Research and Markets predicts that the radar security market will continue growth to reach a value of $25.17 billion by 2022 at a compound annual growth rate of 5.9 percent as demand for the technology increases.
Countries interested in radar security systems to protect their borders and critical infrastructure will help drive market growth, the market research company said Monday.
Research and Markets also noted that human trafficking, illegal immigration, smuggling activities and the drugs trade will contribute to the adoption of radar security technology for border security, which is expected to have the largest share of the market by 2022.
Highway safety and anti-collision systems are predicted to have the fastest growth in radar security adoption, with North America as the largest market in 2016, the report said.
Companies mentioned in the report include:
- Blighter Surveillance Systems
- Detect Inc.
- Elbit Systems
- Flir Systems
- Israel Aerospace Industries
- Kelvin Hughes
- Kongsberg Gruppen
- Lockheed Martin
- Src Inc.