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Airport Surveillance Radar Market Is Projected to Reach US $592 Million in 2024: Knowledge Sourcing Intelligence

Via: ReleaseWire

Updated 8:21 AM CDT, Mon, July 29,2019

Noida, India -- (SBWIRE) -- 07/29/2019 -- According to the report titled "Global Airport Surveillance Radar Market–Forecast from 2019 to 2024", the market is estimated to grow at a CAGR of 7.05% to reach a market size of US$592.624 million in 2024 from US$393.765 million in 2018. The report has segmented the airport surveillance radar market by type (primary, secondary), by component (radar unit, other telecommunication components),and by geography such as North America (United States and Mexico), South America, Europe, Middle East and Africa, and Asia Pacific (China, India, and Others). The growing air traffic on account of growth in the travel and tourism industry coupled with the growing safety concerns regarding passenger safety is one of the prime factors which is expected to drive the demands for airport surveillance radar systems. Furthermore, increasing investments in development and up-gradation of these systems is also expected to push the demand for secondary radar systems.

Secondary type airport surveillance is projected to grow at the highest CAGR of 7.14% during the forecast period.
The secondary radar consists of a second rotating antenna which is often mounted on the primary antenna, this antenna captures the radio signals reflected back by the aircraft's transponder and displays the aircraft's identification, altitude and the radar display in the air traffic control room. This growth is attributed to the increasing investments in the expansion and constructions of airports of various developed economies around the world. In addition, these systems are completely flexible in design and can be customized or modified as per the needs of different geographies in terms of weather, and location.

The radar unit is expected to dominate the market in 2018
An airport surveillance radar system is a system which is used at airports to identify and exhibit the position of an airplane in aerospace around the airport and a radar unit is a component of this system which consists of an antenna that uses radio waves to detect the range, velocity, and angle of objects. The air travel has been increasing globally on account of growing disposable income which has led to a significant jump in revenues of different stakeholders in the aerospace industry, growing travel and tourism industry around the globe increases the government spending in both the developing and the developed countries towards the construction of new airports and expansion of the existing airports is expected to drive the demand of these units.

The Asia Pacific region will provide significant revenue generation opportunity for the radar system manufacturers
The market in the Asia Pacific region is poised to grow during the forecast period and beyond on account of growing air passenger traffic and investments in the development of new airports. China, India, Indonesia, and Vietnam are the four fastest-growing aviation markets from the APAC region on account of growing air passenger traffic during the forecast period, thus creating an opportunity for the market growth through the developments of new airports during the forecast period and beyond.

Some of the major players discussed in the reports are Harris Corporation, Thales Group, Lockheed Martin Corporation, Raytheon Company, EldisPrdubice, S.R.O, Northrop Grumman Corporation, and Indra.

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