SELBYVILLE, Del.,, February 23, 2021 / PRNewswire / – According to the latest report Radar sensors market by type (recording radar, imageless radar), range (short-range radar sensor, medium-range radar sensor, long-range radar sensor), application (automotive, aerospace and defense, industrial, government and public infrastructure), Regional perspective, price developments, competitive market share and forecast 2027 “, by Global Market Insights, Inc., the market assessment of radar sensors will intersect $ 25 billion until 2027.
The growth of the market is due to the increasing adoption of radar sensors in automotive safety systems such as adaptive cruise control (ACC), blind spot detection (BSD), automatic emergency brake (AEB), lane change assistance (LCA), pre-collision warning ( PCW), Exit Assistance (VEA) and autonomous technology. An increasing number of road deaths around the world have influenced several governments to order the installation of these safety systems to improve road safety.
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The pulsed radar segment held 25.5% of the market share of radar sensors in 2020 and will show a growth rate of 18.5% by 2027, led by the extensive incorporation of pulsed radar systems into public and state infrastructure development programs. These sensors offer several intuitive features, such as greater precision and reliability, compared to image-free radars, adding opportunities for segment growth.
It is estimated that the market for short-range radar sensors will reach a CAGR of 17.5% by 2027 driven by the growing acceptance of these sensors in the automatic parking assist and blind spot detection system in vehicles. Shortwave radar replaces ultrasonic and camera sensors due to its limitations in wind and noise and inefficient identification of objects in dark places. This will increase the use of radar sensors in driver assistance systems. Market participants are focused on developing innovative radar sensors to meet the growing demand in the industry.
The industrial application accounted for 16% of the market share of radar sensors in 2020 and is projected to expand to 16.5% of the CAGR from 2021 to 2027. Radar sensors are used for various applications such as collision prevention, area surveillance, counting people, building security, robotics and level transmitters, among others. For industrial applications, mmWave radar sensors are widely accepted to provide information regarding the range, speed and angle of the external environment. Furthermore, increasing digitalization in the industrial sector and increasing adoption of technologies such as IoT and robotics will add an advantage to the market.
Europe The radar sensor market held a 19.5% share of revenue in 2020 and will grow at a CAGR of around 12.5% by 2027 driven by growing government initiatives to accelerate the defense sector by integrating new security systems and technological innovations. In December 2020, The Union Defense Research Preparatory Action (PADR) has announced funding around $ 108 million for Europe defense sector, inter alia, to support research and development activities in laser weapons, drones and weapons. These initiatives will accelerate market opportunities for regional radar sensor manufacturers to innovate new products for the defense sector.
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Some of the companies operating in the radar sensor market are Continental AG, DENSO CORPORATION, Infineon Technologies AG, Navtech Radar, Pepperl + Fuchs, SICK AG, Texas Instruments Incorporated and Veoneer Inc., among others. Market leaders are focusing on collaboration and partnership strategies to accelerate their sensor offering in new industry verticals.
Some of the main findings of the radar sensor market report include:
- Increased demand for radar sensors in smart home devices that provide a high degree of sensitivity in detecting the movement and location of an individual will boost market demand.
- Increasing acceptance of radar sensors for navigation, surveillance, object detection and security applications in unmanned aerial systems (UAS) and drones.
- Medium-range radars will hold a major share of revenue due to improved detection capabilities in adaptive cruise control and emergency braking systems. Medium-range radars are also experiencing increasing adoption for proximity identification, collision protection and protection of construction zones in industries including aviation and defense, automotive and industrial applications.
- Technological advances in imaging radars, such as the development of 4D image processing radars, to improve sensor capabilities for automotive safety applications will increase the market value for radar sensors.
- North America the radar sensor market testifies to the greatest opportunities for growth over the projected time frame due to the presence of strong defense and military infrastructure in countries, including the United States and Canada. Regional aerospace and defense players are very prone to commercial technological investment in new aircraft, drones and others, adding an advantage to radar sensor manufacturers.
- The development of application-specific radar sensors requires several methods, such as circuit design, RF board design, and antenna design and simulation, which involve additional cost and time at each step. The installation of such radar sensors to achieve improved accuracy and precision in systems requires a superior price range, hampering market revenue.
- The COVID-19 pandemic directly hampered industry growth. The pandemic has curbed international trade, creating a disruption in the supply chain.
Content (ToC) of the report:
Chapter 3 Insight into the radar sensor market
3.1 Industry segmentation
3.2 Analysis of the impact of the coronavirus pandemic (COVID-19)
3.2.1 Global outlook
3.2.2 North America
3.2.4 Asia Pacific
3.2.5 Latin America
3.2.7 Industrial value chain
3.2.8 Competitive landscape
3.3 Industrial ecosystem analysis
3.4 Landscape technology and innovation
3.4.1 Comparison of radar with other sensors
3.4.2 Latest advances in RADAR sensor
3.5 Regulatory landscape
3.6 Industrial impact forces
3.6.1 Growth drivers
3.6.2 Pitfalls and challenges in industry
3.7 Price trend analysis
3.8 Analysis of growth potential
3.9 Porter’s analysis
3.10 PESTEL analysis
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Radar sensor market growth projected at 15% by 2026: GMI
Major players in the radar sensor market include Continental AG, DENSO CORPORATION, Infineon Technologies AG, Navtech Radar, Pepperl + Fuchs, SICK AG, Texas Instruments Incorporated and Veoneer Inc.
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SOURCE Global Market Insights, Inc.