London April 25, 2016 - Technavio has announced the top five leading vendors in their recent global naval radar systems market report. This research report also lists five other prominent vendors that are expected to impact the market during the forecast period.
Technavio announces top five vendors in the global naval radar systems market from 2016 to 2020.
Competitive vendor landscape
End-users in naval radar systems are shifting their focus from quantity to quality. High-performance radars have been a growing requirement for modern naval forces. There is also an increased emphasis on cost-effective operations. Maintaining a balance between cost and quality while providing an upgrade and retrofit solutions to meet modern naval needs can pose a significant challenge for vendors.
In addition, amid negative economic conditions in Europe and defense budget cuts in the US, companies are facing high levels of uncertainty in the market. However, there has been a growing interest in emerging markets in APAC and the Middle East. Western naval forces seek sophisticated and modernized radar systems for improved surveillance.
“Meanwhile, developing countries in APAC and the Middle East are also strengthening their fleet of vessels with modern systems and capabilities. The existing major players in the market should identify the evolving trends and market shifts, and should adapt to accommodate them for long-term success and survival in the market,” says Abhay Singh, a lead analyst at Technavio.