NEW YORK, July 7, 2020
- FinancialBuzz.com News Commentary
NEW YORK, July 7, 2020 /PRNewswire/ -- Defense technology is one of the largest and rapidly evolving markets. As concerns over security and threats continue to rise, defense manufacturers are working to develop new, innovative technology to combat various acts of terror and other potential threats to public safety. The cost for these new state-of-the-art technologies is also rising, and governments have to increase their spending in order to lock in contracts and supply their specific military branches. Countries such as China, Israel, Russia, and the U.S. allocate a significant portion of their budgets into defense. Additionally, the increasing demand for surveillance systems at public and commercial locations also fuels the growth of the market. And, according to data compiled by Global Market Insights, the global defense market is expected to reach USD 10.5 Billion by 2023 while displaying a CAGR of 6.1%. First Responder Technologies Inc., Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), Raytheon Technologies Corporation (NYSE: RTX), Cubic Corporation (NYSE: CUB), Axon Enterprise, Inc. (NASDAQ: AAXN)
Threat-detection technologies are an important segment of the industry. The threat detection system market itself is segmented into the public infrastructure sector and the commercial sector. The public infrastructure sector is expected to dominate the market as high demand for threat detection devices in airports, railway stations, sports stadiums, shopping malls, pilgrimages, and others is expected to drive the sector. The North American threat detection systems market, being the most technically advanced region, is anticipated to grow significantly in the future, due to the presence of leading market organizations, such as RAE Systems, FLIR Systems, etc.
First Responder Technologies Inc. announced back in May that, "it has acquired a Patent Cooperation Treaty ("PCT") patent application pertaining to body-mounted threat detection technology.
The PCT patent application, entitled 'Body-Mounted Threat Detection System and Methods of Using Same', represents an important step in expanding the Company's intellectual property portfolio. The patent application addresses a body-mounted threat detection system for detecting threatening objects carried by a suspect (the "Body Worn Application").
'The Company would like to extend its sincere thanks to its founder and Chairman, Mr. Kulwant (Kal) Malhi for assigning his innovative vision for body-mounted threat detection to the Company's growing portfolio of intellectual property. First Responder remains very much the product of Mr. Malhi's passion, based on his early career experience as a front-line police officer, to develop new inventions that enhance public safety, while reducing the harm to First Responders,' said Robert Delamar, the Company's CEO.
The Company continues to advance a robust program of research and development, including the recent announcement of an AI-based open-carry weapons detection camera, which the Company anticipates the Body Worn Application may complement over time.
The PCT is an international patent law treaty, which provides a unified procedure for filing patent applications to reserve the right to protect inventions in each of its member states. There are 153 contracting states within the PCT, including the jurisdictions of the United States, Japan, member states of the European Union, the United Kingdom, Canada, Australia, New Zealand, China, Brazil, Russia, India, as well as many others.
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a National Security Solutions provider, announced last week that it has recently received approximately $30 million in contract awards for Command, Control, Computing, Communication, Combat, Intelligence, Surveillance and Reconnaissance (C5ISR) Systems, focused primarily on missile defense related combat systems. Kratos is an industry leader in the rapid development, demonstration and fielding of affordable leading technology products and solutions in support of the United States and its allies' national security missions. Kratos C5ISR Modular Systems Business is an industry leader in manufacturing, producing and delivering C5ISR Systems for Missile, Radar, High Power Directed Energy, Ballistic Missile Defense, Unmanned Aerial Vehicle, Chemical, Biological, Radiation, Nuclear and High Explosive (CBRNE) and other programs and applications. Work under these recent program awards will be performed at secure Kratos manufacturing and production facilities. The majority of the performance under these contract awards will be completed over the next 24 months. Due to customer, competitive and other considerations, no additional information will be provided related to these U.S. National Security related program awards.
Raytheon Technologies Corporation (NYSE: RTX) announced last month that it has received a $2.3 billion U.S. Missile Defense Agency production contract for seven gallium nitride (GaN)-based AN/TPY-2 radars as part of the Terminal High Altitude Area Defense (THAAD) system, which is designed to protect against incoming ballistic missile threats. The contract is part of a foreign military sale to the Kingdom of Saudi Arabia. "These highly capable X-band radars are the sharpest eyes in the global missile defense system," said Bryan Rosselli, vice president of Strategic Missile Defense at Raytheon Missiles & Defense. "The addition of GaN technology delivers capability for threats to be detected, tracked and discriminated with improved radar reliability." The mobile AN/TPY-2 missile defense radar uses X-band to clearly see ballistic missile threats. The radar system operates in two modes: forward-based mode — which detects ballistic missiles and identifies any lethal objects as they rise after launch — and terminal mode as part of the THAAD system, which guides interceptors toward a descending missile's warhead.
Cubic Corporation (NYSE: CUB) reported in earlier years that Cubic Mission Solutions, a business division of Cubic Corporation received a three-year extension award of $1.4 million from UAV Tactical Systems Ltd. (U-TacS) to provide additional Tactical Common Data Links for U.K. Ministry of Defence's Watchkeeper Unmanned Aircraft System (UAS) program. The Watchkeeper program, which is recognized as Europe's largest and most extensive UAS program, provides U.K. armed forces with essential Intelligence, Surveillance, Target acquisition and Reconnaissance. The Watchkeeper system provides continuous surveillance in all weather conditions and eliminates the need to deploy aircrews into sensitive or harmful environments. U-TacS is responsible for development, integration, test flights and manufacture of the UAS' subsystems, including unmanned aircraft, ground control station and other systems.
Axon Enterprise, Inc. (NASDAQ: AAXN) announced back in April that it has entered into a commercial partnership with Flock Safety, a venture-backed provider of advanced security for neighborhoods and law enforcement. Axon is making it easier and more cost effective for police departments to deploy a network of both fixed and mobile automated license plate reader (ALPR) capabilities by offering Flock Safety's industry-leading fixed ALPR solution alongside Axon's upcoming Axon Fleet 3 in-car video and mobile ALPR solution. Last year, Axon announced plans to develop and integrate ALPR capability into its Axon Fleet 3 in-car video system. Axon is improving the traditional ALPR model by leveraging AI to reduce cost, making it affordable for police departments to deploy ALPR in every vehicle. Axon is ethically designing its ALPR solution to improve data security, transparency, and privacy relative to historical legacy solutions.
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