CMI Says Synthetic Aperture Radar (SAR) Market has Huge Potential to Grow Rapidly
Collaboration of the US Department of Defense (DoD) and National Aeronautics and Space Administration (NASA) has led to significant increase in R&D activities for space-based SAR satellites. Moreover, the country contributes to over 40% of the global defense spending. These factors are expected to fuel the regional demands for the business growth. Growing defense budgets and research operations in the Asia Pacific that specifically include China, South Korea, India, and Japan are expected to provide significant growth opportunities.
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Industry is characterized by the fragmented market presence of large players dominating the regional industry share. Requirement to strengthen their industry foothold, players are increasingly investing in product differentiation strategies and establishing partnerships with the large end users to garner increased usability in low cost operations. For instance, in June 2017, Pentagon announced its plans to capitalize on commercial opportunities through establishing ties with the firms in the U.S. Key participants in the synthetic aperture radar market include Airbus Defence and Space, Lockheed Martin, Israel Aerospace Industries (IAI), Thales, Northrop Grumman, SSTL, MDA Information Systems, Raytheon and Sandia National Laboratories.
These find significant applications in aircrafts and satellites that prove instrumental in tracking missiles, rendering the images of the terrain and targets below the airborne vehicles. For instance, in July 2017, upgraded aircraft by the U.S. Air Force, the F-22 featured a SAR systems. According to Coherent Market Insights, global defense spending projected to increase at a CAGR of 3% over the forecast period is expected to present significant growth potential over the same period.
Space-based SAR is expected to continue to dominate the industry revenue through 2025
Space-based SAR segment employs operating frequencies or microwave illuminators that makes the sensor imaging unaffected by even in hostile weather conditions. Moreover, significant applications for research is expected to consistently fuel the overall industry demands.
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