WSi News2016-05-17 06:21:30
The global border security system market is expected to reach USD 52.95 Billion by 2022.
It is expected to grow at a CAGR of 7.16% between 2016 and 2022. The main drivers of this growth are need for advanced border security solutions technology and the rising territorial conflicts and geopolitical instabilities.
The market in the APAC is expected to grow at the highest rate owing to the the increased investment for strengthening the surveillance and weapon guidance capabilities by China, India, and Japan, and increased spending of governments to tackle terrorist attacks, infiltration, illegal immigration, and criminal activities.
Unmanned vehicles in the border security system would be the largest revenue generator among all, as these systems help in unprecedented situational awareness, precision targeting, communications relay delivery for fighting and defeating threats in difficult terrains and most demanding and unknown environments without risking human life, no crew to limit its range and endurance and the fear of being captured.
Biometric systems are expected grow at a CAGR higher than any other border security systems between 2016 and 2022 owing to the adoption of biometric systems on a large scale to tackle illegal immigration, human trafficking among others. Schemes such as development of national IDs, e-passports, and e-visas are expected to be the main drivers for it.
In the border security system market report, the ground-based systems held the largest percentage share. The major challenges faced by ground border security are conventional international disputes, cross-border infiltration, illegal migration, smuggling, and other forms of criminal activity. Ground border security is aimed at safeguarding lawful trade and travel and disrupting and dismantling transnational criminal and terrorist organizations on land.
In terms of the different geographic regions, North America holds the largest share of the border security system market, and the market in the APAC region is expected to grow at the highest CAGR between 2016 and 2022. The major driver for the market in the APAC region is the increased investment for strengthening the surveillance and weapon guidance capabilities by China, India, and Japan, and increased spending of governments to tackle terrorist attacks, infiltration, illegal immigration, and criminal activities.
The main restraint of the border security system market is the stringent regulatory environment. The use of border security system is subject to stringent rules and regulations of the respective region. The contractors of border security systems are expected to follow local and foreign laws and regulations. Failure by these contractors to comply with laws and regulations could result in administrative, civil, or criminal liabilities. This is expected to hinder the growth of the market
The major players in the border security system market are Lockheed Martin Corporation (U.S.), Raytheon company (U.S.), Northrop Grumman Corporation (U.S.), Thales SA (France), BAE Systems Plc (U.K.), FLIR systems, Inc. (U.S.), and Elbit systems Ltd. (Israel) among others. Lockheed Martin Corporation is inclined towards expansion of trade through supply contracts from the major militaries across the world. In 2015, Lockheed Martin Corporation received a contract from the Ministry of Defence of the Republic of Latvia to develop and deliver three TPS-77 Multi-Role Radars (MRR) for use in air surveillance and to complement the existing radar assets.
Source: Research and Markets http://www.researchandmarkets.com/research/lvwrrc/border_security
It is expected to grow at a CAGR of 7.16% between 2016 and 2022. The main drivers of this growth are need for advanced border security solutions technology and the rising territorial conflicts and geopolitical instabilities.
The market in the APAC is expected to grow at the highest rate owing to the the increased investment for strengthening the surveillance and weapon guidance capabilities by China, India, and Japan, and increased spending of governments to tackle terrorist attacks, infiltration, illegal immigration, and criminal activities.
Unmanned vehicles in the border security system would be the largest revenue generator among all, as these systems help in unprecedented situational awareness, precision targeting, communications relay delivery for fighting and defeating threats in difficult terrains and most demanding and unknown environments without risking human life, no crew to limit its range and endurance and the fear of being captured.
Biometric systems are expected grow at a CAGR higher than any other border security systems between 2016 and 2022 owing to the adoption of biometric systems on a large scale to tackle illegal immigration, human trafficking among others. Schemes such as development of national IDs, e-passports, and e-visas are expected to be the main drivers for it.
In the border security system market report, the ground-based systems held the largest percentage share. The major challenges faced by ground border security are conventional international disputes, cross-border infiltration, illegal migration, smuggling, and other forms of criminal activity. Ground border security is aimed at safeguarding lawful trade and travel and disrupting and dismantling transnational criminal and terrorist organizations on land.
In terms of the different geographic regions, North America holds the largest share of the border security system market, and the market in the APAC region is expected to grow at the highest CAGR between 2016 and 2022. The major driver for the market in the APAC region is the increased investment for strengthening the surveillance and weapon guidance capabilities by China, India, and Japan, and increased spending of governments to tackle terrorist attacks, infiltration, illegal immigration, and criminal activities.
The main restraint of the border security system market is the stringent regulatory environment. The use of border security system is subject to stringent rules and regulations of the respective region. The contractors of border security systems are expected to follow local and foreign laws and regulations. Failure by these contractors to comply with laws and regulations could result in administrative, civil, or criminal liabilities. This is expected to hinder the growth of the market
The major players in the border security system market are Lockheed Martin Corporation (U.S.), Raytheon company (U.S.), Northrop Grumman Corporation (U.S.), Thales SA (France), BAE Systems Plc (U.K.), FLIR systems, Inc. (U.S.), and Elbit systems Ltd. (Israel) among others. Lockheed Martin Corporation is inclined towards expansion of trade through supply contracts from the major militaries across the world. In 2015, Lockheed Martin Corporation received a contract from the Ministry of Defence of the Republic of Latvia to develop and deliver three TPS-77 Multi-Role Radars (MRR) for use in air surveillance and to complement the existing radar assets.
Source: Research and Markets http://www.researchandmarkets.com/research/lvwrrc/border_security
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