Global Market for Radar Security to Grow at 5.5% CAGR through 2025Press Release
July 25, 2019
Radars are detection devices that work on radio waves to decide the angle, range, or speed of an object. They can detect ships, plane, guided missiles, and spacecraft, and automobile, terrain and weather formations, etc. A radar system consists of a transmitter, which produces electromagnetic waves in the microwaves or radio domain, a transmitting antenna, receiving antenna (the identical antenna is used for transmitting and receiving), and a processor and receiver to verify properties of the objects. The drivers of the global radar security market include the adoption of numerous advanced technologies by various enterprises like phased array systems, which are installed mainly for ground surveillance radar due to their numerous applications in airport and military.
The rising number of security concerns is also driving the radar security market globally. Moreover, low defense budget in developing economies and shift to automation and miniaturization of defense and surveillance system, growing assistance and safety features globally are anticipated to further escalate the global radar security system growth. However, the rising number of cyber warfare and high development cost of radar security systems may hinder this market's development.
According to the report published by Zion Market Research, the global radar security market was around USD 18.4 billion in 2018 and is expected to reach approximately USD 27.5 billion by 2025, at a CAGR of above 5.5% between 2019 and 2025.
The type segment of the market includes marine surveillance radar system, air surveillance radar system, and perimeter surveillance radars. Surveillance and marine surveillance radar systems are anticipated to grow notably in the years to come, owing to the surge in the navigation radar and its uses in UAV surveillance and security radar. By range, the market includes long, medium, and short. The long-range segment is expected to grow substantially over the projected time period, owing to the increasing demand for ground security radar with long-distance range radar in border/coast guards, army, and security applications. By application, the radar security market includes critical infrastructure, border security, seaport and harbor, and others.
By region, North America is projected to grow substantially in the global radar security market, owing to the modernization in the US and Canada along with replenishment programs and rising concerns for security. In addition, the rising use of radars to locate and inspect hostile targets in commercial aviation and military actions is also anticipated to drive the North American radar security market in the future.
Some prominent players in the global radar security market players are SAAB, Rockwell Collins, Northrop Grumman, Boeing, Thales Group Raytheon, Israel Aerospace Industries, BAE Systems, Airbus Group, Kelvin Hughes, Cobham, ATC Global, Exelis, Scanter, Honeywell International, Lockheed Martin, and Leonardo.
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