Global Radar Security Market Overview
Radar security refers to the systems are widely used to monitor residential and commercial environment for security purpose. Radar security offers advantages over monitoring human trafficking, illegal entry of immigrants and illegal import & export. Radar security system provides early warning and gives time to develop a response to a risk at the same time as reducing some of the need for solid barriers and wire fences and other formal security controls.
Market Size and Forecast
Global radar security market is anticipated to flourish at a CAGR of 6.3% during the forecast period i.e. 2017-2024. Further, the market of radar security was valued at USD 17.8 Billion in 2016 and is projected to garner USD 30.1 Billion by the end of 2024. Factors such as increasing demand of radar system in military application are making headway for the growth of the global radar security market. Moreover, high demand for radar security systems worldwide by the countries for securing their borders and critical infrastructures is anticipated to positively impact the growth of the global radar security market.
Geographically, North America is anticipated to account for a significant portion of market share in the overall market of radar security during the forecast period. Factors such as increasing need for the radar security products are gaining momentum from various applications such as ports and harbor security, critical infrastructure protection, and highway security systems is anticipated to fuel the growth of the North America radar security market.
Asia Pacific is poised to record fastest growth rate during the forecast period. Heavy investment in research and development for adoption of radar security system is predicted to trigger the growth of the radar security market in years ahead. Countries such as China, Japan and India are anticipated to exhibit faster growth rate as compared to other countries in the region. Moreover, increasing investment by the government for the establishment of radar security is anticipated to fuel the growth of the Asia Pacific radar security market. Europe radar security market is expected to witness substantial growth over the forecast period. Factors such as highway safety systems and anti-collision systems for trains are envisioned to strengthen the growth of radar security market in Europe.
Based on product type, radar security market is segmented into ground surveillance radar (GSR) systems, air surveillance radar (ASR) systems, marine surveillance radar (MSR) systems, out of which, marine surveillance radar (MSR) systems radar security segment is expected to dominate the overall radar security market during the forecast period.
Our in-depth analysis has segmented global radar security market into the following segments:
By Product Type
Global radar security market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Increasing safety & assistance features across the globe is anticipated to intensify the growth of the global radar security market. In addition, increasing critical infrastructure protection is anticipated to positively drive the growth of the radar security market.
Apart from this, rising adoption for various applications is anticipated to be the dynamic factor behind the growth of the radar security market. Growing safety & assistance features offered by the usage of radar security has increased the security concern. This factor is anticipated to supplement the growth of the global radar security market.
Further, rising number of radar security companies are likely to further strengthen the growth of the radar security market. In addition, the market is witnessing the launch of new and innovative radar security such as drone detection radar. This factor is likely to spearhead current and future market growth prospects.
However, recognizing short range target type’s radar security systems are some of the key factors which are expected to limit the growth of global radar security market in upcoming years.
Scope and Context
Overview of the Parent Market
The global radar security market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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