An Incisive, In-depth Analysis on the Marine Radar Market
This study offers a comprehensive, 360 degree analysis on the Marine Radar market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Marine Radar market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
The global Marine Radar market is majorly dependent on the shipbuilding industry as well as on the trend of technology update in the existing fleet. Also, the naval sector plays an imperative role in structuring demands of Marine Radar. The shipbuilding industry is facing hard time since last few years. However, it is anticipated to gain traction during the latter half of the forecast period, ultimately influencing the growth of global Marine Radar market. Growing product innovations and efforts for offering advance technology customized solutions which can meet multiple purposes at lower costs will emerge as a prime differentiating factor in the long term Marine Radar market growth. APEJ is largest shareholder in global Marine Radar industry and has highly diverse vessel repair and maintenance industry expected to dominate the demands for Marine Radar. Moreover, increasing defence spending for strengthening naval fleet and coastal security, the region is anticipated to generate high Marine Radar demands in near future.
Factors influencing the global Marine Radar market growth
The global Marine Radar market has been witnessing slow growth since past couple of years. As per this research report, the future of Marine Radar is dependent on seaborne trade, rate of fleet expansion and regulatory environment. Marine Radar market is also dependent on the shipbuilding industry as well as trends associated with technology update in the existing fleet. The Marine Radar industry has been facing a hard time since last few years. However, it is anticipated to gain traction during latter half of the forecast period, ultimately influencing the growth of global Marine Radar market.
Merchant Marine Radar segment involves all medium and large vessels used for transporting cargos and well as cruise ships. This Marine Radar segment performance is dependent on the construction of new ship as well as the replacement rate in the existing fleet. Fishing vessels are mainly of two types, commercial fishing vessel and recreational (leisure) vessels. The commercial fishing vessel are relatively larger & have to employ at least one Marine Radar in compliance to the listed regulations. Large number of existing as well as new ordered fishing vessels are estimated to play a crucial role for the growth of the Marine Radar market. The growing spending on recreational activities and tourism has significantly increased the fleet size, ultimately positively impacting the Marine Radar demand. Most of the recreational vessels also install Marine Radar to maintain safety aspects of the vessels. Various countries are strengthening the vessel fleets of their navies by launching new vessels.
Furono expanding presence in China:
In March 2017, Furuno collaborated with COSCO SHIPPING (China COSCO Shipping Corporation Limited), engages in logistic business, shipbuilding, boats and ports and having fleet of almost 1,100 vessels for expanding Marine Radar business.
Lockheed developing technologically advanced products integrating marine radar technology:
In April 2017, Lockheed Martin launched a new Long-Range Discrimination Radar for detecting the InterContinental Ballistic Missile (ICBM) integrating Marine Radar for providing the safety equipment of U.S.
Northrop Grumman collaborating with marine authorities of the country:
In May 2017, Northrop Grumman Corporation delivered the first low rate initial production (LRIP) AN/TPS-80 Ground/Air Task-Oriented Radar (G/ATOR) system using Marine Radar to the U.S. Marine Corps.
Raytheon successfully integrating Marine Radar solution with defence equipment:
In September 2017, Raytheon performed successfully Air and Missile Defence Radar (AMDR) test and tracked its path and also provided safety solution by integrating Marine Radar with the ballistic missile and multiple anti-ship cruise missile
The major regions aiding the growth of the global Marine Radar market growth are Asia Pacific excluding Japan and Europe owing to significant degree of installed base and the potential demand by Marine Radar end use sectors in the region. Other regions such as North and Latin America, Japan, Middle East and Africa are expected to witness growth at moderate levels during the forecast period owing to limited Marine Radar demand in the forecast as well as near fulfilment of present requirements.
