NEW YORK, November 29, 2016 /PRNewswire/ --
http://www.Financialbuzz.com - There is a growing need for new technologies in the security and surveillance radar markets. Over the course of last two years we have witnessed an increase in mass shootings and terror attacks carried out, and a technologies that aid in detection of concealed weapons may be an untapped market opportunity. A recent research report by MarketsandMarkets the radar security market is expected to grow from USD 17.85 Billion in 2016 to USD 25.17 Billion by 2022, at a CAGR of 5.90% during the forecast period. Patriot One Technologies Inc. (OTC: PTOTF) (PAT.V), TASER International Inc. (NASDAQ: TASR), Boeing Co. (NYSE: BA), Lockheed Martin Corporation (NYSE: LMT)
The global security & surveillance radar market is broken into three major segments: land-based, maritime, and airborne radar. It is also segmented into defense application and civilian application. While traditionally radar technology has been used in the Army and Navy, and that is sill where most of the market share is, the transition to civilian application was only a matter time. Some challenges included making the tech small, as well as easy and cheap to produce.
Patriot One Technologies Inc. (OTCQB: PTOTF) (TSX-V: PAT.V) is a company that specifically focuses on detection of concealed weapons. Patriot One's product is a commercial Cognitive Microwave Radar concealed weapons detection system, which is called the NForce CMR1000. The device is cost-effective and be installed in hallways and doorways to covertly identify weapons and to alert security of potential threats. Patriot One's technology is its "cognitive" ability to detect guns and knives as well as to assess threats. The system is trained prior to installation and continues to learn upon deployment, getting better and smarter at detecting hidden weapons with each screening instance.
On November 28th Patriot One Technologies Inc. announced that the common shares of the company are commenced quotation on the OTCQB Venture Marketplace under the symbol "PTOTF". Patriot One's common shares are also quoted on the Frankfurt and TSX Venture Exchanges.
Martin Cronin, CEO of Patriot One Technologies Inc. "The OTCQB increases accessibility and flexibility for current and future shareholders, especially those who live in the U.S., to trade and access Patriot One's common shares. It also gives us access to a more expansive capital pool." On public safety Mr. Cronin added, "It's time to make soft targets hard without impacting citizens' rights and freedoms. We believe, as do many others, that NForce promises a practical solution to prevent many violent acts that can lead to loss of life, and we plan to deliver on that promise."
Lockheed Martin Corporation (NYSE: LMT) focused on research, design, integration and sustainment of advanced technology systems, products and services. The company's land-based radars are solid state radar systems that specialize in early warning, situational awareness, and tactical ballistic missile surveillance and defense, while operating completely unmanned. These surveillance systems detect targets at ranges up to 250 miles, 24 hours a day, and many have performed for years beyond their life cycle in remote, inhospitable areas.
Raytheon Company (NYSE: RTN) develops technologically integrated products, services and solutions in various markets, primarily focusing on the surveillance and defense. Raytheon plays an important role as a developer and manufacturer of radars, electro-optical sensors, and other advanced electronics systems for airborne, naval and ground based military applications. The company often partners with Boeing Co. (NYSE: BA) and Lockheed Martin Corporation (NYSE: LMT) to develop satellite sensors. Much of its Space and Airborne Systems division in California is dedicated to Space Tracking and Surveillance System (STSS), being developed for the Ballistic Missile Defense.
Defense is a major and continuously evolving theme, and is much wider than just radars and surveillance. TASER International Inc. (NASDAQ: TASR) for example famously has a more personal approach. The company is engaged in development, manufacture and sale of conducted electrical weapons (CEWs) designed for use by law enforcement, military, corrections and private security personnel, and by private individuals for personal defense. The company's describes its most popular product line, the smart weapons, as tools designed to "save lives, reduce injuries to officers and suspects, and protect truth with advanced firing logs. These logs help determine when an event occurred, how long a weapon was armed, and when the trigger was held, so you have additional data points to justify decisions made in the field."
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