June, 2022 Research Report on Global Radar sensors Market Research Report.
Radar Sensor Market size is projected to reach USD 31.45808 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.50% during the forecast period (2023 - 2032).
Radar sensors use frequency modulated waves that detect the position and velocity of a stationary or moving object located at a distance. These sensors are ideal for collision detection, level-gauging, anti-collision, security and surveillance purposes. Application of radar sensors is prominent in various sectors such as automotive, industrial, traffic management and monitoring, aerospace and defense, security and surveillance, environment and weather monitoring and others.
Market Drivers and Restraints:
Some of the major factors influencing the expansion of the global radar sensors market in the automotive sector are increased awareness for passenger and vehicle safety, inclination towards automated vehicles, improving road safety regulations, the inclusion of advanced technological features in all types of automobiles and others. Geopolitical instabilities and territorial conflicts are leading to the strengthening of defense sector in various developing countries. Hence, incorporation of advanced technologies in defense strategies is acting as a driving force for the global radar sensors market. Embedding of GPS technology in these sensors has facilitated the storage of location data which is increasing the demand for radar sensors and spurring the global radar sensors market. Increasing production of automobiles and application of radar sensors in personal as well as commercial modes of transport are also driving the global radar sensors market. However, the high development cost of the radar sensors is likely to hamper the growth of the global radar sensors market.
The global radar sensor market has been segmented on the basis of type, range and application. On the basis of type, the radar sensor market is segmented into radar detector detectors, radar scrambling and others. On the basis of range, the radar sensor market is segmented into short-range radar, mid-range radar and long-range radar. On the basis of application, the radar sensor market is segmented into automotive, traffic monitoring, aerospace and defense, industrial, security and surveillance, weather monitoring and others. Among these, the automotive segment is expanding rapidly due to the rising number of automobiles with radar sensors and growing awareness about passenger and vehicle safety.
Geographically, the global radar sensor market is segmented into North America, Europe, Asia-Pacific and the rest of the world. In instance of market shares, North America is leading the global radar sensor market but is projecting steady growth over the forecast period. Whereas, European region is exhibiting rapid growth in the market due to the presence of prominent players of the global radar sensor market in this region. The increased government expenditure for weapons guidance and surveillance capabilities in countries like India, China and others are leading to the fastest growth of radar sensors market in the Asia-Pacific region.
The prominent players in the radar sensor market are investing on new product launch with innovative upgrades which is triggering competition among these players. In May 2018, Bosch has introduced radar sensor technology in motorcycles by providing new safety package in motorcycles which comprises of adaptive cruise control, forward collision warning and blind-spot detection. The motorcycle manufacturers such as KTM and Ducati will include this new rider assistance systems in production models by 2020. Raytheon has partnered with the State of Mississippi for the construction of the new radar production facility in this region considering it to be the next step for their decade-long partnership.
The leading players in the global radar sensors market are Robert Bosch GmbH (Germany), Lockheed Martin Corporation (U.S.), Raytheon Company (U.S.), Saab AB (Sweden), Northrop Grumman Corporation (U.S.) Delphi Automotive LLP (U.K), Hitachi, Ltd. (Japan), Continental AG (Germany), ZF Friedrichshafen AG (Germany), Denso Corporation (Japan), Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherlands), Omniradar BV (Netherlands), and Airbus Group (Netherlands) among others.