Key Companies Covered in the Global Ground Surveillance Radar (GSR) Systems Market Research Report by Research Nester are Saab AB, Thales SA, Lockheed Martin Corporation, Raytheon Company, FLIR Systems Inc., Israel Aerospace Industries Ltd., Kongsberg Gruppen, DeTect Inc., SRC Inc., Elbit Systems Ltd., and other key market players.
New York, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Ground Surveillance Radar (GSR) Systems Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
Market growth over the forecast period
Key market players and their detailed profiling
Global Ground Surveillance Radar (GSR) Systems Market Size:
The global ground surveillance radar (GSR) systems market is estimated to grow at a CAGR of ~7% over the forecast period. Growing usage of GSR in army and marine applications to monitor military installations, borders, and refineries are anticipated to be the key factors for the market's expansion over the years. Along with this, the higher spending on defense among developed and developing regions across the world is estimated to drive market growth. It was noticed that the developed economy in Europe's U.K. has increased its defense spending to around USD 22 billion for shipbuilding, space exploration, and cyber security in 2020.
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Moreover, it is anticipated that expanding GSR usage in civil applications, including anti-collision systems for trains and highway safety systems for automobiles, considering the higher death cost on account of automobile crashes across the world is predicted to present lucrative market prospects over the ensuing years. For instance, the total spending towards vehicle crash deaths in Florida in one year was over USD3.15 billion. Additionally, the rising stringent government rules regarding vehicle safety and anti-collision systems are anticipated to boost the market growth during the forecast period.
Global Ground Surveillance Radar (GSR) Systems Market: Key Takeaways
North America region gains the largest portion of the revenue
Aerospace & defense segment to dominate the revenue graph
Long-range segment remains prominent in the product type category
Growing Geopolitical Instabilities and Rising Investment in Research and Development to Boost Market Growth
The rising territorial disputes and geopolitical unrest in the Asia Pacific and the Middle East regions, as well as the military’s strong emphasis on replacing antiquated systems with radar ones, are anticipated to propel market expansion in the near future. For instance, China alone was engaged in around 15 marine and land-based territorial conflicts with its neighbors as of July 2020, including Taiwan, the Philippines, Indonesia, Vietnam, Japan, and South Korea.
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Moreover, the rising investments by government bodies into emerging technological advancements for military hardware and increasing spending on research and development activities to develop more reliable military and defense equipment are estimated to boost the market growth throughout the forecast period. It was found that in 2020, the UK government stated to invest a record-breaking amount of USD 6 billion in military research and development, including a commitment to further invest in the future combat aviation system, which will support military modernization.
Global Ground Surveillance Radar (GSR) Systems Market: Regional Overview
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 and Africa region.
Increasing Investment in Defense Systems to Drive Growth in the Asia Pacific Region
On the back of rising investments in air missile systems and ballistic missiles, the market in the Asia Pacific is anticipated to experience noteworthy growth over the forecast period. It was found that the Indian government has sealed a deal worth USD 393 million with Bharat Dynamics Limited (BDL) for the supply of Konkurs-MAnti-Tank guided missiles to the Indian Army. Additionally, geopolitical instability among the various economies of the region is also anticipated to contribute to market growth in the region over the forthcoming years.
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High Military Spending to Drive Growth in the North America Region
On the other hand, the market in North America region is estimated to grab the largest market share over the forecast period owing to high military spending and the strong presence of prominent market players in the regions. For instance, US military spending was anticipated to be around USD 780 billion in 2020, an increase of 4.5% from the previous year. The USA, which is the top military spender in the world, was responsible for around 40% of all military spending in 2020. The US military budget increased for the third year in a row. Moreover, the region’s increasing investment in to research and development for the development of new and highly reliable military machines and equipment is anticipated to drive market growth during the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
North America (U.S., Canada)
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Ground Surveillance Radar (GSR) Systems Market, Segmentation by Application
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Out of these, the aerospace & defense segment is predicted to hold the largest market share over the forecast period as militaries placing more focus on the automation and downsizing of security systems. In addition, rising expenditures in the aerospace and military industry for technological developments in the area of border security and increasing spending by various regions on border patrolling and security are anticipated to support the segment's growth over the forthcoming years. It was noticed that between the fiscal years 1990 and 2020 in the United States, the activities of the border patrol program received about USD4 billion from the U.S. government
Global Ground Surveillance Radar (GSR) Systems Market, Segmentation by Product Type
Among these, the long-range segment is estimated to acquire the largest market share during the forecast period owing to the rising demand for long-range radar security systems for air surveillance systems, air mapping systems, and weapon control systems. It was found that the department of R&D announced in May 2022, that India will soon have an early warning, electronically scanned array with a long-range research radar system that can have a search range up to 1000km.
Few of the well-known market leaders in the global ground surveillance radar (GSR) systems market that are profiled by Research Nester are Saab AB, Thales SA, Lockheed Martin Corporation, Raytheon Company, FLIR Systems Inc., Israel Aerospace Industries Ltd., Kongsberg Gruppen, DeTect Inc., SRC Inc., Elbit Systems Ltd., and others.
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Recent Developments in the Global Ground Surveillance Radar (GSR) Systems Market
In August 2021, Saab showcased the New Combat Boat 90 Next Generation (CB90 NG) at Defense and Security Equipment International (DSEI) in 2021. This CB90 NG is designed to swiftly transport marines and other forces. CB90 is renowned for the ease by which troops can rapidly get on-shore and depart again.
In July 2021, the first flight of a half-scale prototype of Thales' UAS 100 long-range unmanned air system was successfully completed. The UAS100 will assist in meeting the demand for more affordable drone missions with less of an impact on the environment.
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