Global Marine Radars market segmentation and forecasts
Recreational segment is expected to show high potential in the coming years as a driver for Marine Radar sales. Increasing spending on recreational activities coupled with expanding tourism industry has dramatically increased the market size of the Marine Radar especially in countries with higher income. Even though marked by high pace, this segment reflects a lower market share and value as each class of recreational vessels are not mandated to install Marine Radar unless they fall under the category of IMO. Fishing vessel segment is the second largest segment from a value share standpoint. Fishing vessels are mainly of two types, namely, commercial fishing vessels and recreational (leisure) fishing vessels. The commercial fishing vessels are relatively larger & have to employ at least one Marine Radar in compliance to the IMO rules and regulations. Large number of existing as well as newly ordered fishing vessels is estimated to play a crucial role for the growth of the Marine Radar market.
On the basis of product type, increasing adoption of e-navigation technology for inter-connecting of radar display and other prominent technologies is estimated to play a crucial role in the growth of new installation as well as replacement of the existing technologies and ultimately result into high growth of the market.
On the basis of product, the X-Band Marine Radar segment is expected to dominate the global market during the forecast period. During this period, the X-Band Marine Radar segment is projected to grow at a leading CAGR compared to the other product type segments.
By application, the Merchant Marine segment is the dominating segment with respect to Marine Radar sales value share. However, the Military Naval segment is also catching steam to grow at the fastest pace.
By region, Asia Pacific excluding Japan (APEJ) shows higher market attractiveness followed by Western Europe. This region led the global market in terms of value share in 2016 and is likely to dominate the global market by the end of the assessment year. The marine radar market in Asia Pacific excluding Japan is estimated to reach about US$ 420 Mn by the end of the year of assessment.
Merchant Marine segment is expected to lead the global market in terms of market share. The performance of this segment is dependent on the construction of new ship as well as replacement rate in the existing fleet. Merchant marine segment in the application category is expected to grow significantly and is likely to continue with this trend in the coming years. Emphasis on increasing the naval fleet strength & political reigns to energize the regional shipbuilding industry is expected to fuel the marine radar market. Ship repair & maintenance as well marine coating are enforcing the marine retrofit market. Furthermore, increasing demand of Arctic Class semi-submersible ships is also likely to hike the global marine radar market.
Overall, the global Marine Radar market is expected to grow at a CAGR of 2.9% in terms of value by the end of forecast period.
Market Participants in the global Marine Radars market
The major market participants involved in the production and sales of Marine Radar include FURUNO ELECTRIC CO., LTD., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Saab AB, Japan Radio Co. Ltd., BAE Systems, Johnson Outdoors Inc., Alphatron Marine BV, Garmin, Wärtsilä SAM Electronics GmbH and Transas Marine International AB.
This FMI study offers a ten-year analysis and forecast of the global Marine Radars market between 2016 and 2026. The study considers 2015 as the base year with market values estimated for the year 2016 and a forecast developed for the duration of 2017 to 2026. Compound Average Growth Rate (CAGR) is represented from 2016 to 2026. The study covers various perspectives of the market, including market dynamics, value chain, pricing analysis, competition analysis, regional and segmental growth comparison and macro-economic and industry growth analysis, along with segment level projections in a comprehensive manner. As per the findings of the study and perspectives of industry participants, the global Marine Radars market is projected to grow at a CAGR of 2.9% between 2016 and 2026 in terms of value. Large fleet of merchant vessels sailing through international waters are mandated to install advance technology integrated radar systems, in turn leading to sustained growth opportunities for the segment.
The Future Market Insights report on Marine Radars carefully analyses the market at a global and regional level through market segmentation on the basis of key parameters such as product type, power source, end user and the type of refrigerant used. The primary objective of the report is to offer key insights on market updates, competition positioning, current trends, market potential, growth rates and other relevant information and statistics in a suitable manner to the readers or various stakeholders of the market.
The report is structured to facilitate the reader to develop a thorough understanding about the market. It begins with market definitions, followed by the market background, market dynamics and market analysis by key segments, regional analysis and competition landscape. Each section covers a qualitative and quantitative assessment of the market on the basis of facts, historical developments and key opinions collected from industry participants through dedicated interviews and trends in the market.
