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Radar Security Market Worth $25.17 Billion by 2022
August 8, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Radar Security Market - Global Forecast to 2022"report to their offering.
The radar security market entered the growth phase and is expected to grow further in the coming years. The said market is expected to grow from USD 17.85 billion in 2016 to USD 25.17 billion by 2022, at a CAGR of 5.90%. The high demand for radar security systems worldwide by the countries for securing their borders and critical infrastructures is a key factor responsible for the growth of the radar security market.
The border security application held the largest market share in 2015 among all the other applications and is expected to dominate the market by 2022. Increased terrorism creates a need of border security systems for controlling terrorist activities across the borders.
Along with this, monitoring human trafficking, illegal entry of immigrants, securing imports and exports at the borders to detect smuggling activities and drugs supply are the major drivers for the adoption of radar security systems in border security applications. However, the market for the applications such as highway safety systems and anti-collision systems for trains is expected to grow at the fastest growth rate among all the applications.
The North American market is expected to hold the largest market share in 2016. In North America, the radar security products are gaining momentum from various applications such as border security, ports and harbor security, critical infrastructure protection, and highway security systems.
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