The global naval radar systems market is expected to grow at a significant CAGR during the forecast period (2024-2031). The major factors propelling the growth of the global naval radar systems market include risking investment in defense by governments globally. For instance, in June 2020, L3Harris Technologies received a $7.2 million cost-plus-incentive-fee contract to develop and deliver the AN/SPS-48G(V)1 radar data processor and radar display and control function software by the US government that was expected to be finished in 2022. Since 2011, the US Navy began changing the AN/SPS-48E with AN/SPS-48G aboard many naval vessels. It is expected to be completed by 2028.
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The major players in the global naval radar systems market include Finmeccanica, Lockheed Martin, Northrop Grumman, Raytheon, Thales, among others. They are adopting various strategies such as product launches & developments, mergers and acquisitions, partnerships, and agreements, to remain competitive in the market. For instance, in September 2021, Hensoldt launched a newly developed Quadome 3D, multi-mission naval radar system. Features such as naval surveillance and target acquisition are offered by Quadome. It offers quick reaction and excellent accuracy at a low cost-to-benefit ratio. The dual-mode, multi-mission surveillance radar will give naval troops and maritime security agencies unmatched situational awareness and quick response times.
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Market Coverage
- Segment Covered-
o By Type
o By Application
- Competitive Landscape- Finmeccanica, Lockheed Martin, Northrop Grumman, Raytheon, Thales, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Naval Radar Systems Market by Segments
By Type
- Yacht/recreational
- Fishing vessel
By Application
- Weapon guidance
- Surveillance
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