Airport Surveillance Radar Market Customer Needs and Growth Rate
Market Overview:
Airport Surveillance Radar Market is estimated to grow USD 2.50 Billion at a CAGR 6% by 2021-2028
The growth of the global airport surveillance radar market can be attributed to rising military expenditure and growing developments of new and existing airports. However, the high cost of installation and operation is expected to restrain the market growth during the forecast period.
Key Players:
Prominent players in the Global Airport Surveillance Radar Market include BAE Systems (UK), Northrop Grumman Corporation (US), Thales Group (France), Raytheon Company (US), Lockheed Martin Corporation (US), Leonardo SpA (Italy), L3Harris Technologies, Inc. (US), Intelcan Technosystems Inc. (Canada), Blighter Surveillance Systems Ltd (UK), NEC Corporation (Japan).
The other companies profiled in the report are HENSOLDT (Germany), Shoghi Communications Ltd (India), TERMA (Denmark), ASELSAN AS (Turkey), Easat Radar Systems Limited (UK), Airbus SAS (Netherlands), DeTect, Inc. (US), Saab AB (Sweden), Israel Aerospace Industries Ltd (Israel), Telephonics Corporation (US), and Indra Sistemas, SA (Spain). Mergers, acquisitions, and collaborations are some of the key strategies adopted by these companies to gain an edge over their competitors.
Market Segmentation:
The Global Airport Surveillance Radar Market has also been segmented by Type and Application.
Based on type, the global airport surveillance radar market has been divided into primary radars and secondary radars. The primary radars segment dominated the global market. It was valued at USD 861.9 million in 2018 and is anticipated to record a CAGR of 6% during the forecast period.
In terms of application, the global airport surveillance radar market has been bifurcated into civil & commercial airports and military airbases & airfields. The military airbases & airfields segment is anticipated to expand at the higher CAGR during the forecast period.
Regional Analysis:
The geographic analysis of the global airport surveillance radar market includes North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin Africa.
The market in North America was valued at USD 462.9 million in 2018. The US and Canada are the country-level markets in North America. The market in the region is expected to reach USD 689.0 million by 2025, expanding at a 5.85% CAGR during the forecast period. This growth can be attributed to increasing investments by the US government for the modernizing of airports. Furthermore, technological advancements and the presence of prominent players such as Raytheon Company, Northrop Grumman Corporation, Lockheed Martin Corporation are factors driving the market growth.
Europe accounted for the second-largest share of the market in 2018. The European market includes the UK, Germany, France, Russia, and the rest of Europe. The presence of prominent players such as ASELSAN AS, BAE Systems, and Thales Group is propelling the growth of the regional market. The airport surveillance radar market in Europe is expected to reach USD 444.7 million by 2025 at a CAGR of 6.07% during the forecast period.
Asia-Pacific constituted a large share of the global market in 2018. The market in the region has been divided into China, Japan, India, South Korea, and the rest of Asia-Pacific. The regional market was valued at USD 236.5 million in 2018 and is expected to reach USD 413.0 million by 2025, expanding at a CAGR of 8.29% during the forecast period. Increasing air passenger traffic in developing economies such as China and India and growing need to enhance passenger safety are driving the growth of the market in the region.
The Middle East & Africa accounted for a considerable share of the global market in 2018. The market the region has been segregated into Saudi Arabia, the UAE, and the rest of the Middle East & Africa. The regional market was valued at USD 171.1 million in 2018 and is expected to reach USD 269.9 million by 2025, expanding at a CAGR of 6.73% during the forecast period. Increasing developments of new airports in countries such as the UAE are driving the growth of the market in the region.
In Latin America, the airport surveillance radar market is expected to reach USD 169.6 million by 2025, expanding at a CAGR of 5.79% during the review period. The market in the region has been divided into Brazil and the rest of Latin America. The introduction of low-cost airlines in the region is expected to drive the growth of the airport surveillance radar market in Latin America.
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