by The global 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:
An aircraft radome is a structural, weatherproof enclosure mounted on the aircraft to protect radar antennas. Radomes are usually located at the nose of the aircraft or atop the fuselage. They are constructed using materials such as composites, plastics and metals to allow electromagnetic signal to pass through with little attenuation or distortion. Aircraft radomes play a crucial role in military and commercial aircraft by protecting radar systems from damage during flight and environmental conditions. They are engineered to withstand extremes of temperature, wind forces and impacts from debris while in flight. Advances in composite materials have resulted in lighter and durable radomes providing operational advantages.
Market Key Trends:
One of the key trends driving growth in the aircraft radome market is increasing military aircraft procurements across major economies amid escalating geopolitical tensions globally. Modern military aircraft extensively use radars for navigation, targeting, surveillance etc. which drives the demand for radomes. According to data, the global defense budget witnessed a y-o-y increase of 4.6% in real terms in 2021. Going forward, rising defense expenditure is expected to fuel radar equipments and radomes procurement. Additionally, increasing air passenger traffic is prompting commercial airline companies to invest in new aircraft fleet with advanced avionics suites including weather radars. This is positively impacting the aircraft radome market over the forecast period.
Porter’s Analysis
Threat of new entrants: The Aircraft Radome Market requires high capital investment and stringent regulations. Therefore threat of new entrants is low.
Bargaining power of buyers: Buyers have moderate bargaining power as aircraft radome is specialized equipment and switching costs are high.
Bargaining power of suppliers: Suppliers have moderate bargaining power as there are many material suppliers but key players integrate design and manufacturing.
Threat of new substitutes: There is no significant threat as radome is an integral part of aircraft structure and essential for radar and communication systems.
Competitive rivalry: The market is consolidated with key global players competing on technology, design, and supply contracts.
Key Takeaways
The global Aircraft Radome market is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period 2023-2030, due to increasing aircraft procurement and modernization programs worldwide. The market size for 2023 is estimated at US$ 640.7 Million.
Regional analysis: North America dominates the aircraft radome market currently owing to presence of major aircraft OEMs and suppliers in the region. Asia Pacific is expected to exhibit fastest growth in demand for aircraft radomes led by increasing aircraft fleet in China and India.
Key players: 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. These companies are focusing on developing innovative radome designs using advanced materials to achieve environmental resistance and lightweight.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
