The Synthetic Aperture Radar Market is estimated to be valued at US$ 4.69 Bn or Billion 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 system used for imaging Earth’s surfaces. It generates high-resolution images of terrain, oceans and land. These images can be used in applications such as defense, surveillance, mapping and land and resource management. Some of the popular products in this market include airborne SAR, ground-based SAR and ship-borne SAR.
Market Dynamics:
Defence modernization programs and increasing investments in space exploration are acting as major growth drivers for the synthetic aperture radar market. Various developing and developed countries are ramping up their defense budgets to strengthen their military capabilities. For instance, in 2021, the US approved a defense budget of USD 740 billion, highest in its history. Also, national space agencies across the globe are allocating increased budgets for satellites and deep space missions. This is positively impacting the demand for SAR systems from space agencies.
Additionally, growing demand for high accuracy terrain mapping and reconnaissance operations from commercial sector is also fueling the market growth. Synthetic aperture radar systems are increasingly being used by industries such as agriculture, mining and oil & gas for applications including land-use mapping, mineral exploration and oil spill detection from a distance. This helps commercial users efficiently plan and manage their projects and operations.
Segment Analysis
The synthetic aperture radar (SAR) market is dominated by the airborne segment. This segment accounted for more than 50% market share in 2022 owing to increasing usage of airborne SAR systems in defense and commercial applications such as reconnaissance, surveillance, mapping, and remote sensing. The airborne SAR systems offer high-resolution imaging capabilities regardless of weather conditions or sunlight, which has increased their adoption among defense forces globally.
PEST Analysis
Political: Government investments and regulations supporting the usage of SAR technology for defense and commercial applications have fuelled market growth. Many countries are increasingly procuring and developing SAR satellites for earth observation.
Economic: Growing defense budgets of major economies and increasing investments in earth observation satellites by commercial players are driving the synthetic aperture radar market.
Social: SAR systems find numerous applications in infrastructure development, urban planning, agriculture, and environmental monitoring. This is increasing its acceptance globally.
Technological: Advancements in radar technology such as digital array processing, miniaturization of components, and advanced imaging capabilities are supporting the development of new generation high resolution SAR systems.
Key Takeaways
Global Synthetic Aperture Radar Market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period 2023-2030, due to increasing demand forearth observation applications. The market size is projected to reach US$ 8.79 Bn by 2030 from US$ 4.69 Bn in 2023.
Regional analysis
North America dominates the synthetic aperture radar market owing to significant investments in SAR technology by USA, Canada, and Mexico for defense and commercial applications. Asia Pacific exhibits the fastest growth led by increasing satellite launches by China and India for earth observation. Countries like Japan, South Korea are also significantly contributing to the regional market growth.
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), Airbus Defence and Space (France), Israel Aerospace Industries (Israel), MDA Corporation (Canada) among others. Lockheed Martin dominates the market with largest fleet of SAR satellites. Raytheon has a vast product portfolio catering to both airborne and spaceborne SAR systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