Marine Radars – Market Segmentation
|
Product Type |
Application |
Region |
|---|---|---|
|
|
|
The report begins with a market introduction, defining the market taxonomy and product definitions regarding the global heat pump market assessment. In the next section, the report describes the market development background, covering macro-economic factors, industry factors, product life stage and associated stages, forecast factors, regional weighted average pricing analysis, value chain overview covering approximate margins, an indicative list of stakeholders involved in each stage and an assessment of the installed base and replacement rate of Marine Radars for the base year considered for the study.
The next section of the report discusses market dynamics such as drivers (supply and demand side), restraints and trends impacting the market growth at a global level. Market opportunities or potential for manufacturers have been presented in the subsequent section of the same chapter. This section also includes the impact assessment of market dynamics on the global Marine Radars market at a qualitative level based on analysis facts and insights.
Subsequent sections of the report provide value (US$ Mn) projections for the Marine Radars market on the basis of the aforementioned segments at a global level. The global market values represented in these section have been agglomerated by collecting data and information at a regional level. The market information, along with key facts and insights, covers unique analysis frameworks such as absolute $ opportunity analysis, year-on-year growth trend comparison, market share and attractiveness analysis for each of the sub-types covered in each segment.
The next section of the report presents a summarised view of the global Marine Radars market based on seven prominent regions considered in the study. The section includes the regional market position, growth potential, trends and market attractiveness analysis for each of these regions.
The market analysis sections cover regional trends, weighted average pricing analysis and market projections for each segment, including Y-o-Y growth trends, market share analysis, market attractiveness and incremental $ opportunity assessment. These sections analyse the degree to which the global drivers are influencing this market in each region.
All the above sections evaluate the present market scenario and growth prospects in the global Marine Radars market, while the forecast presented in the sections assesses the market size in terms of volume and value.
In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the global Marine Radars market is expected to develop in the future. Given the characteristics of the market, we triangulated the outcome of three different types of analysis, based on primary research, secondary research and our own analysis. However, forecasting the market in terms of various heat pump segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalising them after the completion of the forecast exercise.
In addition, it is imperative to note that, in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse the market on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand the predictability of the Marine Radars market and identify the right opportunities available.
As previously highlighted, the Marine Radars market is split into a number of sub-segments. All the heat pump sub-segments, in terms of product type and region, have been analysed on the basis of Basis Point Share (BPS) to understand each individual segment’s relative contribution to the market growth. This detailed level of information is important for the identification of various key trends witnessed in the Marine Radars market.
Another key feature of this report is the analysis of all the key segments in the Marine Radars market, sub-segments and the regional adoption and revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, the absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the Marine Radars market.
In order to understand the key market segments in terms of the growth and installation of Marine Radars across concerned regions, Future Market Insights has developed the Marine Radars Market Attractiveness Index, which will help providers identify real market opportunities.
In the final section of the report, a competitive landscape of the Marine Radars market is included to provide report audiences with a dashboard view categorized on the basis of providers present in the value chain, their presence in the Marine Radars market and key differentiating factors and strategies. The primary category of providers covered in the report includes heat pump manufacturers. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the Marine Radars market. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors on the basis of the in-depth assessment of their capabilities and success in the Marine Radars marketplace. Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the Marine Radars market. Key competitors covered in the report include FURUNO ELECTRIC CO., LTD., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Saab AB, Japan Radio Co. Ltd., BAE Systems, Johnson Outdoors Inc., Alphatron Marine BV, Garmin, Wärtsilä SAM Electronics GmbH and Transas Marine International AB.
COVID -19 : Impact Analysis
Request the coronavirus impact analysis across industries and markets
Request Covid -19 ImpactGet in touch
Our Clients
CASE STUDIES
See how our work makes an impact.
At FMI, we design strategies that are adaptive, impactful, and implementable.