Marine Radar Market is estimated to register a CAGR of approximately 2.9% during the forecast period of 2018 to 2023.
Market Scenario:
Marine radar are detection devices that are used to detect obstacles and ships. They provide bearing and distance for navigation and collision avoidance at sea. Additionally, these systems offer enhanced accuracy as they detect stationary and moving objects even in dense climatic conditions.
Additionally, factors such as increasing military expenditure by developed economies is also bolstering the market growth. However, fluctuations in raw material prices is expected to hamper the market growth. Stringent government regulations pertaining radar manufacturing will also influence the global marine radar market. For instance, The Government of Canada provides guidelines for the range performance, minimum range, and display for marine radars. All players operating in the marine radar market must comply to the regulations of various countries in which they have their presence.
Key Players:
The key players in the global marine radar market are Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), FURUNO ELECTRIC CO.LTD. (Japan), Raytheon Company (US), Saab AB (Sweden), BAE Systems (UK), Garmin Ltd (US), FLIR Systems, Inc. (US), Kongsberg Group (Sweden) and Alpha Tron Marine B.V. (The Netherlands).
Research Methodology:
The market numbers and forecast derived were the outcome of our disciplined research methodology which includes secondary research, primary interviews, followed by data triangulation and validation from our in-house data repository and statistical modeling tools.
On the basis of application, the market has been segmented into fishing vessel, merchant marine, military naval, and recreational boat. The merchant marine segment dominated the global market over the forecast period owing increasing international trade. However, military naval is expected to grow at the fastest CAGR over the forecast period. Increasing defense expenditure by developing countries, and increased adoption of marine radars by government is driving the market growth.
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