The prime vendors in the global border security market are Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), BAE Systems Plc (UK), Thales Group (France), Elbit Systems Ltd (Israel), FLIR Systems, Inc. (US), and General Dynamics Corporation (US).
Global LNG Bunkering – Insights
Many markets globally are potentially facing higher burdens of profit and share building in the year 2020 due to the Coronavirus pandemic. With the present status, the global border security market 2020 expects to get relief from the deadly pandemic through ongoing investments and constant activities done by various investors. On this Market Research Future attempts to bring a study that the global border security market is screening signs to gain profit worth USD 65,150.01 million by 2025 if the market would grow at a pace of 7.16% in the years 2019–2025—the forecasted period.
Border Security Growth Boosters
The mounting geopolitical instabilities and territorial conflicts are motivating the demand for advanced border security solutions, worldwide and profiting the global border security market. The upcoming procurement of surveillance aircraft, ground attack helicopters, patrol aircraft, marine vessels, amphibious aircraft, transport helicopters, and submarines for border security are likely to motivate the growth of the border security market, during the forecast period.
According to the recent study conducted, the modernization of the existing border security infrastructure is proposing new-fangled market opportunities for the border security market, which is introducing more and more opportunities to enter from all over the world to enhance products as it is seen that despite clearly defined boundaries, many maritime disputes have become common in places where countries compete over inhabited and uninhabited islands. Many military superpowers, such as Britain, the United States, Germany, Russia, China, and Japan, have borders surrounded mostly by seas. Therefore, in the wake of all these issues, countries are focusing more on protecting its sea-based borders. With escalating threats over international waters, countries are focusing on developing surveillance over the sea, which is expected to drive the sea-based platforms, to register the highest growth in the border security market, during the forecast period.
At the same time, the market’s growth is also driven by instability across borders due to rising geopolitical instabilities and territorial disturbances. Military and defence forces are actively adopting unarmed defence system, fueling the necessity of advanced border security. This is also pushing up the border security market to gain more prominence as demand for advanced one has scored up in recent years.
In contrast, the factors such as declining defence budgets of developed countries such as the US and rigorous government regulations about the manufacturing of border security systems might hamper the growth of the market in the forecasted period.
In terms of the platform segment, the border security market has included aerial, ground, and naval. The ground segment grabbed the larger market share in 2018 and is now likely to record a towering CAGR during the forecast period. Ground-based border security systems include radar, cameras, laser, and others. The budding investment made by developing countries such as China and India in developing and procuring advanced ground-based border security systems to offer improved security to citizens is motivating the segment growth.
In terms of system segment, the global market has included radar, laser, wideband wireless communication, camera, unmanned vehicles, perimeter intrusion, biometric systems, C2C, and others. The radar segment led the market in the year 2018. However, the biometric systems segment might expand at the highest CAGR during the forecast period. The rising adoption of biometric systems by various countries such as the US and the UK to track illegal activities is motivating the segment growth.
Currently, Asia-Pacific has the peak share in the border security market owing to ongoing border issues between India – China, India – Pakistan, and China-Japan, among others. China is one of the most named countries in Asia that has territorial issues with India, Taiwan, Malaysia, North Korea, Indonesia, South Korea, the Philippines, Japan, and Vietnam.
Countries such as Vietnam, the Philippines, and Australia, among others, are upgrading their border forces for intercepting, detecting, and deterring people smuggling ventures. Mounting collaborations between countries, like China and Pakistan, India, and the United States, to protect its territories, are chiefly contributing factors for the growth of the border security market in the region.