The 3D Radar market revenues were estimated at US$ 14.7 Bn in 2021 and is anticipated to grow at a CAGR of 12.7% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach US$ 55 Bn.
Hardware held a market share of nearly 51.6% and this trend is likely to be continued with a projected CAGR of 12.6% for this segment, for the next ten years. Market growth for hardware is fueled by both new sales as well as a part of maintenance and repair.
Key Takeaways from the Market Study
● 3D Radar market is expected to reach a valuation of US$ 55 Bn by 2032
● In 2021, North America contributed with prominent revenue and is projected to continue being the market hotspot
● 3D hardware demand accounted for over 51% of the market revenue in 2021
● E/F- Band shows the highest potential for growth, and it is expected to grow at a CAGR of about 13% during 2022- 2032.
● U.S., the key market is expected to hold the prominent market share and grow at a CAGR of 11.4% during 2022 – 2032.
Competitive Landscape
Several regional and global players operating in this market. These companies compete based on the innovation of their products, their quality, their brand reputation, and their market presence to sell their products through various industries. A variety of strategies are being employed by companies to remain competitive.
• In February 2022, Honeywell announced that a drone which has been piloted by its IntuVue RDR-84K radar has successful in a critical round of dodgeball.
• In January 2022, Leonardo won US $296 Mn contract for Eurofighter radar from Germany’s Hensoldt.
• In October 2020, BAE Systems has announced that specialists from the Team Tempest – comprising Leonardo UK and other members – are working on a new radar innovation that will provide 10,000 times more data than current technologies.
These insights are based on a report on 3D Radar Market by Fact.MR.
