Radome is a structural, weatherproof enclosure that protects radar antenna and allows transmission and reception of electromagnetic signals without interference. Aircraft radomes enable installation of advanced radar systems for enhanced situational awareness. Increased procurement of fighter jets and UAVs by defence forces globally has augmented demand for aircraft radomes. Additionally, ageing military fleet is driving replacement of obsolete radomes with advanced ones.
The global aircraft Radome Market is estimated to be valued at US$ 640.7 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increased defence spending presents key growth opportunities for aircraft radome market players. Governments worldwide are investing heavily in defence capabilities amid geopolitical tensions and security threats. As per Stockholm International Peace Research Institute (SIPRI), global military expenditure reached US$ 2 trillion in 2021, the highest since 1988. North America accounted for largest share followed by Asia Pacific as countries like China and India enhanced budgets for combat aircraft, missiles, UAVs and naval vessels. Growing procurement of new aircraft will necessitate installation of state-of-the-art radomes for superior radar performance. This presents enormous opportunities for aircraft radome manufacturers to partner with OEMs and governments to fulfil their upcoming radar requirements.
Porter’s Analysis
Threat of new entrants: The aircraft radome market requires significant capital investment in R&D. Established players hold patents and technological expertise that pose barriers for new entrants.
Bargaining power of buyers: Buyers in the aircraft OEM and MRO segments have moderate bargaining power due to the specialized nature and safety-critical function of radomes.
Bargaining power of suppliers: A few specialized suppliers of raw materials like composites and adhesives exist. This concentration gives them bargaining leverage over pricing and quantity.
Threat of new substitutes: No close substitutes exist for radomes in aircraft as they serve vital electromagnetic and structural functions that cannot be replaced.
Competitive rivalry: The market has some prominent global players with others having regional strengths. Competition is based on radome design, product performance, reliability and pricing.
SWOT Analysis
Strengths: Established brands have extensive experience and capabilities in radome design/certification.
Weaknesses: High R&D and manufacturing costs pose challenges. Dependence on a few large OEMs increases vulnerability to business cycles.
Opportunities: Growth in commercial aviation and defense sectors drives demand. New aircraft programs and upgradation of existing fleets require radomes.
Threats: Economic slowdowns impact sales cycles. Stringent certification standards raise compliance burdens.
Key Takeaways
The Global Aircraft Radome Market Size is expected to witness high growth over the forecast period supported by the expansion of commercial and military aviation. North America currently dominates aircraft radome demand led by the presence of major aircraft OEMs and a large fleet size. However, Asia Pacific is poised to be the fastest growing regional market backed by increasing MRO activity and new aircraft deliveries to airlines in China and India.
Key players operating in the aircraft radome market are General Dynamics, Airbus, Nordam, Saint-Gobain, Meggitt, Starwin Industries, Kitsap Composites, Orbital ATK, Jenoptik, Harris, Vermont Composites, Pacific Radomes, Royal Engineered Composites, AVIC, ATK, Kelvin Hughes, Raytheon, Leonardo, and Ducommun. General Dynamics and Meggitt are innovators in radome structural design and production technologies. Airbus, Boeing and Leonardo are major end-users that also outsource radome production.Saint Gobain and Nordam have a significant presence in radome manufacturing and aftermarket services.
North America currently accounts for a major share of the global aircraft radome market supported by demand from well-established aviation industries in the US, Canada as well as MRO activity. The region is home to leading radome manufacturers including General Dynamics, Meggitt, Harris and Vermont Composites. Asia Pacific is emerging as high growth market led by countries such as China and India where aircraft fleet and traffic is increasing rapidly. Local manufacturers like AVIC and regional branches of global OEMs are strengthening radome supply chains in the region.
Get More Insights Here
https://www.newswirestats.com/aircraft-radome-market-size-share-growth-outlook-2023/
AMA Research have added latest edition of survey study on Global Aircraft Radome Market with 100+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy to understand detailed analysis.
The Research report presents a complete assessment of the Market and contains a future trend, current growth factors, attentive opinions, facts, and industry validated market data.
The research study provides estimates for Global Aircraft Radome Forecast till 2025*.
Of late, the market players are continuously focusing on designing and developing lightweight and durable aircraft radomes that can easily transmit signals.
Market Growth DriversIncrease in the Number of Commercials as well as Military Aircrafts WorldwideTop Players are Continuously Focusing on Energy-Efficient Technology and InnovationsInfluencing TrendSurging Technological Advancement in Light Weight Material Aircraft Radome ManufacturingRestraintsStringent Regulatory Norms for Helicopter Manufacturing & Development and High Cost of HelicoptersReduced Defense Spending In Developed CountriesChallengesLack of Qualified Aircraft Radome Maintenance Technicians To comprehend Global Aircraft Radome market dynamics in the world mainly, the worldwide Aircraft Radome market is analyzed across major global regions.
AMA also provides customized specific regional and country-level reports for the following areas.
