various government across the region are expected to contribute to the growth of the coastal surveillance radar market.
Key Market Segments
SAM coastal surveillance radar market is segmented into band type, platform, end user and country. Based on band type, the SAM coastal surveillance radar market is segmented into X-band, S-band, X and S-band, and others. The X-band segment led the market in 2021. Based on platform, the SAM coastal surveillance radar market is segmented into shipborne, land based, airborne. Land based segment led the market in 2021. Based on end user, the SAM coastal surveillance radar market is segmented into ports, harbor, & oil and gas industry and maritime patrol agencies. Maritime patrol agencies segment led the market in 2021. Based on country, the SAM coastal surveillance radar market is segmented into Based on country, the SAM coastal surveillance radar market is segmented into Brazil, Argentina, and rest of SAM. Brazil held the largest market share in 2021.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the coastal surveillance radar market in SAM are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Elbit Systems Ltd.; HENSOLDT; Israel Aerospace Industries Ltd.; Raytheon Technologies Corporation; Teledyne FLIR LLC; and Thales Group.
Reasons to buy report
SAM Coastal Surveillance Radar Market Segmentation
SAM Coastal Surveillance Radar Market - By Band Type
SAM Coastal Surveillance Radar Market - By Platform
SAM Coastal Surveillance Radar Market - By End User
SAM Coastal Surveillance Radar Market - By Country
SAM Coastal Surveillance Radar Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 32.03 Million |
| Market Size by 2028 | US$ 37.68 Million |
| CAGR (2021 - 2028) | 2.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Band Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Coastal Surveillance Radar Market is valued at US$ 32.03 Million in 2021, it is projected to reach US$ 37.68 Million by 2028.
As per our report South America Coastal Surveillance Radar Market, the market size is valued at US$ 32.03 Million in 2021, projecting it to reach US$ 37.68 Million by 2028. This translates to a CAGR of approximately 2.3% during the forecast period.
The South America Coastal Surveillance Radar Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South America Coastal Surveillance Radar Market report:
The South America Coastal Surveillance Radar Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Coastal Surveillance Radar Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Coastal Surveillance Radar Market value chain can benefit from the information contained in a comprehensive market report.
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