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. Radar stands for Radio Detecting and Ranging. They are mainly used to monitor residential or commercial environments for security purposes and alert the intrusion of aircraft, ships, guided missiles, spacecraft, and other objects which can cause or act as a threat to the surrounding.
It consists of a transmitter that produces electromagnetic waves in the microwaves or radio domain, a transmitting antenna, a receiver, and a processor to determine the properties of the object which is intruding. The radio waves from the transmitter reflect off the object and return to the receiver, giving information about the object's speed and location. The radar security system gives an early warning via alerts or alarms and gives time to develop a response to risk at the same time as reducing some of the need for solid barriers and wire fences and other formal security protocols.
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 in 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 in 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, and securing imports and exports at the borders are the major drivers of the radar security market. Also, the minimization of defence budgets in some developed economies has shifted the focus toward miniaturization & automation of defence & surveillance systems.
One of the major reasons for the growth of this industry is the increasing investment and development of the defence 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.
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.
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 cybersecurity umbrella which has been hampering the growth of this industry.
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 size value in 2019||US$16.748 billion|
|Market size value in 2026||US$29.973 billion|
|Growth Rate||CAGR of 8.67% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Range, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||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|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the radar security market size by 2026?
A1. The global radar security market is projected to reach a market size of US$29.973 billion by 2026.
Q2. What is the size of the global radar security market?
A2. Radar Security Market was valued at US$16.748 billion in 2019.
Q3. What are the growth prospects for the radar security market?
A3. The radar security market is projected to grow at a CAGR of 8.67% over the forecast period.
Q4. What factors are anticipated to drive the radar security market?
A4. 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.
Q5. How is the global radar security market segmented?
A5. The radar security market has been segmented by type, range, application, and geography.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Function
4.4. Value Chain Analysis
5. Global Radar Security Market Analysis, By Type
5.2. Ground Surveillance Radar (GSR) Systems
5.3. Air Surveillance Radar (ASR) Systems
5.4. Marine Surveillance Radar (MSR) Systems
6. Global Radar Security Market Analysis, By Range
6.2. Long Range
6.3. Medium Range
6.4. Short Range
7. Global Radar Security Market Analysis, By Application
7.2. Border Security
7.3. Seaport & Harbor
8. Global Radar Security Market Analysis, By Geography
8.2. North America
8.2.1. United States
8.3. South America
8.5. Middle East and Africa
8.5.2. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. FLIR Systems
10.2. Israel Aerospace Industries Ltd.
10.3. Kelvin Hughes Limited
10.4. Lockheed Martin Corporation
10.5. Raytheon Company
10.6. SRC Inc.
10.7. Saab AB
10.9. Northrop Grumman Corporation
10.10. Reutech Radar Systems
Israel Aerospace Industries Ltd.
Kelvin Hughes Limited
Lockheed Martin Corporation
Northrop Grumman Corporation
Reutech Radar System
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