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Higher Impact of Security and Surveillance Radar Systems in Market
The global security and surveillance radar market is estimated to stand at a value of $6.08 billion in 2014 and is expected to grow at a CAGR of 5.97% to reach $8.61 billion by the year 2020. The growth regions will be North America, the Middle East, and the Asia-Pacific region. Countries like Canada, Russia, Israel, and Japan will show consistent level of growth in the market.
The U.S. and Western European countries will cut down their spending in the security and surveillance radar market.
Security and surveillance radar systems will have a higher impact in the market. Military surveillance radars are evolving rapidly and will continue to do so in the forecasted period. Security and surveillance radar systems in all applications will play a major role in combat warfare.
There is a slight decline in the security and surveillance radar market. This decline is not due to the defense budget cuts in European countries and the U.S., but because of a rather significant growth in other regions like Asia-Pacific and the Middle East.
Airborne radar systems will have the highest CAGR across all platforms and will account for 35% of the total security and surveillance radar market in the forecasted period.
Security and Surveillance Radar Market (Land Systems, Airborne Systems, and Naval Systems) - Global Forecasts and Analysis to 2014 - 2020
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