Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 1456.54 Million | USD 2372.55 Million | 5% | 2024 |
FrequentlyAsked Questions
Marine radars are short-range radars. With the help of marine radars, the location of the lands and other ships can be determined easily, hence it is highly installed in the ships. Over the last decade, marine travel has become comparatively safe as marine radars help in avoiding sea accidents. This system has proved useful in case of war, as ships are capable of keeping track of the enemy ships. Over the years, marine radar technology has evolved greatly due to the inclusion of Automatic Radar Plotting Aids (ARPA) in radar systems.
The global marine radar market is expected to grow due to increasing maritime trade and traffic, rising emphasis on maritime safety and security, continuous advancements in radar technology, and stringent regulatory mandates requiring radar installation on vessels.
According to a study, the global marine radar market size was worth around USD 1456.54 Million in 2024 and is expected to reach USD 2372.55 Million by 2034.
The global marine radar market is expected to grow at a CAGR of 5% during the forecast period.
The global marine radar market growth is expected to be driven by the Asia Pacific. It is currently the world’s highest revenue-generating market owing to the existence of several SMEs, manufacturing facilities, greater adoption of radar technology, and expanding sea trade.
Leading players in the global marine radar market include Raymarine Inc., Terma A/S, West Marine, Thales Group, Lockheed Martin Corp., Furuno Electric Co. Ltd., Kelvin Hughes Ltd., BAE Systems, Northrop Grumman., Rockwell Collins, among others.
The report explores crucial aspects of the marine radar market, including a detailed discussion of existing growth factors and restraints, while also examining future growth opportunities and challenges that impact the market.
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