ALBANY, N.Y., Nov. 9, 2021
- Rising demand for advanced security solutions in industrial use cases is expected to fuel the growth of the security radar device market
- Features such as lightweight, flexibility, and compactness to offer extensive growth to the security radar device market
ALBANY, N.Y., Nov. 9, 2021 /PRNewswire/ --
Security Radar Device Market: Growth Summary
The demand for innovative solutions across the security technology sector coupled with growing crime rates and mandatory legal requirements is expected to boost the growth prospects of the security radar device market during the forecast period of 2021-2031.
An increase in the integration of conventional video surveillance systems with security radar to add accuracy and decrease false alarm rates is likely to build the growth trajectory of the security radar device market. Furthermore, the expansion of the industrial section in various regions will serve as a growth booster for the security radar device market. Growing concerns about maintaining security across various areas are also propelling the growth opportunities in the security radar device market.
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Transparency Market Research (TMR) has conducted an extensive research on various aspects related to the growth of the security radar device market. The TMR analysts estimate the global market for security radar device to expand at a CAGR of 5.4% during the forecast period of. The global security radar device market is prognosticated to reach US$ 935.6 Mn by 2031.
During the COVID-19 pandemic, eCommerce and online sales grew to a great extent. Thus, players are focusing on online channels rather than brick-and-mortar stores. The capability of security radar devices to pinpoint the exact position of the intruder is expected to offer lucrative growth opportunities to the global market. Moreover, players in the security radar device market are focusing on spreading awareness about the integration of radar with video cameras to develop complete surveillance capability. This integration enables the security radar devices to detect long-range targets and reduce false alarms. Therefore, all these factors will are projected to drive the growth rate of the security radar device market.
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Key Findings of Report
Emergence of Security Radar Devices as Feasible Alternative to Smart Home Security Solutions to Present Growth Opportunities
Security radar devices are penetrating the residential segment extensively due to their ideal characteristics as compared to other systems. Sensors in the security radar devices are more powerful than a conventional home security solution. Furthermore, a radar device offers full privacy to the user. These devices ensure the security of elder people, and at the same time, detect any untoward incidents such as falls and alert the concerned individuals. Thus, these aspects will prove to be beneficial for the growth of the security radar device market.
Increase in Monitoring of Large Spaces to Improve Growth Trajectory of Security Radar Device Market
The growing use of security radar devices for the monitoring of large spaces is likely to drive the global market. Players in the security radar device market are focusing on developing systems that are ideal for the monitoring of large and exposed spaces. Features such as wide detection angle and intruder detection features are being added to increase the overall demand for security radar devices in the monitoring of large spaces. Therefore, these factors are anticipated to drive the security radar device market during the forecast period.
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Some well-established players in the security radar device market are Hangzhou Hikvision Digital Technology Co. Ltd., Dahua Technology Co., Ltd, Honeywell International Inc., Axis Communications AB, and Avigilon Corporation.
Global Security Radar Device Market – Segmentation
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