Growing need for constant and efficient maritime surveillance to drive growth of global ocean surface radar market through 2024
According to TechSci Research report, “Global Ocean Surface Radar Market By Technology Type, By Application, By Range, By Region, Competition, Forecast & Opportunities, 2024”, the global ocean surface radar market is expected to grow at a steady CAGR during the forecast period owing to the increasing defense spending by governments of various countries across the globe. Additionally, growing international trade and technology exchange is further propelling the market. However, the uncertainties in the shipbuilding industry and state restrictions for private sector in defence technology can hamper the growth of the market during forecast period.
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The global ocean surface radar market is segmented based on technology type, application, range, company and region. Based on technology type, the market can be divided into pulsed and continuous wave (CW). The pulsed type dominates the market since it can produce high signal power needed for high signal-to-noise ratio (SNR) and excellent range resolution used for measuring long-range targets. Additionally, the measurement range provided by the pulsed type is much more than the CW. Based on application, the market can be bifurcated into defence and commercial. The defence segment dominates the market on account of use of ocean radars mainly for defence and security purposes. The commercial segment is expected to grow during forecast period owing to the increasing use of ocean radars in weather forecasting.
Furuno Electric Co., Ltd., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Saab AB, Japan Radio Co. Ltd., BAE Systems plc, Raymarine Inc, Terma A/S, Kelvin Hughes Limited and others are some of the leading players operating in global ocean surface radar market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“Asia-Pacific is expected to be the fastest growing market for ocean surface radar during the forecast period, owing to the increasing defence spending by the governments of various countries in this region, especially India and China. The demand for ocean radars is gaining momentum for effective monitoring of illegal access in the maritime boundaries of these countries. Additionally, China and India have longer coastlines as compared to other countries and the governments of the countries are striving hard to secure their respective coastlines. Owing to past experiences of terrorist attacks, especially in India, through oceanic routes, Indian Ministry of Defense is constantly increasing surveillance systems along the coastlines.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Ocean Surface Radar Market By Technology Type, By Application, By Range, By Region, Competition, Forecast & Opportunities, 2024”, has evaluated the future growth potential of global ocean surface radar market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global ocean surface radar market.
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