Synthetic Aperture Radar (SAR), often known as radar imagery, is an imaging method for obtaining high-resolution images of the Earth’s surface and is used for detecting, tracking and identifying man-made or natural objects such as ships, vehicles, aircraft, and landforms. SAR aims electromagnetic waves at the target to create two-dimensional high-resolution images of targets on the earth. The images generated contain a wealth of information about the scattering characteristics of the observed scene at microwave frequencies. SAR technology enables consistent imaging of targets and terrain, regardless of weather conditions, shadows and darkness.
The global Synthetic Aperture Radar Market is estimated to be valued at US$ 4.69 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One key trend that has been influencing the synthetic aperture radar market growth is the increasing use of satellite-based SAR systems for mapping and monitoring applications. Satellite-based SAR systems are proving to be extremely useful in various applications like mapping land use and land cover changes over time, monitoring deforestation, mapping poverty, urban growth monitoring and disaster management. Rising demand from government and commercial sectors for high resolution satellite imagery has augmented the demand for satellite-based SAR systems. As SAR technology continues to progress towards compact and inexpensive solutions, it is expected to unlock new opportunities and drive further market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The synthetic aperture radar market requires high R&D investments and technological expertise to develop products. This poses medium-high threat of entry barriers for new players.
Bargaining power of buyers: The synthetic aperture radar market has several buyers from defense and government agencies. Individual buyers have low bargaining power due to specialized product requirements.
Bargaining power of suppliers: A few major players dominate the supply of core radar technologies and components. This gives them significant bargaining power over buyers.
Threat of new substitutes: There exists low-medium threat of substitution as synthetic aperture radars offer unique benefits over traditional radars for defense and monitoring applications.
Competitive rivalry: The synthetic aperture radar market has presence of some major global players. However, fragmentation across product categories and geographies leads to medium-high competitive rivalry.
Key Takeaways
The Global Synthetic Aperture Radar Market Growth is expected to witness high over the forecast period supported by increasing defense budgets and expanding monitoring applications. The global Synthetic Aperture Radar market is estimated to be valued at US$ 4.69 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
North America dominated more than 35% of the market share in 2023 led by major defense contracts in the U.S. and Canada. Asia Pacific is anticipated to be the fastest growing region during the analysis period due to rising government investments in monitoring and defense technologies by major economies including China, India, and Japan.
Key players operating in the synthetic aperture radar market are DuPont de Nemours, Inc., Roquette Frères, Ashland Global Holdings Inc., and Innophos Holdings, Inc. DuPont and Roquette Frères are recognized for their extensive product portfolios and global presence. Whereas Ashland and Innophos focus on specialty offerings and regional customer relationships. Increasing collaborations among suppliers and end-users are likely to strengthen the industry competitiveness over the next few years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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