Radar Security Market Size 2022, Key Players, Regions, Top Countries, Analysis, Application and Specification, Cost Analysis, Price and Gross Margin By 2031

Kenneth Research, in its repository of market research reports, have recently added a report on Radar Security Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Radar Security Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Radar Security Market products.

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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

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.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

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.

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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.

Key Players

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.

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