Market Share of Naval Radar Systems Industry
The naval radar systems market is fragmented, with many major defense manufacturers catering to the radar requirements of various naval programs. Some of the prominent players in the market of naval radar systems are RTX Corporation, L3Harris Technologies Inc., Israel Aerospace Industries Ltd, Leonardo SpA, and BAE Systems PLC. The companies are partnering for various naval programs, helping them increase their presence in multiple regions. Also, the radar manufacturers are collaborating to develop new radar solutions.
For instance, in September 2021, HENSOLDT introduced the Quadome radar system for naval surveillance and target acquisition. The new-generation technology modernizes one of HENSOLDT's key radar product lines, enhancing the group's extensive radar portfolio. Similarly, in June 2021, the US Navy's destroyer, USS Paul Ignatius, conducted a Standard Missile 3 (SM-3) Launch on Remote test using Thales' SMART-L Naval Multi-Mission (SMART-L MM/N) radar data. Such developments are anticipated to help the companies increase their share in the market as well as increase their cashflows in the coming years.
Similarly, to ensure that British naval radar technology remains a global market leader, the UK Ministry of Defence (MoD) and BAE Systems plc invested USD 55 million to develop the next generation of radar technology which the Royal Navy requires to tackle emerging threats, including ballistic missiles and drones.
Naval Radar Systems Market Leaders
Leonardo S.p.A.
BAE Systems plc
L3Harris Technologies, Inc.
RTX Corporation
Israel Aerospace Industries Ltd.
*Disclaimer: Major Players sorted in no particular order
