Report : Border Security Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Environment (Ground, Aerial, and Underwater) and System (Laser Systems, Radar Systems, Camera Systems, Perimeter Intrusion Detection Systems, Unmanned Vehicles, Wide-band Wireless Communication Systems, Command and Control (C2) Systems, Biometric Systems, and Others)
According to our latest market study on “Border Security Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Environment ( Ground, Aerial, and Underwater ) and System ( Laser Systems, Radar Systems, Camera Systems, Perimeter Intrusion Detection Systems, Unmanned Vehicles, Wide-band Wireless Communication Systems, Command and Control (C2) Systems, Biometric Systems, and Others ),” the market was valued at US$ 44,271.21 million in 2020 and is expected to reach US$ 69,750.88 million by 2028, it is anticipated to grow at a CAGR of 6.2% during 2021–2028.
A constant rise in territorial conflicts and geopolitical instabilities is the major factor driving the demand for advanced border security solutions across the world. Further, the mounting procurement of patrol aircraft, marine vessels, surveillance aircraft, transport helicopters, amphibious aircraft, ground attack helicopters, and submarines for enhanced border security is anticipated to drive the growth of the border security market during the forecast period. Also, increasing modernization of the current border security infrastructure is propelling the growth of the border security market worldwide. Along with this, several companies are focusing on making significant investments in research and development of advanced weapons system technology that can further strengthen the border security systems deployed by a country. For instance, the advent of recent technological developments has led to an unprecedented growth in the demand for unmanned vehicles for surveillance and border security requirements.
The deployment of advanced weapon systems is increasing among military forces and defense agencies to gain enhanced intelligence, security, surveillance, and safety. Rising geopolitical instabilities, territorial conflicts, and need for the procurement of advanced border security solution technologies are among the key factors boosting the growth of border security market. Moreover, the APAC border security market is growing at the highest rates owing to the increasing government budget to mitigate illegal immigration, terrorist attacks, criminal activities, as well as tackling infiltration. The application of the border security system has witnessed stringent laws and rules formed by individual governments, wherein the border security system suppliers must adhere to foreign and local norms and regulations, which, in turn has forced the criminal, civil, and administrative liabilities and hampered the market growth.
Lockheed Martin Corporation; Thales SA; Flir Systems, INC.; Bae Systems Plc; Elbit Systems; Northrop Grumman Corporation; Saab AB; Leonardo; Israel Aerospace Industries Ltd.; and Safran are among the key players that are profiled during the study of the global border security market. In addition, several other essential market players have also been studied and analyzed to get the holistic view of the market and its ecosystem.
Impact of COVID-19 Pandemic on Border Security Market
The outbreak of the COVID-19 has severely impacted the defense, aerospace, aviation and other related industries. The emergence of COVID-19 virus across the globe which led to lockdown scenarios has led to unprecedented series of border closures across the globe. This disruption is expected to leave an impact on the defense industry through till mid-2021. With the rising concern of health of the general public, governments across nations are focused on investments on healthcare and related industries and there has been a shift of budget allocation from defense to healthcare. However, the pandemic has proved that careful coordination is required between all border agencies to ensure effective security measures. Moreover, demand for defense related products such as border security systems will remain unaffected as the budgets for defense related projects had been allocated prior to the pandemic and the projects are extremely critical to national defense.
The report segments the global border security market as follows:By Environment