The radome market is projected to grow at a CAGR of 4.78% from 2018 to 2023
The radome market is projected to grow from an estimated USD 1.45 billion in 2018 to USD 1.83 million by 2023, at a CAGR of 4.78% from 2018 to 2023. Rise in the number of new aircraft orders, significance of radomes in warfare, and increase in the use of radomes for UAVs are the key factors driving the growth of the radome market.
Based on offering, the service segment is projected to grow at the highest CAGR
Based on offering, the service segment is projected to grow at the highest CAGR during the forecast period. Radomes are used to shield radars and antennas inside them and are exposed to very harsh conditions, such as dirt, climatic influences, or bird strikes which makes them vulnerable to damage. A damaged radome can create problems in receiving and transferring signals which can be fatal for its applications. Therefore the maintenance of radomes is a critical aspect of the market.
The Asia Pacific region is projected to be the fastest-growing market
The Asia Pacific is projected to be the fastest-growing in the radome market during the forecast period, owing to the rising demand for aircraft in the region. Commercial airlines are procuring aircraft in large numbers in order to meet the surging demand for air travel within and outside the region. Moreover, major countries in the region, such as China, India, Japan, and South Korea are investing significantly for the design, development, manufacture, and procurement of advanced aircraft radomes to equip their latest military aircraft.
The breakup of the profiles of the primary participants in this report on the radome market has been given below:
• By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C Level – 35%, Director Level – 25%, and Others – 40%
• By Region: North America - 30%, Europe – 20%, Asia Pacific – 30%, Middle East- 10%, and RoW – 10%
The key players profiled in this report on the radome market are General Dynamics (US), L3 Technologies (US), Jenoptik (Germany), Royal DSM (Netherlands), Saint-Gobain (France) NORDAM (US), CPI (US), Orbital ATK (US), TenCate Advanced Composites (US), Verdant (India), and Royal Engineered Composites (US), among others, and the innovators of different types of radome, such as Delta G (US), Kaman Composites (US), FDS Italy Srl (Italy), and Pacific Radomes Inc. (US), among others.
The market study segments the radome market based on application (ground, airborne, shipboard), offering (product, and service), and maps these segments and subsegments across five major regions, namely, North America, Europe, Asia Pacific, Middle East, and Rest of the World (RoW). The report provides in-depth market intelligence regarding the market dynamics and major factors, such as drivers, restraints, opportunities, and challenges that influence the growth of the radome market, along with an analysis of micro markets with respect to individual growth trends, future prospects, and their contribution to the radome market.
Reasons to Buy This Report:
From an insight perspective, this research report focuses on various levels of analyses, which include industry analysis (industry trends), market share analysis of the top players, supply chain analysis, and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high growth segments of the radome market, high growth regions, and drivers, opportunities, and challenges in the radome market.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on different types of radomes offered by the top players operating in the radome market.
• Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and new product launches in the radome market.
• Market Development: Comprehensive information about emerging markets as the report analyzes the markets for radome across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the radome market.
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players operating in the radome market.