CHICAGO, July 17,
2024 /PRNewswire/ -- The digital radar
market is projected to grow from USD 5.9 billion in 2024 and is expected to reach
USD 13.7 billion by 2029, growing at
a CAGR of 18.2% from 2024 to 2029 according to a new report by
MarketsandMarkets™. The integration of digital radar in
defense operations is one of the key factors leading to emergence
of digital radar technologies. The effective detection and response
to possible threats is made possible by the presence of a strong
knowledge of the situation in the military. Modern radar technology
is able to detect many different objects because of its high
accuracy and comprehensive view, regardless of the place and
mission. Since digital radar employs cutting-edge algorithms of
signal processing and employs high-resolution images, it is one of
the best systems that can offer better accuracy or reliability as
far as detection and tracking of objects both airborne and surface
are concerned.
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Browse in-depth TOC on "Digital Radar
Market"
100 – Tables
60 – Figures
240 – Pages
Digital Radar Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 5.9
billion
|
Estimated Value by
2029
|
$ 13.7
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 18.2%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Type, Dimension,
Application, Vertical and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Electromagnetic jamming
and interface issue
|
Key Market
Opportunities
|
Growth of unmanned
aerial vehicles
|
Key Market
Drivers
|
Rising demand of
digital radar for enhanced weather detection and
monitoring
|
Active digital radar market is expected to witness higher CAGR
during the forecast period.
Active segment is expected to witness a higher CAGR during the
forecast period in the digital radar market. Due to their
groundbreaking functionality, active radars are receiving high
public demand. These functions include border security, air traffic
control, and military operations. Moreover, the application of
active radars has been boosted by improvement in
radar technology which include better signal processing and
increased detection range as well as higher resolution.
The 2D & 3D segment in the digital radar market is
expected to capture a higher share during the forecast
period.
2D & 3D radars have experienced rapid growth due to a few
important features such as less complicated design, comprehensive
detection, and improved accuracy. Such features contribute to their
use within safety control, monitoring systems and military
machinery. In order to enhance competitiveness within the market;
some participants in the 2D & 3D digital radar ecosystem have
taken up organic growth strategies such as product developments and
partnerships.
Automotive is expected to witness the highest CAGR in the
digital radar market during the forecast period.
The automotive segment is expected to witness the highest growth
in the digital radar market during the forecast period. 4D radars
in autonomous vehicles produces higher-resolution images from which
more detailed speed, range, height, and depth information can be
obtained. Consequently, the improved performances enable the sensor
to enhance its object detection and classification under adverse
atmospheric conditions, such as fog, rain or darkness. The market
is expanding quickly because of the rising need for ADAS and
autonomous driving features of cars. The increase is due to greater
attention paid to vehicle safety as well as an improved
self-driving technology.
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North America is expected to
hold the largest share of the digital radar market during the
forecast period.
North America dominates in the
digital radar industry driven by substantial investments in
military & defense advancement, and rapid adoption of new
motorcar safety technologies. These factors help promote the
development of the region's main players like defense giants and in
technical innovations. Leading companies such as Lockheed Martin
Corporation (US), Northrop Grumman (US), and RTX (US) are pivotal
in driving this market in North
America.
Key Players
Leading players in the digital radar companies include
Lockheed Martin Corporation (US), Thales (France), Indra
(Spain), Leonardo S.p.A. (Italy), Bharat Electronics Limited
(India), Advanced Micro Devices,
Inc. (US), Magna International Inc. (Canada), NXP Semiconductors (Netherlands), Saab AB (Sweden), and Uhnder (US), Israel Aerospace
Industries (Israel), BAE Systems (UK), Elbit Systems Ltd. (Israel),
Vayyar (Israel), Arbe (Israel),
Ainstein Radar Systems (US), Oculii (US), Spartan Radar, Inc. (US),
Cubtek Inc. (Taiwan), ASELSAN A.S.
(Turkiye), Teledyne FLIR LLC (US), Echodyne Corp (US) Bitsensing
(South Korea), RFISee (Israel),
Gapwaves AB (Sweden) are few other
key companies operating in the digital radar market.
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