The aircraft radome is an advanced component made of composite materials that protects critical components of an aircraft such as radar antennas and navigation equipment from weather effects while permitting electromagnetic signal transmission. Rising air travel coupled with increasing aircraft procurement and modernization programs across countries to renew their aging fleet has propelled the demand for radomes. The global Aircraft Radome Market is estimated to be valued at US$ 640.7 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing air passenger traffic globally has been a major driver of increasing aircraft procurement and modernization programs undertaken by airlines. Rising disposable income and globalization has boosted international and domestic air travel over the past few decades. This trend is expected to continue with passenger traffic projected to double in the next 20 years. Most countries are investing heavily in expanding and modernizing their commercial aviation fleet to cater to rising demand. For instance, China aims to become the largest aviation market by 2022 in terms of passenger volume and aircraft fleet size. Such initiatives are expected to fuel the demand for aircraft radomes during the forecast period. With increasing number of aircraft being inducted each year, the replacement and maintenance of radomes will continue to drive market growth.
SWOT Analysis
Strength: The aircraft radome market benefits from increasing global aircraft deliveries and military aircraft modernization programs. Advancements in radome materials allow for improved radar performance.
Weakness: Development of new radome designs requires extensive testing and certification, increasing costs. Composite materials used in radomes are prone to damage from lightening strikes or other impacts.
Opportunity: Upcoming aircraft programs such as new fighter jets and passenger aircraft will drive the need for upgraded radomes. Integration of active electronically scanned array (AESA) radar systems in military aircraft also presents opportunities.
Threats: Economic slowdowns can negatively impact commercial aircraft production and military budgets. Stringent aircraft certification standards pose challenges for materials and design innovations.
Key Takeaways
The Global Aircraft Radome Market Size is expected to witness high growth over the forecast period supported by increasing production of military and commercial aircraft. The North American region currently dominates the market supported by high defense spending and presence of major aircraft OEMs. Key players operating in the aircraft radome market are General Dynamics, Airbus, Nordam, Saint-Gobain, Meggitt, Starwin Industries, Kitsap Composites, Orbital ATK, Jenoptik, Harris, Vermont Composites, Pacific Radomes, Royal Engineered Composites, AVIC, ATK, Kelvin Hughes, Raytheon, Leonardo, Ducommun, and CPI.
Regional analysis
The North American region is expected to continue holding a major share of the global aircraft radome market through 2030. This is attributed to large defense budgets supporting procurement and modernization of military aircraft in countries such as the US. Major aircraft OEMs including Boeing and Lockheed Martin located in the region also drive local radome production. Asia Pacific is projected to exhibit highest growth during the forecast period led by increasing aircraft fleet in China and India.
Key players
Key players operating in the aircraft radome market are General Dynamics, Airbus, Nordam, Saint-Gobain, Meggitt, Starwin Industries, Kitsap Composites, Orbital ATK, Jenoptik, Harris, Vermont Composites, Pacific Radomes, Royal Engineered Composites, AVIC, ATK, Kelvin Hughes, Raytheon, Leonardo, Ducommun, and CPI. These companies focus on new radome designs for AESA radars as well as lightweight composite radome materials.
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