Radar Systems and Technology Market Growth Analysis With Investment Opportunities
Radar Systems and Technology Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
The Business Research Company’s Radar Systems and Technology Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
LONDON, GREATER LONDON, UK, June 25, 2024 /EINPresswire.com/ -- Radar systems and technology play a crucial role in detecting and tracking objects such as aircraft, ships, vehicles, and weather formations using radio waves. These systems provide valuable information such as direction, distance, and speed, making them indispensable across various industries.
Market Size and Growth
The radar systems and technology market has experienced strong growth, with the market size projected to increase from $20.75 billion in 2023 to $22.01 billion in 2024, representing a Compound Annual Growth Rate (CAGR) of 6.1%. This growth can be attributed to increasing demand for reducing runway incursions, rising use of passive radars, and the integration of radars with GPS systems.
The market is expected to continue growing steadily, reaching $26.53 billion by 2028 at a CAGR of 4.8%. Factors driving this growth include the demand for autonomous vehicles, enhanced surveillance and security needs, and an increase in defense budgets worldwide.
Explore comprehensive insights into the global radar systems and technology market with a detailed sample report: https://www.thebusinessresearchcompany.com/sample_request?id=14463&type=smp
Key Drivers
The rising demand for autonomous vehicles is expected to drive the growth of the radar systems and technology market. Autonomous vehicles rely on radar systems to detect obstacles, measure distances, and navigate safely through traffic, thereby improving overall road safety. The Insurance Institute for Highway Safety predicts that by 2025, 3.5 million self-driving cars or autonomous vehicles will be on American roads, further increasing to 4.5 million by 2030.
Major Players and Technological Advancements
Leading companies in the radar systems and technology market, such as RTX Corporation and Lockheed Martin Corporation, are focusing on developing innovative solutions to stay competitive. One such advancement is 4D digital imaging radar, which adds vertical information to traditional radar systems, allowing for more accurate object detection and classification. Uhnder Inc. introduced the S80, a 4D digital imaging radar designed for advanced driver assistance systems (ADAS) and autonomous vehicles (AVs), offering higher resolution and improved object detection capabilities.
Market Segmentation
The radar systems and technology market covered in this report is segmented –
1) By Type: Ground-Based Radar Systems, Airborne Radar Systems, Naval Radar Systems
2) By Sales Channel: Direct Channel, Distribution Channel
3) By Application: Automotive, Industrial, Medical, Military And Defense, Other Applications
Regional Insights
North America led the radar systems and technology market in 2023, with Asia-Pacific expected to be a key region for growth. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, providing detailed insights into regional dynamics and growth opportunities.
Access the complete report for an in-depth analysis of the global radar systems and technology market: https://www.thebusinessresearchcompany.com/report/radar-systems-and-technology-global-market-report
Radar Systems and Technology Global Market Report2 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Radar Systems and Technology Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on radar systems and technology market size3, radar systems and technology market drivers and trends, radar systems and technology market major players, competitors' revenues, market positioning, and market growth across geographies. The radar systems and technology market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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