Global Marine Radar Market: Overview
The marine radars are short range radars used majorly by navy of many countries. These radars help the navy to locate the any land or other ships from the ship on the seas. It can also determine the ships that are lost in the depth of the seas and locate the personnel who is lost from the ships. Over the last decade, marine travel has become comparatively safe as the marine radars help in avoiding the sea accidents. The system has proved useful in various cases such as war, as ships are now capable to keep track of enemy ships. Over the years, the marine radar technology has evolved greatly due to the inclusion of the Automatic Radar Plotting Aids (ARPA) in the radar systems.
In a report, Transparency Market Research presents its data compiled on the global marine radar market. The report presents value adding insights about the key trends, major developments, the geographical dominance of the fatty amides market and its key players.
Global Marine Radar Market: Notable Developments and Competitive Analysis
Key marine radars market players dominates the global marine radar market. These players are investing heavily on research and development in order to provide innovative solutions in order to provide competitive edge over their competitors. They are also developing technologies to enhance the range of their exiting radars and are getting involved various government tenders in order to major navy contracts in order to gain major profit in the global marine radar market.
Key players of Lockheed Martin Corporation, Saab AB, Kelvin Hughes Limited, BAE Systems, Raytheon Company., Terma A/S and Raymarine Inc, Furuno Electric Co., Ltd., West Marine, and Northrop Grumman Corporation.
The competition is expected to highly intensify with an increase in the number of players during the next few years. Several companies are looking forward to expand their geographical extents as well as product portfolios. With several changes taking place in defense systems all over the globe, companies in the market are looking forward at several opportunities to bring in developments.
Global Marine Radar Market: Key Drivers
The global marine radar market’s growth is influenced by the rising demand of weapon guidance application and surveillance. Additionally, factors such as increasing military expenditure by developed economies is also bolstering the market growth. The growth in purchasing powers of various countries has also ignited the race for the businesses on the top of game for global marine radar market. Also, the influx of various businesses into marine tourism is yet again elevated the use of marine radars. This factor also attributes in the growth of global marine radar market.
The support of governments by making it mandatory the installation of marine radars in the ships and boats so that marine collision are avoided is making the global marine radar market to grow exponentially in the forecast period of 2019 to 2027.
Global Marine Radar Market: Regional Analysis
Globally the marine radar market has its presence across various regions. However, the region of Asia pacific shall dominate the global marine radar market in the forecast period. The reason for this dominance is the fact that more than half of the shipbuilding activities are carried out in the developing countries such as South Korea, Japan, and China. In addition to it, the European companies are moving their base and are dealing with manufacturers of China as there is a benefit of cost advantage.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.