The global antenna, transducer and radome market size is likely to exhibit a CAGR of 10.2% between 2020 and 2027. This is ascribable to factors such as rising military budgets and total modernization of the military for the countries across the globe. Fortune Business Insights, publish this information in its latest report, titled “Antenna, Transducer and Radome (ATR) Market Size, Share and Covid-19 Impact Analysis, by Component (Antenna, Transducer, and Radome), By Technology (Radar, Communication and Sonar), By Application (Commercial, Defense, and Homeland Security), and Regional Forecast, 2020 – 2027.” The report observes that the market was worth USD 11.13 Billion in 2019 and is likely to reach USD 16.73 by 2027.
List of the Companies Proliferating in the Antenna, Transducer and Radome Market:
- BAE Systems (The U.K.)
- Cobham plc. (The U.K.)
- General Dynamics Corporation (The U.S.)
- Honeywell International Inc. (The U.S.)
- L-3Harris Technologies Inc. (The U.S.)
- Leonardo S.p.A (Italy)
- Lockheed Martin Corporation (The U.S.)
- Northrop Grumman Corporation (The U.S.)
- Raytheon Company (The U.S.)
- Thales Group (France)
Antenna and transducer transmit and receives radio signals across several frequencies. The radome is a solid structure that is weatherproof and is typically an enclosure to protect radar antennas. ATR are precise instruments that are extensively used for several commercial and defense purposes, such as for effective communication, manage air traffic control, weather monitoring, and surveillance. ATR technology is beneficial for several types of applications ranging from military communication to global space programs. Additionally, they act as bridges for communication among several countries.
Drivers and Restraints:
Increasing Military Budgets Worldwide to Drive the Market
According to a report by Stockholm International Peace Research Institute (SIPRI), overall global military expenditure has shot to $1,917 billion in 2019 that is a gradual increase of 3.6% from 2018. Additionally, the five largest spenders along with Saudi Arabia and Russia accounted for about 62% of the total expenditure. Furthermore, the United States registered the highest military spend which was a staggering $732 billion in 2019, a growth of over 5.3% from 2018, while holding nearly 38% of the total military spending. International threats and political tensions are propelling the countries to modernize their military with high-tech and advanced weaponry systems. The acute focus on strengthening their military prowess by the government agencies that include increased military budget will drive the market growth during the forecast period.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/antenna-transducer-and-radome-atr-market-102955
Segmentation:
Adoption of Wide Range of Commercial and Military Application to Spur Demand for Antenna
The segment antenna (By Component Analysis) is likely to hold the highest market share owing to high adoption in several commercial and military purpose. Antennas are useful for enhancing communication, thereby, extensively adopted in military vehicles and jets to maintain strategic power. Moreover, rapid growth in air traffic is driving the demand for antennas that will aid the market growth.
Regional Analysis:
Presence of Major Manufacturers in North America to Stoke Demand
Among the regions, North America held the largest market of USD 4.68 billion in 2019 and is expected to gain major global antenna, transducer and radome market revenue in the forthcoming years. This is ascribable to factors such as high spending for modernization of military in the U.S. Furthermore, large presence of established manufacturers providing original equipment in the region will aid market growth. On the other hand, Asia-Pacific is likely to gain momentum during the forecast period. This is attributable to factors such as high demand for surveillance technology owing to increasing infiltration by the terrorists. Moreover, growing impetus on modernization of military to flex military muscle in countries such as China and India will bode well for the market growth between 2020 and 2027.