Market Size of Border Security Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 10.49 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Border Security Market Analysis
The border security market is anticipated to grow from USD 35.25 billion in 2022 to USD 66.68 billion in 2028, registering a CAGR of 10.49% during the forecast period.
The outbreak of the COVID-19 pandemic had a severe impact on the global economy. However, defense spending in 2020 registered growth compared to 2019. The outbreak of the COVID-19 pandemic and the subsequent shutdowns affected the defense manufacturing sector and the pace of military R&D activities in several countries. The negative impacts of the pandemic were visible in the global defense supply chains, as several programs rely upon a unique global network of part suppliers.
The rising geopolitical instabilities and territorial conflicts are driving the demand for advanced border security solutions, worldwide. Moreover, the increasing procurement of surveillance aircraft, patrol aircraft, ground attack helicopters, transport helicopters, amphibious aircraft, marine vessels, and submarines for border security is expected to drive the growth of the border security market, during the forecast period. Additionally, the modernization of the existing border security infrastructure is providing new market opportunities for the border security market.
