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.
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.
What does the Market Report Offer?
The market report offers an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
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.
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.
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.
Product Launches by the Companies to Augur High Demand
In May 2020, KP Performance Antenna, an Edmonton, Alberta-based company, introduced two new models of all-directional antennas. According to the company, the new antennas offer two-way communication and provide supervisory control and data acquisition (SCADA). In addition to this, they operate over the licensed bandwidth frequencies of 800 MHz to 900 MHz, and unlicensed ISM bands of 902 MHz to 928 MHz effectively. Furthermore, they consist of a lightweight fiberglass randome and an integral N-Female connector to enable high-quality communication.
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