Marine Radar Market Report

Technology is a part of almost every element of modern life. With growing autonomy, the maritime sector is also experiencing technological advancements over the past few years. The market for maritime radar is being driven by a rise in demand for high-tech devices and weapons. During the forecast period, the market is anticipated to have considerable expansion due to the rising demand for cutting-edge technologies. Furthermore, market expansion is anticipated to be fuelled by increased investment by market participants in R&D activities to gain a competitive edge.

Given the expanding business activity globally, the development of new products is a top priority for businesses. Robust new products with value-added features are in high demand. For example, the reliable Fish Size Indicator (Fish Finder) FCV-38 introduced in March 2021 by FURUNO ELECTRIC CO. LTD., with headquarters in Nishinomiya, Japan, optimises the fishing operations using split beam and multi-detection technology. The FCV-38 is a powerful 4 kW fish finder that uses split beam technology and a 38 kHz transducer to give outstanding depth sensing.

The escalating demand for weapon-guiding applications and surveillance has an impact on the growth of the global marine radar market. Increasing military expenditure by developed economies is another aspect supporting market expansion. The increase in the purchasing power of different nations has also sparked a race for the top companies in the global marine radar industry. Additionally, the expansion of numerous firms into marine tourism has increased the use of marine radars. This reason also contributes to the expansion of the marine radar market globally.

Furthermore, the support of governments by mandating the installation of marine radars in ships and boats in order to reduce marine collisions is causing the global marine radar market to grow rapidly. Apart from this, the installation of marine radars to prevent collisions while conducting maritime tourism, as well as the expansion of global trade, further increases market revenue. Current technological developments to extend the range of existing radar systems are also expected to open up new business opportunities for the sector.

• Integration of marine radar with digital technologies like the Internet of Things (IoT) and Advanced Driver Assistance Systems (ADAS).
• Solid-state radar systems with improved reliability and performance.
• Integration of marine radar with autonomous navigation systems.
• Development of new radar technologies to enhance weather and sea state monitoring.

Along with the many features that marine radar offers, there are several limitations that prevent the market from expanding. For example, the market expansion is anticipated to be hampered by the unstable and fluctuating nature of raw material prices, variable climatic circumstances, and uncertainties in the shipbuilding industries. In addition, another drawback of maritime radar systems is bearing precision, which makes it impossible to detect the direction of the target.

Additionally, factors like the height of the scanner, transmission power, wavelength, pulse repetition frequency, pulse length, vertical beam width, horizontal beam width, receiver sensitivity, target type, and weather have an impact on the range of the radar, which has an effect on the growth of the marine radar market. All these factors are responsible for the impediment of market expansion.

In an endeavor to increase their market share globally, major market competitors are consistently pursuing competitive marketing strategies such as alliances, technological advancements, investments, acquisitions, and R&D activities. In March 2023, Raytheon Technologies received a $619 million contract from the U.S. Navy to continue producing AN/SPY-6(V) radars for them. This was the second option from the hardware, manufacturing, and sustainment contract, which was signed in March 2022. Additionally, the first K-band maritime radar that is commercially accessible in the world is the RS24 high-resolution radar from the technology company Wärtsilä introduced in April 2019. Small vessels and other possible threats near large ships can be seen using the RS24 since it has a significantly greater radar resolution than conventional S or X-band radars and can identify much smaller objects. This encourages safety, particularly in crowded ports and trade lanes.

Furthermore, the RRD-19T River Radar Display was created for river-based commercial vessels by Seatronx, a producer, distributor, and designer of the finest tough electronics for the military, maritime, and industrial markets in March 2020. The display can be observed in bright sunlight. The RRD-19T has eight inputs, which eliminates the need for additional switching systems and allows users to monitor vessels and navigate using it.

North America is anticipated to witness substantial growth in the marine radar market during the forecast period. Owing to the growing shipbuilding industry and the increased demand from the military and commercial markets, the North American region will continue to be a highly profitable market for marine radar during the forecast period. Additionally, during the forecast period, Asia Pacific is anticipated to experience significant growth in the marine radar market owing to the majority of shipbuilding activities that are being performed in developing nations like South Korea, Japan, and China.

Due to the presence of the large fisheries and aquaculture sector, the market in China is experiencing increasing demand. The market is booming as a result of the rise in marine trade operations, and demand and production are anticipated to increase over the forecast period. In addition, in Europe, the opportunities for market expansion are provided by the expanding shipbuilding industry and oil and gas import and export. Besides this, the growing adoption of marine radar in the military to improve border control and the rising expenditure in the defense industry is responsible for the rising demand for marine radar in the region.

The report provides a detailed overview of the marine radar market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the marine radar market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the marine radar market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the marine radar market. Some key countries and regions included in the marine radar market report are as follows:

• Marine radar market detailed segments and segment-wise market breakdown
• Marine radar market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in marine radar industry)
• Current, historical and forthcoming 10 years market valuation in terms of marine radar market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Marine radar market demand analysis
• Marine radar market pricing analysis over forecast period (by key segment and by region)
• Marine radar market regional insights with region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in marine radar market
• Regulatory landscape by key regions and key countries
• Supply chain and value chain analysis in marine radar market
• Marine radar market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on marine radar market forecast by countries
• Mergers and acquisitions in the marine radar market
• Essential information to enhance market position
• Robust research methodology