“Radar Security Market by Surveillance Type (Ground, Air, Marine), Range (Long, Medium, Short), Application (Border Security, Seaport and Harbor, Critical Infrastructure), and Geography – Global Forecast to 2022″
Research report on the radar security market, the said market is expected to grow from USD 17.85 Billion in 2016 to USD 25.17 Billion in 2022, at a CAGR of 5.90% during the forecast period. The radar security market is driven by the rising demand for radar systems worldwide since militaries seek to replace legacy systems.
Rising territorial conflicts and geopolitical instabilities in the Middle East and APAC is also a key factor responsible for the growth of the market. Furthermore, defense budget cuts in developed economies shifted the focus toward miniaturization & automation of defense and security systems is expected to propel the radar security market.
The long-range radar security system is expected to hold the major share of the market in 2016. High demand for long-range radar security systems for air surveillance systems, marine radars, air mapping systems, weapon control systems, and missile guidance systems is the key driving factor for the growth of the long-range radar security systems market. However, the market for the short-range radar security systems is expected to grow at the highest growth rate between 2016 and 2022.
In terms of the different geographic regions, North America is expected to hold the largest market share in 2016. The APAC market is expected to grow at the highest rate between 2016 and 2022. Many of the countries considered under the APAC region are developing countries, wherein the number of manufacturing companies is increasing. The demographic factors (population), shifting consumer landscape (consumer adoption levels), and economic factors are the key drivers for the APAC market.
There will be a significant rise in the market for the border security application between 2016 and 2022; controlling terrorist activities across the borders, monitoring human trafficking and illegal entry of immigrants, securing imports and exports at the borders are the major drivers for the adoption of radar security systems in border security applications. High adoption of radar security systems for the application of highway safety systems and anti-collision systems for trains is expected to contribute to the growth of the market for these applications at the highest rate during the forecast period.
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