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According to a research published by Global Market Insights the defense market size is anticipated to exceed USD 10.5 billion by 2023, growing at a CAGR of over 6.1% from 2016 to 2023. The growth can be attributed to innovations and advancements made in defense technology. Countries such as China, Israel and Russia see significant spending hikes on defense markets. As of 2015, U.S spends around 54% of its fiscal budget for military utilities and accounted for 37% of the overall industry share. Patriot One Technologies Inc., Kratos Defense & Security Solutions Inc., TASER International, United Technologies Corporation (NASDAQ: UTX), Raytheon Company.
For 2017, Deloitte indicates that the global aerospace and defense industry is likely to experience stronger growth. Following multiple years of positive, but low and stable rate of growth, Deloitte's report forecasts the sector revenues will likely grow by about 2 % in 2017. Defense budgets in the US, United Kingdom, France, Japan, several Middle Eastern countries, and other nations are increasing at a time when national security threats are being focused on by governments equipping their armed forces with modern defense weapons platforms and next-generation technologies, including cyber, intelligence gathering, and defense electronics.
Patriot One Technologies Inc. (OTCQB: PTOTF) (TSX-V: PAT.V) has developed a first-of-its-kind, Cognitive Microwave Radar concealed weapons detection system as an effective tool to combat active shooter threats before they occur. Designed for cost-effective deployment in weapon-restricted buildings and facilities, the NForce CMR1000 software solution and related hardware can be installed in hallways and doorways to covertly identify weapons and to alert security of an active threat entering the premises.
Yesterday, Patriot One Technologies announced that, 'its first of two panels, as well as guest speakers, at ISC West's Vendor Solution Showcase in Las Vegas, NV on April 5, 2017. Patriot One will host a panel of security experts from the private and public sectors, including the entertainment and education spaces to discuss measures to deter, detect and defend against today's threats of terrorism and active shooter violence.'
On March 15th, Patriot One Technologies announced that, 'it has entered into a Memorandum of Understanding ("MOU") with the University of North Dakota ("UND") for a real-world pilot study aimed at evaluating product efficacy in this active public environment. The installation of Patriot One system, in a location which is yet to be determined at the campus, will provide for a period of technology configuration and data collection. Upon successful completion of the study, it is the intent of both parties to explore a commercial arrangement that may expand the scope of the technology solution to encompass additional facilities and locations at the University.'
National Security Solutions provider, Kratos Defense & Security Solutions Inc. (NASDAQ: KTOS), announced that its subsidiary, Composite Engineering Inc., is a subcontractor to Dynetics, which has been selected for award on Phase II of the Defense Advanced Research Projects Agency/Air Force Research Laboratory Gremlins program. Under the Phase II contract, CEi will be a critical team member and will support Dynetics by designing, developing and building prototype Gremlin Unmanned Aerial Vehicles, tooling, and support equipment, as well as developing performance analyses, supporting subsystem testing, and planning for potential future phases. "As a leading innovator of cutting-edge technology in the Unmanned Aerial Systems arena, and in line with our future objectives and internal development efforts over the past several years, Kratos is continuing to broaden our offering of high-performance unmanned jet aircraft, to include the Gremlin UAV, which fits a performance and cost niche comfortably inside our current range of target and tactical unmanned aircraft," said President and Chief Executive Officer of Kratos, Eric DeMarco.
Axon, a business unit of TASER International and the global leader in connected apps and devices for law enforcement, announced multiple large orders of its body-worn video cameras and digital evidence management solution. These orders were received in the fourth quarter of 2016 and first quarter of 2017. They were shipped in the fourth quarter of 2016 and will continue shipping throughout multiple phases in 2017. "We're thrilled to see the accelerating adoption of our technology by our law enforcement customers," said Rick Smith, CEO and Co-Founder of TASER International. "Recent wins from our first State & Provincial police customers, Nevada Highway Patrol and Georgia State Patrol, are great examples of where our investments in new product lines like the Fleet in-car camera solution are impacting purchase decisions today. We're looking forward to continuing the expansion of the Axon network with new products like the Axon Signal Sidearm, our new Records Management System (RMS) and new Axon Artificial Intelligence capabilities in 2017 and beyond."
Lenel, who is part of United Technologies Corporation, and Everbridge Inc. announced an alliance to interface their leading solutions. With the combination of Lenel's OnGuard® platform and Everbridge's Safety Connection® software, organizations will now be able to offer comprehensive security management on-premises and off-premises - to help protect and notify employees, contractors or visitors during critical incidents regardless of their location. With the Everbridge interface, system users can now aggregate data about severe weather, terrorism and other incidents and use last-known location data to locate potentially at-risk individuals and nearby first responders and enable two-way communication.
Raytheon Company and the U.S. Air Force validated performance of an upgraded navigation system for the Miniature Air Launched Decoy-Jammer (MALD-J) in six flight tests from B-52 and F-16 aircraft at White Sands Missile Range, N.M. The system upgrade, designated as GAINS II (GPS Aided Inertial Navigation System), includes an enhanced multi-element GPS controlled antenna assembly. This new technology improves MALD-J navigation performance in a GPS jamming environment. Improvements and efficiencies within the design helped to reduce GAINS II unit costs. "Improving performance while reducing costs is a win for Raytheon and our customer," said director of MALD Programs for Raytheon, Brian Burton.