How big is the Naval Radar Systems Market?

The Naval Radar Systems Market size is expected to reach USD 5.78 billion in 2024 and grow at a CAGR of 5.01% to reach USD 7.37 billion by 2029. Read More

What is the current Naval Radar Systems Market size?

In 2024, the Naval Radar Systems Market size is expected to reach USD 5.78 billion. Read More

Who are the key players in Naval Radar Systems Market?

Leonardo S.p.A., BAE Systems plc, L3Harris Technologies, Inc., RTX Corporation and Israel Aerospace Industries Ltd. are the major companies operating in the Naval Radar Systems Market. Read More

Which is the fastest growing region in Naval Radar Systems Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Naval Radar Systems Market?

In 2024, the North America accounts for the largest market share in Naval Radar Systems Market. Read More

What years does this Naval Radar Systems Market cover, and what was the market size in 2023?

In 2023, the Naval Radar Systems Market size was estimated at USD 5.49 billion. The report covers the Naval Radar Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Naval Radar Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Naval Radar Systems Market Size & Share Analysis - Industry Research Report

Naval Radar Systems Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Naval Radar Systems Market is Segmented by Application (Surveillance and Missile Guidance) and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The Report Offers Market Size and Forecast for all the Above Segments in Value (USD).

Naval Radar Systems Industry Overview

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.