In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The global X-Band radar market is estimated to garner noteworthy CAGR over the forecast period, i.e., 2021–2029. The growth of the market can be attributed to the growing defense sector globally backed by growing security concerns among various nations in the world. Moreover, varied application of X-Band radars, including, weather forecast, airspace monitoring, air traffic management, naval security, and others, are estimated to significantly boost the market growth.
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The market is segmented by type into mobile and sea X-Band radar, out of which, the mobile segment is anticipated to hold the largest share in the market during the forecast period on account of application of mobile X-Band radar in border security, coastline security and commercial activities. On the basis of end-use, the market is segmented into defense, government, and civil, out of which, the defense segment is estimated to experience largest share over the forecast period, owing to the rising security concerns amidst rising terror activities.
Regionally, the global X-Band radar market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. The market in North America region is estimated to garner the largest share over the forecast period on the back of strong defense sector backed by high government funding in the defense industry in countries, such as, the U.S. Moreover, increasing investment in technological R&D activities, along with air traffic control, is estimated to boost the market growth in the region. The market in Asia Pacific is anticipated to witness the highest growth during the forecast period owing to the increasing international trade over the huge coastline, along with the rising need to combat terror activities. The market in Middle East and Africa is also projected to experience significant growth over the forecast period owing to the growing terrorism in the region.
The global X-Band radar market is further classified on the basis of region as follows:
Our in-depth analysis of the global X-Band radar market includes the following segments:
Ans: Growing demand for X-Band radars amongst the defense sector to strengthen border security is the major factor driving the market growth.
Ans: The market is anticipated to attain a noteworthy CAGR over the forecast period, i.e., 2021-2029.
Ans: Government regulations on commercial use of X-Band frequency is estimated to hamper the market growth.
Ans: The North America region will provide most growth opportunities for the market, on the back of high government funding in the defense sector in the region.
Ans: The major players in the market are Terma A/S, Israel Aerospace Industries Ltd., Northrop Grumman Corporation, Raytheon Technologies Corporation, Reutech Pty (Ltd), Saab AB, Furuno Electric CO., LTD. and Prosensing Inc.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, end-use, application, and by region.
Ans: The defense segment is anticipated to hold largest market size over the forecast period owing to the growing threats to public security in the form of terrorism.