According to recent Study by Research Nester, the global Ground Surveillance Radar (GSR) Systems Market Size is expected to surpass more than USD 55 Billion by 2035 and is projected to expand at a CAGR of 8% from 2023 to 2035.
Growing Terrorism to Promote Global Market Share of Ground Surveillance Radar (GSR) Systems
The global ground surveillance radar (GSR) systems market is estimated to grow majorly on account of the increasing attacks by terrorists around the globe. For instance, governments and security agencies are attempting to enhance their surveillance and monitoring capabilities to avoid and minimize any security concerns as a result of the growing threat of terrorism. As a result, the market is anticipated to grow more in the years to come. In 2020, there were predicted to be over 9,000 terrorist attacks and more than 25,000 fatalities associated with terrorism worldwide.
The global ground surveillance radar (GSR) systems market is estimated to grow majorly on account of the increasing need for border protection. Modern technology is increasingly being used to identify and monitor potential security concerns, such as ground surveillance radar systems, as countries seek to strengthen border security, which is predicted to promote market expansion. The United States Border Patrol reported more than 1 million encounters with migrants along the Mexican border in 2021.
Some of the major growth factors and challenges that are associated with the growth of the global ground surveillance radar (GSR) systems market are:
- Growing Marine Industry Globally
- Rising Technological Advancements
The high cost of GSR systems and the increasing cyber ware fare are some of the major factors anticipated to hamper the global market size of ground surveillance radar (GSR) systems. One of the key elements projected to impede the market’s growth is the cost of GSR systems. For instance, ground surveillance radar system design, development, and testing demand significant research and development efforts. This can be a time-consuming, expensive process that necessitates specialized skills, materials, and equipment.
By application, the global ground surveillance radar (GSR) systems market is segmented into home security, aerospace & defense, critical infrastructure, and others. The aerospace & defense segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth can be attributed to growing investment in the aerospace and defense sector around the world. For instance, aerospace and defense companies may decide to invest in the creation of cutting-edge ground surveillance radar systems to enhance their monitoring and intelligence capabilities and respond to new security threats. Moreover, ground surveillance radar systems are essential for aerospace and defense operations since they are used for a variety of functions, such as spotting and tracking enemy movements and providing situational awareness to military personnel. The total amount spent on militaries worldwide increased by more than 0.5% in 2021. The top five spenders in 2021, which together accounted for more than 60% of expenditures, were the US, China, India, the UK, and Russia.
By region, the North American ground surveillance radar (GSR) systems market is to generate the highest revenue by the end of 2035. This growth is anticipated by increasing spending in the military. The market for GSR systems is anticipated to rise along with increased military spending in the region as military organizations work to enhance their surveillance and intelligence capabilities to counter evolving threats and challenges. To stay ahead of potential adversaries, military groups in the region are also likely to upgrade their current equipment or buy new ones.
For instance, the United States is by far the largest military spender in the world, accounting for around 40% of all military expenditures in 2020. China, at more than USD 250 billion, is still far behind. Other factors that are projected to support market expansion in the region include the rising safety concerns in the area and the presence of significant market players. The United States had the highest military budget in 2021, spending over 800 billion dollars on its armed forces.
Top players include in the global ground surveillance radar (GSR) systems market are Saab AB, Thales SA, Lockheed Martin Corporation, Raytheon Company, FLIR Systems Inc., and others.