Coastal Surveillance Radar Market Growth Steady at 5.7% CAGR to Reach US$ 1,423.59 Million by 2028- The Insight Partners

NEW YORK, UNITED STATES, February 10, 2022 /EINPresswire.com/ -- According to The Insight Partners study on “Coastal Surveillance Radar Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Band Type, Application, and End User,” the market is expected to grow from US$ 964.61 million in 2021 to US$ 1,423.59 million by 2028; it is estimated to grow at a CAGR of 5.7% from 2021 to 2028.

Report Coverage Details
Market Size Value in US$ 964.61 million in 2021
Market Size Value by US$ 1,423.59 million by 2028
Growth rate CAGR of 5.7% from 2021 to 2028
Forecast Period 2021-2028
Base Year 2021
No. of Pages 175
No. Tables 85
No. of Charts & Figures 81
Historical data available Yes
Segments covered Band Type, Platform, and End User
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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The global coastline stretches to around 315,000 miles and the security of coastline depends on respective country’s naval force and coast guard authority. To safeguard the coastlines, respective naval forces, coast guard authorities, and other defense or homeland security agencies procure a large number of coastal surveillance radars. These radars facilitate the teams with detection and interception of potential threats or targets, such as fast moving boats, canoeists, large ships, as well as torpedoes, and other unmanned threats, thereby enhancing the safety of the coastal areas. Also, regionally, factors such as continuously rising defense spending by the US government, followed by ongoing border dispute in Asia, the rising illegal migration crisis in Europe, high volatile border situation in the Middle East and Africa, and high emphasis on curtailing drug tracking in South America are fuel the global Coastal Surveillance Radar Market growth.

Impact of COVID-19 Pandemic on Coastal Surveillance Radar Market
The Coastal Surveillance Radar Market growth was unaffected in 2020 from the demand side. However, there was a marginal delay in lead time. Moreover, despite the increase in the number of COVID-19 patients in APAC, governments have eased containment norms and allowed manufacturing facilities to operate in 2021. For instance, though the massive second wave in India in Q2 of 2021, the development and deployment of coastal surveillance radars (SCANTER 2001) in India by Bharat Electronics Limited in partnership with Terma A/S which was initiated in November 2020 remained unaffected. Similarly, despite the growing number of COVID-19 cases in China, development and deployment of coastal surveillance radar by the Coastal Surveillance Radar Market players was unaffected in 2021. Moreover, in May 2021, South Korean government awarded a US$ 145.4 million contract to LIG Nex1 for the development of Maritime Surveillance Radar-II. Thus, the COVID-19 pandemic marginally impacted the coastal surveillance radar market size in 2020 from supply side, but the market was stabilized and started witnessing growth from Q3 of 2020.

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The Coastal Surveillance Radar Market is segmented on the basis of band type, platform, end user and geography. Based on band type, the market is segmented into X-band, S-band, X and S-band, and others. Based on platform, the Coastal Surveillance Radar Market is segmented into shipborne, land-based, and airborne. The end user segment in the Coastal Surveillance Radar Market include ports harbor and oil & gas companies, and maritime patrol agencies. Geographically, the Coastal Surveillance Radar Market
is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America.

Coastal Surveillance Radar Market: Competitive Landscape and Key Developments
Aselsan A.S., Accipiter Radar Technologies Inc, Blighter Surveillance Systems Ltd., Easat Radar Systems Limited, GEM elettronica, Elbit Systems Ltd., Teledyne FLIR LLC, HENSOLDT, Israel Aerospace Industries Ltd., Raytheon Technologies Corporation, Terma A/S, Thales Group and L3Harris Technologies Inc. are among the key players in the global Coastal Surveillance Radar market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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Players operating in the coastal surveillance radar market are mainly focused on the development of advanced and efficient products.

In 2021, Raytheon Technologies Corporation announced the opening of a new 178,000 square-foot high-tech Advanced Integration and Manufacturing Center at McKinney, Texas, US. It is a product of a US$ 100 million investment made by Raytheon Technologies Corporation and McKinney Economic Development Corporation.
In 2021, Silent Sentinel was awarded a contract to supply its Osiris Searcher, a coastal surveillance system to the Mexican government.

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