DUBLIN--(BUSINESS WIRE)--The "Global Radar Security Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global radar security market is projected to grow at a CAGR of 8.67% to reach US$29.973 billion by 2026, from US$16.748 billion in 2019.
The growing use of radar security due to the rising security concerns is one of the major factors driving the growth of the radar security market. Also, the rising territorial conflicts and political instabilities in Asia-Pacific and Middle East regions have been a prime factor for the growth of this industry. The increasing demand for radar systems in military applications and the adoption of these security systems by many countries for securing their border are making headway for the growth of this industry.
The adoption of radar security systems for the application of highway safety systems and anti-collision systems for trains is anticipated to contribute to the growth of this industry during the forecast period. The border security application is anticipated to be one of the prime factors for the growth of radar systems in the market. The growing territorial activities across the border, monitoring illegal activities like human trafficking, illegal entry of immigrants, securing imports and exports at the borders are the major drivers of the radar security market. Also, the minimization of defense budgets in some developed economies has shifted the focus towards miniaturization & automation of defense & surveillance systems.
Companies Profiled in the Report
- FLIR Systems
- Israel Aerospace Industries Ltd.
- Kelvin Hughes Limited
- Lockheed Martin Corporation
- Raytheon Company
- SRC Inc.
- Saab AB
- Thales
- Northrop Grumman Corporation
- Reutech Radar System
Increase in the investment and development of ballistic missiles and another defense system
One of the major reasons for the growth of this industry is the increasing investment and development of the defense sector including the ballistic missile and other air missiles which has accounted for countries to invest in radar securities that can sense and alert the intrusion of any foreign missile in its radar.
High development and maintenance cost
One of the major downsides of radar security is the cost that goes into its development and maintenance, the infrastructure for mounting, powering, and networking the radar. Also, the integration of third-party software such as a VMS, PSIM, ACS, and others usually come at extra costs for most providers and can be time-consuming. The support and warranties also come at extra costs which overall increases the unit price of the radar security system. The licensing fees are another cost associated with radar systems
whether it's a software license for the sensor technology, a license for a third-party camera, or software integrations. All these factors led to the high development and maintenance cost of the radar security system and hinder its growth in the market.
Hindrance in functionality due to growing cyber-warfare
The growing cyber-attacks and data theft/fraud have been a major concern that hinders the growth of radar security. Cyber theft or intrusion has been a frequent point of concern for many countries as data breaches into the governmental website and confidential information leak has become a common issue due to which many governments have pushed for more security in radar and electronic warfare systems. Also, many believe that the radar security system which used to be a split between system integrity or anti-tamper and information assurance is falling under the same cyber security umbrella which has been hampering the growth of this industry.
Impact of COVID-19
The COVID-19 pandemic has had a great impact on the world as a whole and has led to economic breakdown and loss of life. The impact of COVID-19 on global radar security has been negative owing to the impact on the production process of several industries of the radar market. Due to the lockdown and travel and trade restrictions imposed by the governments, worldwide the manufacturing unit was forced to be shut down temporarily due to which the overall production process of radar securities has been adversely affected which is hindering the overall radar security market.
The pandemic has disrupted the supply chain and has caused uncertainty in the stock market, massive slowing down of supply chains, falling business confidence, and increasing panic among customer segments, Furthermore, the end-user industries were forced to limit their production capacity, which impacted the demand for these radar security networks which overall impacted this industry. The COVID-19 impact has been huge on the European countries, leading to a major loss in revenue and business shutting the manufacturing units in the region. The operations of manufacturing and production have been heavily impacted leading to a slowdown in the growth of the radar security market.
Market Segments Analyzed
By Type
- Ground Surveillance Radar (GSR) Systems
- Air Surveillance Radar (ASR) Systems
- Marine Surveillance Radar (MSR) Systems
By Range
- Long Range
- Medium Range
- Short Range
By Application
- Border Security
- Seaport & Harbor
- Others
By Geography
- North America
- South America
- Europe
- Middle East &Africa
- Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/tqx63d
