LONDON, March 08, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the radome market forecasts the global radome market size grew from $1.66 billion in 2022 to $1.87 billion in 2023 at a compound annual growth rate (CAGR) of 12.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The radome market size is expected to grow to $2.77 billion in 2027 at a CAGR of 10.3%.
The increase in demand for new aircraft owing to the growing number of air passengers is contributing to the growth of the radome market. An aircraft is any machine or vehicle designed to travel through the air by the buoyancy of air on its surfaces. The increasing production of new aircraft to meet the demand requires the installation of a radome to protect radar from environmental factors such as strong wind, snow, rain, and UV light and prolong the lifespan, thereby promoting the production of the radome. For instance, according to the India Brand Equity Foundation, by 2027 the number of airplanes is expected to reach 1,100 due to an increase in demand in the sector. Therefore, the increasing demand for new aircraft owing to the growing number of air passengers will drive the growth of the radome market.
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Strategic collaborations and partnerships are the key trends gaining popularity in the radome market. Major players operating in the market are partnering and collaborating to develop a strong product portfolio and offer innovative products. For instance, in July 2021, RENK Group, a German industrial company, acquired L3Harris for a deal of $400 million. This acquisition enables the RENK group to reinforce its mission of supporting the U.S. Army and its allies. L3Harris is a US-based company that manufactures naval shipboard radomes, airborne radomes, and submarine radomes. Also, in November 2020, Meggitt PLC, a UK-based aerospace company, partnered with BAE Systems for a deal of $5.71 million. This partnership enables advanced radar technology in the Royal Air Force’s Typhoon fighter jet. BAE Systems is a US-based company specializing in the design and manufacture of composite radomes.
Major players in the radome market are Northrop Grumman, General Dynamics Mission Systems Inc., Saint-Gobain Performance Plastics, Raytheon Technologies, Meggitt PLC, Airbus SE, FACC AG, CPI International Inc., Jenoptik AG, The NORDAM Group LLC, Royal DSM, TenCate Advanced Composites, Verdant, Royal Engineered Composites, Infinite Technologies Radomes, and Composite Structures Inc.
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North America was the largest region in the radome market in 2022. The regions covered in the radome market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The global radome market is segmented by type into shell structure, spherical structure; by offering type into radome body, accessories, services; by application into airborne radome, ground-based radome, shipboard radome.
Radome Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032 by The Business Research Company provides radome market research insights and radome market analysis on the radome market size, radome market segments, radome market trends, drivers and restraints, major competitors’ market positioning, revenues and radome market share.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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