According to the new market "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.
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Ground surveillance radar (GSR) systems are expected to lead the global radar security market between 2016 and 2022
Ground surveillance radar (GSR) systems held a major market share in 2015. The market for GSR systems is expected to grow between 2016 and 2022. The adoption rate of GSR systems is high for the military as well as homeland security applications. In addition, these systems are also used in detecting and tracking aircraft at low altitude. These are the key factors contributing for a large market share of GSR systems among other types of the radar security systems.
The border security application is expected to hold the largest market share in 2016
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.
The APAC region is expected to grow at the highest rate between 2016 and 2022
The APAC region is expected to grow at the highest CAGR between 2016 and 2022. The main drivers for this growth is countries such as China, India, and Japan are aggressively taking initiatives such as heavy investments in R&D for the development and adoption of radar security systems in the region. Along with this, terrorism is the prime concern for the Asia-Pacific region, owing to which countries in the APAC region are looking to enhance their surveillance and security capabilities.
The present market is dominated by the players such as Thales SA (France), Lockheed Martin Corporation (U.S.), Saab AB (Sweden), Raytheon Company (U.S.), and Elbit Systems Ltd. (Israel) among many others.
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