A MicroMarket Monitor report forecasts the North American security and surveillance radar market to be worth up to $2.03 billion in 2019, a compound annual growth rate of 4.64 percent over the next five years.
The market research firm said Sunday that the region would keep its status as the top spender on security and surveillance radar systems, with $1.6 billion spent by the end of this year.
MicroMarket Monitor identified the market’s key players as including Exelis, Finmeccanica, Honeywell International, Kelvin Hughes, Lockheed Martin, Northrop Grumman, Rockwell Collins, Saab and Thales.
The report also highlights the market’s segmentation into airborne, maritime and land-based platforms and civil and defense applications, as well as the spending activity per segment, market share, supply and value chain and spending drivers and restraints.
According to MicroMarket Monitor, these security and surveillance radars are mainly used for search-and-rescue and drug interdiction operations.