Market Trends of Border Security Industry
The Sea Segment to Showcase Significant Growth During the Forecast Period
Maritime security requires appropriate border control measures along maritime border crossing points to help countries better deal with transnational organized crime, including piracy, terrorism, migrant smuggling, trafficking in persons, and arms proliferation. Despite clearly defined boundaries, maritime disputes are common where countries compete over inhabited and uninhabited islands. Many military superpowers, such as the United States, United Kingdom, Germany, France, China, Russia, and Japan, have borders surrounded mainly by seas. There are many disputes in the South China Sea among China, Taiwan, Vietnam, the Philippines, and Malaysia, which have overlapping claims.
In line with these challenges, countries are increasing their respective military expenditures to prioritize their focus on protecting their sea-based borders. With increasing threats over international waters, countries are focusing on developing their surveillance over the sea, which is expected to drive the sea-based platform segment to register the highest growth in the market during the forecast period.
Asia-Pacific Holds the Largest Market Share
The market growth in Asia-Pacific is mainly due to increasing warfare, growing terrorism, and ongoing cross-border disputes between India, China, and Pakistan. China is one of Asia's most significant countries, with territorial problems with Taiwan, India, North Korea, Malaysia, Indonesia, South Korea, Japan, and Vietnam.
In addition, governments across Asia-Pacific countries are taking significant steps to secure their borders. For instance, India's defense budget for FY 2022-23 focused on maritime security and border infrastructure development. The Ministry of Defence allocated a total budget of USD 70.23 billion, 13.31% of the total Union budget. The capital allocations for modernization and infrastructure development of armed forces were increased to USD 20.33 billion, an increase of 12.82% over FY 2021-22. The capital budget was hiked by 47.37% over 2019-20 after clashes with Pakistan and China. Governments are increasingly trying to secure their borders amid disputes with enemy countries, driving market growth across the region.
