According to the latest report by Fortune Business Insights titled “Antenna, Transducer and Radome (ATR) Market Forecast, 2020-2027,” the global Antenna, Transducer and Radome Market is expected to grow at a CAGR of 10.2% between 2020 and 2027. This growth can be attributed to factors such as increasing military budgets and the overall modernization of military forces worldwide. The report highlights that the market was valued at USD 11.13 billion in 2019 and is projected to reach USD 16.73 billion 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 application ranging from military communication to global space programs. Additionally, they act as bridges for communication among several countries.
The report provides insights into the following aspects:
- Industry Outlook: It presents an overview of the overall industry and examines its impact on the market.
- Market Drivers and Trends: The report analyzes the main factors and trends driving the growth of the market.
- Growth Restraints: It identifies the factors that are hindering the growth of the market.
- Regional Prospects: The report assesses the prospects for the market in different regions.
- Key Market Players and Strategies: It highlights the key players in the market and their preferred strategies.
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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.
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 that was a staggering $732 billion in 2019, a growth of over 5.3% from 2018, while holding nearly 38% of the total military spend. International threats and political tensions is 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.
List of the Companies Proliferating in the 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)
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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 a 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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