Market players are focusing on capacity expansion to attain an extra edge among their competitors
DUBAI, UAE / ACCESSWIRE / February 18, 2021 / FMI states in its recent study on the marine radar market that the market will record a CAGR of over 2.4% through 2031. Its needs are anticipated to continue surging as the increasing demand for the fishing vessel is creating worthwhile growth in demand for marine radar.
"Suppliers of marine radar adopt acquisition and regional expansion strategies to establish a foothold in new and fast-growing markets. Besides this, there is a significant focus on research and development." says the FMI analyst.
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Marine radar market - Important Highlights
- Soon, demand for X Band Radars is expected to remain high, in particular, because of its growing usage in various applications in the merchant marine and fishing vessels.
- According to end-use, In merchant shipping applications, marine radar is commonly used. Their use is growing day-by-day in fishing and yacht/recreational boats.
- China is expected to dominate the market of marine radar equipment, owing to its various maritime activities
- Japanese ship operators are building a silent market revolution through a mix of R&D, strategic projects, and organizational transformation teams.
Marine radar market - Drivers
- Due to rising demand from the military as well as from the commercial market, the shipbuilding industry is growing, which is driving the growth of the market.
- Due to the rise in marine tourism spending, the global marine radar market has seen considerable expansion.
- The rapid rise in demand for pleasure and luxury boats is anticipated to create growth opportunities.
- Increasing investment in the R&D industry is boosting the market growth.
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Marine radar Market - Restraints
- It is predicted that fluctuations in the costs of raw materials would hamper demand development.
- The global marine radar demand would also be affected by strict government legislation on radar production.
COVID-19 Impact on Marine radar Market
The Marine radar market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic with the shutdown of several developing units. When the economies to halt and the supply chains were disrupted, it also prevented manufacturing activities. Stringent rules of social distancing to stop the virus from spreading have resulted in reduced manufacturing activities. The Marine Radar market is anticipated to set on a path of regaining as economies steadily stabilize.
Competitive Landscape
The Marine radar market players are leaning towards the expansion of the production facilities To broaden their global reach, top producers are strategically acquiring regional players. For instance, The solid-state radar (SSR) technology from Lockheed Martin provides the front-line defense to many nations by collaborations with Spain, Japan, Canada, and the U.S. Government. Some of the key manufacturing companies are FURUNO ELECTRIC CO., LTD., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Saab AB, Japan Radio Co. Ltd, BAE Systems, JRC (Alphatron Marine)
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About the Study
· The study offers readers a comprehensive assessment of the Marine radar market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (X Band Radars, S-Band Radar), application (Merchant Marine, Fishing Vessels, Yacht/Recreational, Military/Naval)across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
4. Key Success Factors
5. Global Marine Radar Market Demand Analysis 2016 - 2020 and Forecast, 2021- 2031
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SOURCE: Future Market Insights