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Overview
The global synthetic aperture radar market will touch USD 13.4 billion at 12.3% CAGR by 2030, as per the latest Market Research Future report.
Drivers
Increasing Use in Military Applications to Boost Market Growth
The increasing use of synthetic aperture radars in military applications will boost market growth over the forecast period. In military applications, synthetic aperture radars are used to detect surface features such as building complexes, missile bases, and topography of the surrounding terrain. Therefore, it is used for battlefield surveillance, weapon guidance, and mission planning for future operations. Increased military and defence spending has enabled the defence sector to develop missiles with improved targeting accuracy.
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Key Players
Eminent market players profiled in the global synthetic aperture radar market report include UrtheCast Corp., Thales Group, SkyGeo, Saab AB, Raytheon Company, OHB Systems AG, Northrop Grumman Corporation, Lockheed Martin Corporation, Leonardo S.p.A., ICEYE, General Atomics, Cobham plc, Capella Space, BAE Systems, and Airbus S.A.S.
COVID-19 Analysis
Government restrictions on public meetings and announced lockdowns brought about by the COVID-19 crisis have impeded research and development in the field of SAR systems. Numerous nations have experienced economic slowdowns due to the novel coronavirus disease (COVID-19), which may constrain government funding for defence-related initiatives. This decrease in investment has an effect on the market expansion for synthetic aperture radars. Due to COVID-19-related travel limitations and a reduction in military operations, the market for synthetic aperture radar has not grown favourably, despite the fact that the technology is used in many military applications. The
demand for synthetic aperture radars worldwide will rise in the upcoming quarter as industry output picks up steam following a challenging period brought on by COVID-19.
Opportunities
Advances in SAR Technology to offer Robust Opportunities
Advances in SAR technology, such as the development of smaller and lighter systems with higher frequency bands, are enabling new applications and driving the growth of the synthetic aperture radar market.
Restraints and Challenges
High Development Cost to act as Market Restraint
The high development cost, limited bandwidth allocation, and limited coverage area of the SAR systems may act as market restraints over the forecast period.
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Market Segmentation
The global synthetic aperture radar market is bifurcated based on mode, application, frequency, platform, and component.
By component, antenna will lead the market in the forecast period.
By platform, airborne will domineer the market in the forecast period.
By frequency band, X band will spur the market in the forecast period.
By application, defense will spearhead the market in the forecast period.
By mode, multimode will head the market in the forecast period.
Regional Analysis
The North American synthetic aperture radar market is one of the major players in the market, including Lockheed Martin Company, Northrop Grumman Company, and Raytheon Company. The presence of such key players is driving technology investments in synthetic aperture radar, leading to market growth. The United States has the world’s largest defense budget and has invested aggressively in research and development activities. Defense budgets are increasing rapidly every year.
APAC to Have Admirable Growth in Synthetic Aperture Radar Market
Asia-Pacific region is expected to show the highest growth rate in the forecast period, with China and India being the largest contributing countries in the region. Additionally, increasing demand for border security surveillance is expected to boost the Asia Pacific’s market region. China and India are the main contributors.
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