GSR Systems Market Trends
Growth Drivers
- Growing Terrorism– On account of the increasing threat of terrorism, governments and security agencies are looking to improve their surveillance and monitoring capabilities to prevent and mitigate potential security risks, which as a result is expected to expand the market more in the upcoming years. According to estimates, there were over 9,000 terrorist acts in 2020, and more than 25,000 terrorist-related deaths globally.
- Rising Demand for Border Protection – The use of cutting-edge technologies, such as ground surveillance radar systems, to identify and track potential security threats is growing as nations are looking to improve border security, which in turn is estimated to drive market growth. In 2021, the U.S. Border Patrol reported more than 1 million interactions with migrants along the border with Mexico.
- Increasing Industrialization – It is expected that surging industrial activities across the globe are predicted to increase the demand for ground surveillance radar systems as they are used to monitor infrastructure and industry, including pipeline leak detection, traffic flow, and building structural integrity. According to the most recent data, in India industry is the end-use sector that currently uses the most energy, and its share in total final consumption will rise over 35% by 2040
- Surging Marine Sector – As the marine industry grows, there is likely to be an increase in shipping traffic, which is anticipated to drive the market growth. As of 2020, the export of marine products in India climbed over 1 MMT, exhibiting an annual growth rate of more than 6%
Challenges
- Exorbitant Development Cost of Ground Surveillance Radar Systems- The high price of ground surveillance radar systems is one of the major factors predicted to slow down the market growth. For instance, the design, construction, and testing of ground surveillance radar systems necessitate intensive research and development activities. This can be a labor-intensive and costly operation that calls for specific knowledge, supplies, and tools.
- Growing Cyber WareFare
- Rising Electromagnetic Jamming Interference
Ground Surveillance Radar (GSR) Systems Market: Key Insights
Regionally, the global ground surveillance radar (GSR) systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing investments in air missile systems and ballistic missiles. In addition, geopolitical instabilities between economies are also projected to fuel the market growth in the region in the coming years. Moreover, the market in North America is expected to grab the largest share during the forecast period owing to the high military spending, and strong footprint of major market players in the region. In 2020, the military spending in the United States accounted for a value of more than USD 750 billion, up from USD 720 billion in 2019 and USD 700 billion in 2018, respectively.
The global ground surveillance radar (GSR) systems market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
7.9% |
|
Base Year Market Size (2024) |
USD 38.42 billion |
|
Forecast Year Market Size (2037) |
USD 103.24 billion |
|
Regional Scope |
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