Market Size of Naval Radar Systems Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.78 Billion |
| Market Size (2029) | USD 7.37 Billion |
| CAGR (2024 - 2029) | 5.01 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Naval Radar Systems Market Analysis
The Naval Radar Systems Market size is estimated at USD 5.78 billion in 2024, and is expected to reach USD 7.37 billion by 2029, growing at a CAGR of 5.01% during the forecast period (2024-2029).
Development and procurement of new frigates have gained importance in the past few years due to the increasing border issues and territorial conflicts at sea. Escalating geopolitical tensions globally underscores the strategic importance of naval forces, fostering a heightened demand for military frigates. Nations seek to bolster their maritime capabilities to secure vital sea routes, protect territorial waters, and respond effectively to evolving geopolitical challenges, thereby driving the procurement of frigates.
The surge in military modernization initiatives plays a pivotal role in driving the market for military frigates. As nations prioritize upgrading their defense capabilities, surveillance emerges as an integral component of comprehensive naval modernization programs. The incorporation of state-of-the-art radar systems aligns with broader military strategies, contributing to sustained demand in the market.
Due to growth in geopolitical tensions, maritime border tension, and the growing importance of anti-submarine warfare, countries like China, India, the United States, the United Kingdom, Spain, etc., are increasing their investments towards strengthening their surveillance capabilities.
The increasing investments by the companies to develop new and advanced radar systems for surveillance (counter-stealth technologies) are anticipated to bolster the growth of the market in the coming future.
