ID: MRFR/A&D/1131-CR | September 2019 | Region: Global | 103 pages
Border security is required to protect the country and international borders from illegal activities such as illegal movements of drugs, weapons, and contraband. Border security systems such as radar, camera, and lasers offer capabilities such as enhanced surveillance capabilities, precise target location, and real-time images of the targets. These capabilities assist security forces in offering enhanced safety to the citizens and keep the borders secured.
Factors such as rising territorial conflicts and geopolitical instabilities and the growing adoption of unmanned system solutions by military and defense forces are expected to drive the market growth. However, declining defense budgets of developed countries such as the US and stringent government regulations regarding the manufacturing of border security systems might hamper the growth of the market.
Hence, the global border security market is projected to reach USD 65,150.01 million by 2025, growing at 7.16% CAGR during the forecast period.
Segmentation of the Global Border Security Market
By platform, the border security market comprises ground, aerial, and naval. The ground segment accounted for the larger market share in 2018 and is expected to register a higher CAGR during the forecast period. Ground-based border security systems include radar, laser, cameras, and others. The growing investment made by developing countries such as China and India in developing and procuring advanced ground-based border security systems to offer enhanced security to citizens is driving the segment growth.
Based on system, the global market has been segregated into laser, radar, camera, wideband wireless communication, perimeter intrusion, unmanned vehicles, C2C, biometric systems, and others. The radar segment dominated the market in 2018. However, the biometric systems segment is expected to grow at the highest CAGR during the forecast period. The growing adoption of biometric systems by various countries such as the US and the UK to track illegal activities is driving the segment growth.
Based on the region, the market has been categorized as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America led the market in 2018. However, the market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period. Rising defense expenditure of countries such as China and India and growing territorial conflicts in the region are driving the market growth in the region.
The key players in the global border security market are Raytheon Company (US), Northrop Grumman Corporation (US), Lockheed Martin Corporation (US), Thales Group (France), BAE Systems Plc (UK), FLIR Systems, Inc. (US), Elbit Systems Ltd (Israel), Cobham PLC (UK), Leonardo SpA (Italy), and General Dynamics Corporation (US).
The market values and forecasts are derived using MRFR research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
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Frequently Asked Questions (FAQ) :
The global border security market is anticipated to acquire the market value of USD 65,150.01 million by 2025.
The global border security market is expected to expand at a CAGR of 7.16% by 2025.
The ground-based segment comprises radar, laser, cameras, and others.
The APAC market is expected to grow at the highest CAGR during the review period owing to the increasing defense expenditure of countries such as; India and Chin
Raytheon Company (U.S.), Cobham PLC (U.K.), Lockheed Martin Corporation (U.S.), and General Dynamics Corporation (U.S.) are some of the renowned players of the global border security market.