Aircraft Radome Market is Estimated To Witness High Growth

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The Aircraft Radome Market is estimated to be valued at US$ 640.7 Million in 2022 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Aircraft radome are structures placed on aircraft to protect onboard radar systems and antennas from environmental damage while transmitting and receiving radio signals. Made from lightweight composite materials like fiberglass or carbon fiber, radomes ensure optimal radar performance in all weather conditions. They provide aerodynamic efficiency and radar transparency for military and commercial aircraft.

Market key trends:

One of the key trends driving growth in the aircraft radome market is increasing defense budgets and military aircraft procurement rates globally. Rising geopolitical tensions and security threats have prompted many countries to substantially increase their defense spending in recent years. For instance, defense expenditure of the US increased from USD 686 billion in 2016 to USD 738 billion in 2020. Similarly, India's defense budget rose from USD 51 billion in 2016 to nearly USD 73 billion in 2023. Growing militarization is translating into higher demand for military aircraft like fighter jets and helicopters fitted with advanced radomes for navigation and weapons deployment. According to estimates, the defense aircraft fleet is expected to grow at over 4% annually through 2030. This will create sustained opportunity for radome manufacturers in the coming decade.

Porter's Analysis

Threat of new entrants: Low capital requirements and established brands make it difficult for new players to enter. Bargaining power of buyers: Large customers like airlines have significant bargaining power on price and delivery timings. Bargaining power of suppliers: Few specialized suppliers exist providing critical components, giving them bargaining power. Threat of new substitutes: Few substitutes exist for aircraft radomes. Competitive rivalry: Intense competition exists between global players due to established brands.

SWOT Analysis

Strengths: Established brand names, proprietary technology, decades of experience. Weaknesses: High R&D costs, regulatory approvals delay new products, supply chain disruptions. Opportunities: Growth in military radar budgets, demand for composites, retrofitting of existing fleets. Threats: Geopolitical issues impact orders, trade tensions, rising commodity costs.

Key Takeaways

The global Aircraft Radome Market is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing military aircraft procurement and fleet modernization programs. North America dominates currently due to presence of large players like General Dynamics and air forces like USAF. Europe and Asia Pacific are fastest growing markets led by countries like India, China, UK, France expanding their defense capabilities.

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, Ducommun, CPI. General Dynamics catering to combat aircraft has significant market share. New players are focused on developing radomes for UAVs and composites.

Read More https://www.marketwebjournal.com/the-aircraft-radome-market-demand-trends-forecast/

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