The Aircraft Radome Market will grow at highest pace owing to...

The Aircraft Radome Market will grow at highest pace owing to rising air passenger traffic and defence spending

Posté 2024-03-18 06:26:25

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The aircraft radome market comprises products such as Nose Radome, Fuselage Mounted Radome and others that provide protection to radar antennas from environmental factors and projectiles. Radomes shield antennas from airflow disturbance, rain, ice formation, sunlight and other elements. They are made from materials like composites, plastics and other structural foams to withstand forces during bad weather or impact. The growing aviation industry with rising air passenger traffic as well as higher defence spending by governments worldwide on military aircraft modernization programs is driving the demand for aircraft radomes.

The Global Aircraft Radome Market is estimated to be valued at US$ 738.09 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in The Aircraft Radome Market are Scotts Miracle-Gro Company, National Fertilizers Ltd., and Fertikal N.V. The increasing air traffic across major economies like India, China coupled with modernization of existing aircraft fleet is surging the demand for new radomes. Technological advancements include development of radomes made from advanced composite materials offering better structural integrity, lighter weight and higher durability to withstand extreme weather conditions.

Market trends
Growing preference of composites over metals for radome construction owing to advantages such as lower weight, corrosion resistance and electromagnetic transparency is a key trend in the market. Another major trend is the increasing development of 3D printed radomes using advanced thermoplastics which enables complex design geometries and reduces production lead times substantially.

Market Opportunities
Rising procurement of new generation combat aircraft by military forces worldwide and upcoming aircraft programs will fuel significant opportunities in the market over the coming years. Integration of active electronically scanned array (AESA) radars into aircraft presents opportunities for lightweight, low-cost radomes with integrated electronics.

Impact of COVID-19 on Aircraft Radome Market Growth

The COVID-19 pandemic adversely impacted the aircraft radome market growth. In the pre-COVID period, the market was growing at a decent pace backed by increasing aircraft deliveries and rising military spending of countries. However, during the pandemic, the market witnessed a major decline in 2020 due to halting of aircraft production activities and restrictions on air travel across the globe. This led to a significant fall in demand for aircraft radomes from OEMs as well as the aftermarket.

As lockdowns were eased in 2021, the market started recovering slowly. The demand picked up from the military sector as defense budgets were largely unaffected. Still, the commercial aviation segment is taking more time to bounce back completely due to the lingering effects of the pandemic on passenger travel. Major aircraft manufacturers have resumed production but at reduced rates. Supply chain disruptions caused by lockdowns and workforce shortages also impacted the radome manufacturing.

Going forward, the market is expected to regain momentum from 2023 as commercial air traffic approaches pre-COVID levels supported by rising passenger traffic with increasing vaccinations. The demand is likely to be driven by replacement of aging radomes and equipment upgradation programs of air forces worldwide. Key players need to focus on technology advancements, develop lightweight and durable radome solutions, strengthen supply chains and gain new contracts to accelerate the market recovery in the post-COVID period.

Geographical Regions with Significant Aircraft Radome Market Concentration

The aircraft radome market in terms of value is highly concentrated in North America. The region accounts for over 35% of the global market share attributable to large-scale military aircraft procurement and modernization programs of the US. Major original equipment manufacturers (OEMs) like Boeing and Lockheed Martin based in the US and Canada contribute heavily to the regional market growth.

Asia Pacific represents the fastest growing regional market for aircraft radomes globally. Countries like China, India, and Japan are increasingly procuring new combat aircraft and helicopters to modernize their defense forces. This is driving the demand for aircraft radomes from both OEMs as well as MRO service providers in the region. Ongoing indigenous aircraft development programs are further augmenting the APAC market expansion.