Radar Security Market

Market Overview

The Global Radar Security Market is anticipated to develop in a considerable way during the outlook period. It is foreseen that the target market will get valued around USD 27.5 billion by 2025 from USD 19.7 Billion in 2021, expanding at a CAGR of 5.5% over the period of 2021 to 2026.

RADAR Security is a kind of security system that was especially focused on providing state of the art 'Integrated Security Solutions' for the applications in industries/homes and individuals. These solutions have numerous features which include data protection, data reliability, data replication, and exchange synchronous security which helps in encrypting communication data by industry-standard secure sockets layer (SSL) connection.

The most influencing factor of the target market is the rising demand for radar systems among military applications which is replacing the legacy systems. These radar systems are employed for monitoring residential and commercial environments for security purposes.

Recent Developments

• Thales Group, a multinational company that designs and builds electrical systems for providing services among aerospace, defense, transportation & security markets, was selected for delivering an NS100 radar, seven Scout Mk3 radars, and an IFF system to Royal Netherlands Navy.
• Raytheon Technologies Corp., one of the key players in the Global Radar Security Market, has been awarded a contract from the U.S. Missile Defense Agency for building seven mobile missile-detecting radars for the U.S. Military, which worth $2.3 billion.

Drivers and Restraints of Radar Security Market

Growing demand for radar systems, all around the world, owing to the need for them in the military applications for replacing legacy systems is the major factor that was driving the growth of the Global Radar Security Market. Also, rising usage of radar security systems in the civilian applications like highway safety systems and anti-collision systems for trains and the growing territorial conflicts & geopolitical instabilities in the various regions are the other factors that are propelling the growth of the target market. And defense budget cuts in the developed countries, which is shifting the focus towards miniaturization & automation of defense & surveillance systems is further pushing the Radar Security Market's growth.

However, high capital investments involved in the development of these systems are the major restraint that was hampering the growth of the Global Radar Security Market. In addition, complexities in the functionality of radar security systems owing to the rising cyber warfare and the interference of electromagnetic jamming are the other factors that are challenging the growth of the target market.

Nonetheless, rising investments and the advancements in the ballistic missile and air missile systems among the defense sector are creating lucrative opportunities for the expansion of the players in the Global Radar Security Market.

Impact of COVID-19 on the Radar Security Market

The impact of the COVID-19 on the Global Radar Security Market is in a considerable way. Stalled economic activities among numerous industries have affected the target market's growth during the pandemic. Moreover, the need for radar security in the medical sector owing to the pandemic regulations is creating spur among the market.

Market Segmentation of Radar Security Market

Based on the type of Systems, the global Radar Security market is segmented into Ground Surveillance Radar (GSR) Systems, Air Surveillance Radar (ASR) Systems, and Marine Surveillance Radar (MSR) Systems.

On the Range Outlook, the global Radar Security market is segmented into Long Range, Medium Range, and Short Range.

And on the Application Segmentation, the global Radar Security market is segmented as Border Security, Critical Infrastructure, Seaport & Harbor, and Others.

Radar Security Market Region wise analysis

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

In the regional analysis of the Global Radar Security Market, North America held the major share. Rising modernization in developed economies such as the US and Canada coupled with the replenishment programs and growing concerns regarding security are the major factors that are driving the growth of the target market in the region. Moreover, increasing usage of radars for locating & inspecting the hostile targets among commercial aviation and military actions is expected to propel the North America Radar Security Market's growth.

The Europe Radar Security Market accounted for the second-largest share of the global market. The major factor that was supporting the target market's growth in Europe is the demand for radar security owing to the advancements in automation and the technological sector. The Asia-Pacific Radar Security Market is expected to witness the fastest growth rate over the coming years. The major factors that are driving the growth of the target market in the Asia-Pacific region are the growing spending on security air surveillance, civil security, & military operations and the growth in the focus on multi-utility aircraft in the countries that are in this region. Moreover, demand for radar security is growing in the region because of increasing territorial conflicts and geopolitical instabilities. In addition, the presence of countries emerging economies like India and China where there is a growth in the initiatives like a heavy investment in research and development for the adoption of radar security system is further boosting the growth of the Radar Security Market in Asia-Pacific area.

Key Players of Radar Security Market

The key players of the Global Radar Security Market includes Thales SA (France), Lockheed Martin Corporation (U.S.), Raytheon Company (U.S.), Saab AB (Sweden), Elbit Systems Ltd. (Israel), FLIR Systems, Inc. (U.S.), Israel Aerospace Industries Ltd. (Israel), Blighter Surveillance Systems (U.K.), Kongsberg Gruppen (Norway), DeTect Inc. (U.S.), SRC Inc. (U.S.), Thales Raytheon Systems (France), and Kelvin Hughes Limited (U.K.) among others.