Forecast International: Naval Radar Systems Market Worth $13B by 2024

Navy radarA new Forecast International report predicts the market for maritime radar systems to be worth $13 billion by 2024.

Manufacturers could produce at least 1,300 sea-based radar platforms over the next decade, accounting for approximately 67.1 percent market share, the research firm said June 29.

The report forecasts that radar platforms for air defense will reach a market value of $8.2 billion in the next 10 years and research development test and evaluation programs for radar systems, such as air and missile defense radar and SPY-1, will represent nearly 16 percent of the market.

Forecast International also listed Airbus Group, Thales and Raytheon as among the leading market players.

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