Radome Market Forecast, Opportunities and Challenges
Northbrook, IL 60062 -- (SBWire) -- 04/26/2022 --The radome market is estimated at USD 1.7 billion in 2021 and projected to reach USD 3.3 billion by 2026, at a CAGR of 15.0% from 2021 to 2026.
The radome market is growing at a significant rate across the world, and a similar trend is expected to be observed during the forecast period. The Advancements in composite materials technology for Radome structure, focus on the development of compact radome for UAV platforms, demand for technologically advanced radome systems for next-generation aircraft and significance of radomes in warfare are fueling the growth of the radome market.
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Based on material, glass fiber is projected to lead radome market by material from 2021 to 2026
Development and procurement of modern aircraft systems, such as targeting and surveillance systems and communication systems, for various applications is driving the demand for radome market globally. The surface of the fiberglass radome is reinforced with additives to enhance the adhesion between them so that the surface paint will not fall off, wrinkle and maintain its color even in severe weather. This also offers excellent electrical insulation and permeability.
Based on application, the radar segment will register the highest growth from 2021 to 2026
A radome is often used to prevent ice and freezing rain from accumulating on antennas. In the case of a spinning radar parabolic antenna, the radome also protects the antenna from debris and rotational irregularities due to wind. In November 2020, Meggitt PLC secured a pioneering radome contract with BAE Systems to enable advanced radar technology for the Royal Air Force Typhoon fighter jet.
Based on Platform, naval segment is projected to grow at the highest CAGR during the forecast period
Upgrades in communication, navigation, and surveillance systems have helped modernize the maritime industry at a significant pace. An increase in automation, modernization of ships, upcoming autonomous technology, and the increase in unmanned marine vehicles are expected to drive the radome market of the naval platform. The naval platform comprises commercial vessels, military vessels, and unmanned marine vehicles. In January 2021, Saab and the Swedish Defence Materiel Administration (FMV) signed two agreements with the Swedish navy concerning the next generation of surface ships and corvettes.
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Based on region, North America is projected to lead the radome market from 2021 to 2026
Significant investments in R&D activities for the development of advanced radome solutions by key players and increased demand for advanced radome systems are some of the factors expected to fuel the growth of the radome market in this region. The US is expected to drive the growth of the North American radome market during the forecast period, owing to easy access to various innovative technologies and significant investments being made by manufacturers in the country for the development of improved military ISR and communication & monitoring systems. Several developments have taken place in the field of radome systems in the region.
Key Market Players
Major manufacturers in this market are based in North America and Europe. General Dynamics (US), L3Harris Technologies (US), Cobham plc (UK), Jenoptik (Germany), Saint-Gobain (France) are among the key manufacturers that secured radome contracts in the last few years.
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