Radar security market to grow to 25.17 Billion USD by 2022

August 02, 2016 //By Jean-Pierre Joosting
Radar security market to grow to 25.17 Billion USD by 2022
The latest report by MarketsandMarkets predicts that the global radar security market will 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 and automation of defense and security systems is expected to propel the radar security market.

Ground surveillance radar (GSR) systems held a major market share in 2015 and is expected to lead the global radar security market 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 market.

There will be a significant rise in the market for the border security application between 2016 and 2022, which is expected to hold the largest market share in 2016. 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.

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