Acquisition of surveillance aircraft supports Global Border Security Market
The global border security market is likely to reach $ 52.95 billion by 2025, with a CAGR of 7.16% over the next few years.
Growing geopolitical instabilities and territorial conflicts are driving demand for advanced border security solutions around the world. In addition, the increasing acquisition of surveillance aircraft, patrol aircraft, ground attack helicopters, transport helicopters, amphibious aircraft, ships and submarines for border security. Additionally, modernizing the existing border security infrastructure offers new market opportunities for the border security market.
In conjunction with the military, Lockheed Martin is providing operational support for a Persistent Threat Detection System (PTDS) aerostat system that is being evaluated by the Customs and Border Protection Department of Homeland Security (DHS), (CBP) along the southern border of the United States.
Market Drivers and Restraints:
Factors such as increased territorial disputes and geopolitical instabilities and the increasing adoption of unmanned systems solutions by military and defense forces are supposed to drive market growth. However, declining defense budgets in developed countries such as the United States and strict government regulations for manufacturing border security systems could hamper market growth.
Impact of COVID-19 on Border Security Market:
Coronavirus can affect the global economy in three main ways by directly affecting production and demand, creating a supply chain and market disruption, and by its financial impact on businesses and financial markets. The growing concern about terrorist attacks and crime has increased the need to develop infrastructure in the public transport security market. Technologies such as video surveillance and voice recognition are used in various transportation hubs for surveillance and identification purposes. Over the years, there has also been the introduction of various scanners, which detect specific compounds and solutions, for example, the Department of Homeland Security (DHS) has studied the expansion of passenger and baggage screening on various rail networks around the world.
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Report is segmented as:
The ground segment accounted for the largest market share in 2018 and is expected to record a higher CAGR over the foreseen period. Land border security systems include radars, lasers, cameras, and others. Increasing investment by developing countries such as China and India in the development and acquisition of advanced land border security systems to provide greater security for citizens is driving growth in the segment.
• Laser Systems
• Radar Systems
• Camera Systems
• Perimeter intrusion detection systems
• Unmanned Vehicles
• Wide-band Wireless Communication Systems
• Command and Control (C2) Systems
• Biometric Systems
• Others (RF Jammers and Microwave intrusion detection systems).
The radar segment dominated the market in 2018. However, the biometric systems segment is expected to grow at the highest CAGR during the foreseen period. The increasing adoption of biometric systems by various countries such as the United States and the United Kingdom to track illegal activity is driving the growth of the segment.
Based on geography, the global border security market is divided into regions of Asia Pacific, Latin America, North America, Europe, the Middle East and Africa. Among these regions, Asia Pacific has the largest share of the border security market. This is mainly due to persistent border problems between India - Pakistan, India - China and China-Japan, among others.
Key market players:
The key players in the Border Security system market include Lockheed Martin Corporation (US), Raytheon company (US), Northrop Grumman Corporation (US), Thales (France), BAE Systems (UK), Flir systems (US), and Elbit systems (Israel), among others.
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
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