by The global Synthetic Aperture Radar Market is estimated to be valued at US$ 4.69 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Synthetic Aperture Radar is an active microwave remote sensing technology used to create two-dimensional images or three-dimensional reconstructures of objects, such as landscapes. SAR uses the motion of the radar antenna over a target region to synthetically emulate a large antenna aperture to achieve high spatial resolution images of the Earth’s surface. It has the ability to acquire high-resolution images regardless of weather conditions and sunlight which makes it a valuable technology for mapping and monitoring of land, oceans, minerals and crops. Synthetic Aperture Radar systems find applications across sectors such as defense, oil and gas exploration, coastal monitoring, search and rescue operations, disaster monitoring and earth observation.
Market key trends:
One of the key trends witnessed in the synthetic aperture radar market is the development of high resolution radar systems. With improving radar technologies, defense organizations and space agencies are developing SAR systems with very high resolution capabilities. For instance, the Canadian Space Agency’s RADARSAT Constellation Mission features three satellites, each capable of providing 3m resolution imagery. Similarly, the German Space Agency’s Tandem-L mission aims to provide 1m resolution imagery. Such high resolution SAR capabilities open opportunities for new applications in defense, urban planning and environment monitoring. Furthermore, advancement in radars allowing full polarimetric and very high resolution represents a key trend expected to drive the demand for synthetic aperture radar systems over the forecast period.
Porter’s Analysis
Threat of new entrants: The high initial capital investment required for setting up operations pose barriers for new players entering into the synthetic aperture radar market.
Bargaining power of buyers: Large defense organizations have high bargaining power over technology providers due to their volume buying abilities.
Bargaining power of suppliers: The presence of few technology providers in the synthetic aperture radar market leads to moderate bargaining power of suppliers.
Threat of new substitutes: There exists no direct substitute for synthetic aperture radar currently.
Competitive rivalry: The synthetic aperture radar market is moderately competitive with the presence of global players.
Key Takeaways
Global Synthetic Aperture Radar Market is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing demand for satellite communication and surveillance.
Regional analysis
North America dominates the synthetic aperture radar market currently owing to highest defense budget allocation. Asia Pacific is expected to witness fastest growth in the market over the coming years due to rising expenditure of countries like India and China on defense technologies.
Key players
Key players operating in the synthetic aperture radar market are Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Raytheon Company (US), Thales Group (France). Lockheed Martin Corporation commands significant share of the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
