Rising at 5.4% CAGR, Security Radar Device Market to Hit $935.6 million by 2031

Security Radar Device Market: Introduction

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.

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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.

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.

Rapid Technological Advancements in Security Radar Devices: Key Driver of Security Radar Device Market

Technological advancements in security radar devices has been increasing for the past few years. This is due to the demand for innovative solutions for the field of security technology, increasing crime rates, and stringent legal requirements. Hence, manufacturers are investing in research & development to cater to consumer needs and gain competitive advantage.

Presently, manufacturers are emphasizing on extensive research & development for the launch of smart security radar, which utilizes advanced radar technology to offer an extensive area coverage while providing position and speed of an object. These are employed in industrial areas for various applications. These technological developments for security radar are fueling the market.

Thus, demand for security radar devices is estimated to increase over the next few years, and major players in the security radar device market are utilizing the economies of scale to cater to the rising demand

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Security radars are employed to detect unwanted objects in target areas. However, devices have low efficiency in highly clustered areas due to eco signals. These eco signals reduce the accuracy of radar to catch radio frequencies. Thus, the security radar fails to detect the movement and interface of unwanted objects in these areas. Moreover, increasing cyber warfare across regions is estimated to hinder the functionality of radar security. Additionally, higher initial investment associated with development and manufacturing of security radar devices is expected to hamper the market.

Adoption of Security Radar Devices Over Smart Home Security Solutions

Security radar devices are multifunctional devices that have applications such as border control and critical infrastructure protection. These devices are compact, lightweight, and can be flexibly mounted. Therefore, they are being increasingly employed in monitoring applications across industrial infrastructures such as manufacturing facilities and warehouses.

Concerns about security have been increasing across the globe; hence, industrial players emphasizing on the enhancement of their perimeter security systems. This factor is augmenting the opportunities for security radar device manufacturers.

Moreover, integration of conventional video surveillance systems with security radar to enhance accuracy and reduce false alarm rate have increased in the last couple of years, thereby driving the security radar device market

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