HOME Research Insight Market Players are Focusing on Entering New Markets by Launching Technologically-Advanced and Cost-Effective Products in Radar Systems Market

Market Players are Focusing on Entering New Markets by Launching Technologically-Advanced and Cost-Effective Products in Radar Systems Market

Radar (radio detection and ranging) can be defined as a system using electromagnetic (EM) waves to detect and locate an objectís location in terms of range and angle. Radars transmit radio waves, which are reflected back to the source from the object, based on which the object is identified. The radar systems market is expected to grow from USD 20.29 billion in 2016 to USD 26.37 billion by 2021, at a CAGR of 5.39% during the forecast period 2016 to 2021. The increased usage of radar systems in unmanned vehicles and homeland security is expected to drive the growth of the radar systems market in the coming years.

Key players operational in the radar systems market include Lockheed Martin Corporation (U.S.), Rockwell Collins (U.S.), Saab Group (Sweden), and BAE Systems (U.K.), Rheinmetall AG (Germany), and General Dynamics (U.S.), among others. Contracts and agreements are the key strategies adopted by major players in the radar systems market. Market players are focusing on entering new markets by launching technologically-advanced and cost-effective products. Their core competencies include better product portfolio and investment in R&D activities.

Lockheed Martin Corporation (U.S.) is one of the leading player in radar systems. The company focuses on strengthening its product offerings through investments in R&D. The company has a strong product portfolio, which caters to the defense industry.

Longbow LLC (Florida, U.S.) is a joint venture of Lockheed Martin Corporation and Northrop Grumman Corporation. In 2016, Longbow, LLC secured a foreign military sales contract from the U.S. Army. The contract is worth USD 57.1 million. Under this contract, Longbow is expected to provide the Indian Air Force with Fire Control Radar (FCR) systems for their latest Apache AH-64E helicopters.

Northrop Grumman (U.S.) is another leading manufacturer of radar systems. It strategizes to expand its global presence and broaden its focus towards delivery of capabilities, products, and services in the radar system markets. The company is expanding its portfolio of radar systems by leveraging the companyís strong position in command, control, communications, computing, combat systems, intelligence, surveillance, and reconnaissance (C4ISR) market. Northrop Grumman is one of the leading players in this market, owing its strong capabilities in technology and innovation.

In 2015, Northrop Grumman Corporations Sperry Marine business unit signed a collaboration agreement with Terma (Denmark, Europe) to collaboratively conduct business in the naval sector. The prime objective of the agreement was to focus on designing and development of surveillance radars and navigation systems.

Related Reports:

Radar Systems Market by Technology (CW Radars, Pulsed Radars), Application (Defense, Commercial), Range (Short, Long, Medium), Component (Antenna, Receiver, Transmitter), Frequency Band (L, X, C, S) and Region - Global Forecast to 2021

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