3D Radar Market Is Projected To Gain Significant Value By 2026
According to a new market research report published by Transparency Market Research titled “3D Radar Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,”the global 3D Radar market is expected to reach US$ 27,919.8 Mn by 2026. The market value is anticipated to expand at a CAGR of 13.5% during the forecast period from 2018 to 2026.The market is expected to grow largely due to shift of industries to highly advanced surveillance systems, largely in the regions of North America and Europe.
Geographically, the global 3D Radar market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America leads the market with a share of more than 30% in 2017, followed by Europe with approximately 28% share. The dominating share in North America is mostly due to remarkable growth in the adoption of 3D Radar systems by the U.S government. In Asia Pacific, key countries contributing to the growth of the 3D Radar market are China, India, and Japan.
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In 2017, North America was evaluated as the largest market for 3D Radar. The U.S. is particularly an attractive market for 3D Radar owing to the high production of warfare technologies. However, Canada is expected to expand at the highest CAGR during the forecast period, 2018-2026. The market in Asia Pacific is expected to grow significantly during the forecast period. Countries in Asia Pacific such as China and India are expected to show substantial growth in the global 3D Radar market owing to the rising aerospace industry which highly demands advanced 3D Radar systems.
In Europe, some of the key countries contributing to the growth of the 3D Radar market are U.K., Germany, and France. The significant market growth in Europe is mainly due to the rising government activities to deploy technologically advanced surveillance systems. Governments in European countries have encouraged implementation of innovative radar systems, notably short-range radar (SRR) systems in cars that assist the driver in better localization of nearby objects, thus helping the EU’s goal to control road deaths.
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Globally, the 3D Radar market is segmented based on component, platform, frequency band, and industry. In terms of component, the market is segmented into hardware, software, and services. Hardware segment holds the largest market share. Hardware segment is expanding rapidly due to the reduction in prices of raw materials and rising demand for lightweight and cost effective 3D Radar systems. Based on platform, airborne has the largest share in the market. This is due to the rising demand for warning systems in fighter aircrafts for identifying enemy aircraft and controlling air-to-air missiles, guns, and rockets. On the basis of frequency band, the S band of frequency spectrum is expected to be used significantly due to its major applications in military and defense.
In terms of industry, the government sector holds the largest market share and is expected to grow significantly during the forecast period. This is due to the increasing deployment of 3D Radar systems in defense systems and other warfare systems. Furthermore, 3D Radar systems are being deployed prominently for assessing weather conditions.
Key players operating in the global 3D Radar market are Airbus Defense and Space, BAE Systems plc, Harris Corporation, Honeywell International Inc., Leonardo S.p.A., Rockwell Collins, Lockheed Martin, Northrop Grumman Corporation, SAAB Group, and Thales Group.
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