Naval surveillance radar market to reach $6.46 billion by 2028, study predictsNews
June 21, 2022
NEW YORK. The global market for naval surveillance radar, totaling $4.24 billion in 2022, is expected to reach $6.46 billion by 2028, a combined annual growth rate (CAGR) of 7.2%, according to a market study from The Insight Partners, "Naval System Surveillance Radar Market Forecast to 2028."
Growth in the market for radar used in naval surveillance is spurred by the growing importance of surveillance across coasts and mid-sea operations and also by the rising procurement of naval radars by the global defense sector due to the rise in military expenditures across the board. Also contributing to market growth are the modernization of naval radars, the rising integration of technology with radar, and the increasing adoption of advanced modern warfare systems.
The study authors found that the North American region accounted for the highest share in the global naval system surveillance radar industry in 2021, with the Asia-Pacific region's market share expected to grow with the highest CAGR during the forecast period.
For additional information visit The Insight Partners website.