According to a new report, the global border security systems market was estimated to be worth $45.9 billion in 2022 and is projected to reach $70.5 billion by 2030.
As outlined by ResearchAndMarkets, the market will grow at a compound annual growth rate (CAGR) of 5.5%.
The report highlights that the ground segment of the border security systems market is projected to record a 5.3% CAGR and reach $38.4 billion by the end of the forecast period.
Additionally, the report says that taking into account the ongoing post pandemic recovery, growth in the aerial segment has been readjusted to a revised 6% CAGR for the next eight-year period.
In terms of geographic growth, the report says that in 2022 the US market was estimated at $21 billion and Canada is expected to grow at a CAGR of 4.9% until 2030.
Some of the top vendors and suppliers in the border security systems market listed in the report include Elbit Systems Ltd., FLIR Systems Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon and Thales SA.