Transparency Market Research delivers key insights on the global security radar device market. In terms of revenue, the global security radar device market is estimated to expand at a CAGR of 5.4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global security radar device market.
The global security radar device market is broadly affected by several factors, including an increase in the demand for advanced security solutions in industrial use cases. Thus, the expansion of applications of the security radar device in the industrial sector is propelling the global security radar device market.
Security Radar Device Market: Dynamics
Security radar devices are the multifunctional devices that have applications such as border control and critical infrastructure protection. These devices are compact, lightweight, and can be flexibly mounted. Consequently, they are increasingly being used in monitoring applications across industrial infrastructures such as manufacturing facilities and warehouses. Increasing security concerns across the globe is prompting industrial players to emphasize on the enhancement of their perimeter security systems. This factor is augmenting the opportunities for security radar device manufacturers.
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Moreover, the integration of conventional video surveillance systems with security radar to enhance accuracy and reduce false alarm rate, which has increased in the past couple of years, thereby driving the security radar device market.
Security Radar Device Market: Prominent Regions
The security radar device market in North America is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and expansion of the industrial sector in the region. The security radar device market in North America is projected to expand further due to a significant rise in the rate of adoption of security radar devices among residential customers. Additionally, the increase in investments in defense equipment by the Government of the U.S. is boosting the market; hence, the market in the region is projected to reach a value of US$ 356.9 Mn by 2031. The security radar device market in Europe is likely to expand at a notable CAGR of 4.9% during the forecast period, owing to the presence of a significant number of players manufacturing security radar devices in the region.
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Security Radar Device Market: Key Players
Key players operating in the global security radar device market are Axis Communications AB, Hangzhou Hikvision Digital Technology Co. Ltd., Honeywell International Inc., Kelvin Hughes limited, Dahua Technology Co., Ltd, Avigilon Corporation, and Sensurity Ltd.
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