Global Synthetic Aperture Radar In Space Sector Market to Surpass US$ 1.71 Billion by 2025
The Synthetic aperture radar in space sector market was valued at US$ 600.6 Mn in 2016 and is expected to pegged at US$ 1,714.0 Mn by 2025, registering a CAGR of 12.50% over the forecast period, according to Synthetic aperture Radar In Space Sector Market Report, by Platform (Space Platform and Ground Platform), by Frequency Band (Single Frequency Band, and Multi-Frequency Band), by Application (Defense Application and Research & Commercial Application) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) published by Coherent Market Insights.
Synthetic Aperture Radar (SAR) has the capability to meet the requirement of military and defense industry. It can provide precise images in any weather condition or even limited visibility conditions. It can also provide fine resolution images for a large area in short time span making synthetic aperture radar sensor system important for several military applications.
Defense-based applications are expected to gain highest revenue margins over the forecast period. Synthetic aperture radars 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 is projected to increase at a CAGR of 3% over the forecast period and it is expected to drive growth of the market over the forecast period.
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However, large complex size of these radars and high cost expenditure are key factors that are expected to hamper usage in military application. Moreover they are implemented for special purpose operations. To change this situation, Loral has developed a small and modular synthetic aperture radar that is suitable of military applications. This radar is called Miniature Synthetic Aperture Radar (MSAR). It can be mounted on Unmanned Aerial Vehicles (UAV) or on multi-mission aircraft such as the F-16, F/A-18, or on the F-14.
Key Trends and Analysis of the Global Synthetic Aperture Radar in Space Sector Market:
Based on platform, the space platform segment accounted for largest share of 93.53% in the global SAR in space sector market in 2016 and is projected to retain its dominance throughout the forecast period. Space-based synthetic aperture radars are gaining significant traction for various space-based applications such as surveying man-made structures, weather surveillance for vegetation conditions, tracking ground water consumption, and measuring glacier shrinkage, which is major factor driving growth of the segment.
Based on frequency band, the X band frequency segment accounted for the largest market share in global SAR in space sector market in 2016. The segment is estimated to witness highest CAGR of 12.65% during the forecast period, owing to the largest number of ongoing project in the X band segment such as Constellation of Small Satellites for Mediterranean basin observation (COSMO-SkyMed), ICEYE X, and Obzor-R), which provide strong growth opportunities in the SAR in space sector market.
Based on region, the market for SAR in space sector in North America held a dominant position in the market in 2016 and it is expected to be valued at about US$ 724.2 million by 2025. This growth is attributed to rising demand for synthetic aperture radar solutions in military and defense application and increasing R&D investment. For instance, collaboration of the U.S. 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.
Major players operating in the global synthetic aperture radar in space sector market include Airbus SE, Lockheed Martin Corporation, Israel Aerospace Industries, Thales Group, Northrop Grumman Corporation, MDA Information Systems, Raytheon Company, Harris Corporation, and BAE Systems.
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