New York, March 08, 2023 (GLOBE NEWSWIRE) -- The Global Border Security System Market size is set to reach US$ 43.6 billion in 2023. Between 2023 and 2033, global border security system sales will increase at 5.8% CAGR. This will take the global market valuation to US$ 76.9 billion by 2033.
Ground platform segment will continue to dominate the global border security system industry. The target segment is likely to progress at 5.7% from 2023 to 2033.
Rising territorial disputes and geopolitical unrest is creating need for new border security systems. Countries throughout the world are employing advanced border security systems on their borders. This will continue to provide impetus to the global market.
Increased acquisitions of unmanned aerial vehicles, unmanned ground vehicles, and unmanned underwater vehicles will also fuel market expansion. The continuing modernization of border security infrastructure will foster border security system sales.
Military forces are becoming more conscious of the growing usage of intelligent surveillance systems. This is due to the growing need for better border security and safety.
High government spending on military & defense will foster market development. Large amounts are being spent by government to improve border security infrastructure. This will create lucrative growth opportunities for border defense system manufacturers.
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Key Takeaways from Border Security System Market Report:
- Global border security system sales will rise at 5.8% CAGR through 2033.
- By platform, ground border security system segment is set to expand at 5.7% CAGR.
- Demand for unmanned vehicles is likely to rise at 5.6% CAGR over the next ten years.
- The United States border security system market is set to reach US$ 24.8 billion by 2033.
- Border security system sales across Japan will increase at 5.3% CAGR through 2033.
- Border security system market in China is likely to top a valuation of US$ 6.0 billion by 2033.
- Border security system demand in South Korea is forecast to surge at 6.2% CAGR.
“Increasing tension between countries is forcing them to enhance their border security. As a result, they are installing/employing cutting-edge security systems at borders. This will boost the global border security system market through 2033.” Says a lead Persistence Market Research analyst.
Who is Winning?
Elbit Systems, Northrop Grumman Corporation, Raytheon Company, Thales SA, Flir Systems, Lockheed Martin Corporation, BAE Systems PLC, Moog Inc., Controp Precision Technologies Ltd., and Airbus Group SE are few of the key border security system manufacturers.
Key companies are upgrading their portfolios by launching novel security solutions. They are also employing strategies such as mergers and acquisitions to expand their customer base.
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Recent Developments:
- In June 2022, Raytheon Technologies, a United States of America-based company, introduced a new radar for medium-range air defense. This radar is made in partnership with Kongsberg Defence and Aerospace.
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Persistence Market Research, in its new offering, presents an unbiased analysis of the border security system market, presenting historical market data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in the border security system market based on Platform (Ground, Aerial, and Naval), and system type (Radar Systems, Laser Systems, Camera Systems, Intelligent Fencing Systems, Unmanned Vehicles, Wide-Band Wireless communication systems, command and control systems, and Biometric Systems) across several regions.
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