“The ground penetrating radar market is primarily led due to growing demand for radars across the globe. Radar has high range of applications in various sectors such as automotive, military etc. which is majorly responsible for the market growth. In automotive sector, increasing focus on active safety to reduce rates of road accidents has transformed the emphasis of OEMs for developing and integrating advanced automotive radar systems. As per ‘Association for Safe International Road Travel’ (ASIRT), approximately 3,287 road accident deaths every day are reported worldwide. Evolving automotive technology and focus to decrease road mishaps, has increased expectations to use advanced systems in vehicles and thus, the use of automotive radar can improve vehicle safety which can increased the demand for GPR across the globe. Moreover, regulatory approval of future radar technology i.e. 79 GHz band radar in developing countries such as Mexico, India etc. offering rapid growth opportunities for the market in automotive sector.
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Growing Military Spending across the globe: Key Opportunity
Global military expenditure were totaled approx. $1.7 trillion in 2015, a rise of 1% in factual terms from 2014, as per figures from Institute SIPRI (the Stockholm International Peace Research). The increase of 1% growth in military spending happens due to constant growth in Asia and Oceania, some Middle Eastern states and Central and Eastern Europe. The reduction in spending in the West is also levelling off. The United States constantly by far the biggest spender in 2015 globally, although its expenditure declining by 2.4% to $596 billion. From the other highest spenders, China’s expenditure increased by 7.4% to $215 billion, Saudi Arabia’s increased by 5.7% to $87.2 billion and Russia’s grew by 7.5% to $66.4 billion.
Although reducing oil revenues, various other oil-exporting countries has constantly increase military expenditure in 2015. These countries are Saudi Arabia, Algeria, Viet Nam, Azerbaijan and Russia. They are involved in conflict or confronted with heightening regional pressures. Military expenditure in Asia and Oceania grew by 5.4% in 2015 and was deeply influenced by China. Intensifying tensions between China and other countries in the region supported to substantial increase in spending by the Philippines, Indonesia and Viet Nam. Thus, growing military spending describes the government focus on security concerns as well as border protection which leads the demand for ground penetrating radar.
North America-Major market region
North America is the major region for ground penetrating market. High military spending in the United States demonstrates U.S. government focus on safety measures which has increased the need for radar sensors in the region. Moreover, growing automotive industry coupled with high awareness regarding road safety measures in the region is also another factor encouraging the demand for ground penetrating radar in the region. Thus, these are some crucial driving factors encouraging the market demand.
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