Global Radome Market is Projected to Grow at a CAGR of 6.7% by 2033: Visiongain
Visiongain Reports Ltd
Updated 6 min read
Visiongain Reports Ltd
As per the report by Visiongain, the Global Radome Market was valued at US$1,640.5 million in 2022. The market is projected to reach a market value of more than US$3,258.5 million by 2033.
Visiongain has published a new report: Global Radome Market, (COVID-19 Impact Analysis):- Market Segment by Material (Glass-Fibre, PVC, PE, PTFE, Quartz, Others), Market Segment by Application {Ground (Radio Antennas, Airborne Traffic Control, Others), Airborne (Military Aircraft, Commercial & Business Aircraft), Shipboard (Military Shipboard, Commercial Shipboard)}, PLUS COVID-19 Impact Analysis, and Profiles of Leading Companies, Region and Country.
Growing UAV Industry to Drive the Radome Market
Unmanned aerial vehicles (UAVs), sometimes known as drones, have long been a common sight in military applications, particularly surveillance, and the spectrum of defence uses continues to expand as technology advances. Drone development is continuing to accelerate, owing to geopolitical considerations such as China's ascent. In its ongoing quest to impose itself as a regional hegemon, the development of drone technology is critical. The government category, which includes military and law enforcement organizations, was the primary demand driver for drones in 2022, accounting for more than 70% of the worldwide market.
How has COVID-19 had a Significant Negative Impact on the Radome Market?
The global radome industry relies on complex supply chains for raw materials, manufacturing components, and transportation. During the pandemic, disruptions in these supply chains, including factory shutdowns and logistics challenges, led to delays in production and delivery of radomes. The pandemic resulted in reduced demand for radomes in certain sectors. Industries such as aviation, aerospace, and defense, which are major consumers of radomes, were significantly impacted by travel restrictions, reduced air traffic, and budget constraints. As a result, the demand for radomes in these sectors declined, leading to a decrease in orders.
The pandemic forced many industries to shift their priorities and investments towards addressing immediate challenges related to health and safety. This shift, combined with financial constraints, resulted in a delay or cancellation of projects that would have required radome installations. Despite the overall decline in demand, certain sectors, particularly those involved in surveillance, weather monitoring, and telecommunications, experienced increased demand for radomes. These sectors were deemed essential during the pandemic, and the need for reliable radar systems and communication infrastructure remained critical.
Visiongain’s 273-page report provides 125 tables and 167 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global radome market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for radome. Get financial analysis of the overall market and different segments including type, technique, origin, application, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing radome market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
Growing Military Expenditure to Propel the Market Growth
Military spending is a major driver of demand for radomes. Governments allocate funds for defense budgets, which include investments in radar systems for various applications such as air defense, surveillance, maritime operations, and missile defense. Radomes play a crucial role in protecting and enhancing the performance of these radar systems.
Defense organizations worldwide continually seek to modernize their military capabilities. This includes upgrading existing radar systems with more advanced technologies, improving detection ranges, increasing accuracy, and enhancing overall performance. Radomes are an integral part of these upgrades, as they provide protection against environmental factors while ensuring the efficient transmission and reception of radar signals.
Global military spending reached a record $2240 billion in 2022, up 3.7% from 2021. The Russian invasion of Ukraine was the main reason for the increase in spending in 2022. The year saw a 13% increase in military spending, the largest yearly gain in total European spending since the end of the Cold War. The large jump in 2022 was primarily due to significant increases in Russian and Ukrainian military spending, although several other European countries also raised their military spending. In 2022, expenditure increased in some parts of Asia and Oceania, which strengthened the world economy.
Increasing Air Travel in the Year 2022 and 2023 to Open new Opportunity in Coming Years
The International Air Transport Association (IATA) declared in February 2023 that the improvement in air travel persisted through December 2022 and the entire year. Revenue passenger kilometers, or RPKs, which measure total traffic, increased 64.4% from 2021 to 2022. In the entire world, traffic in 2022 was 68.5% of pre-pandemic (2019) levels. Total traffic in December 2022 increased 39.7% over December 2021 and 76.9% above December 2019 levels.
As air travel continues to grow, there is an increasing demand for enhanced safety and navigation systems on aircraft. Radars are essential for detecting and tracking other aircraft, weather patterns, and obstacles, providing critical information to pilots and air traffic controllers. With the expansion of air travel, there is a need for more advanced radar technologies, which in turn drives the demand for radomes.
The global radome industry is highly competitive in nature as large number of radome players are operating in developed as well as developing economies. Some leading companies operating in this industry are Lockheed Martin, Boeing, General Dynamics Corporation, Northrop Grumman Corp., BAE Systems, Teledyne FLIR LLC, Lufthansa Technik, Meggitt PLC, Saint-Gobain Performance Plastics, Comtech Technologies Inc., Astronics Corporation, CPI International, NORDAM Group, Inc., Kitsap Composites, and Starwin Industries.
Leading companies operating in radome market are adopting different strategies such as new material development, research & development, investment, merger & acquisition, collaboration, partnership, and expansion in order to stay competitive in the industry.
In May 2021, General Dynamics Mission Systems delivered the 500th wideband nose radome to Lockheed Martin for installation aboard U.S. Air Force, U.S. Navy, U.S. Marine Corps and international military F-35 aircraft.
Communications & Power Industries (LLC) purchased L3 ESSCO, Inc. from a subsidiary of L3Harris Technologies, Inc. in November 2021. ESSCO primarily serves government and defence clients by producing metal space frame ground radomes, as well as customized radomes and composite structures.
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About Visiongain
Visiongain is one of the fastest growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
