The radar sensor market in Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to high investment in the military sector. Moreover, economically developed nations tend to witness high penetration of radar sensor products in the automotive industry and remote sensing, which is projected to significantly contribute to the growth of the market. Allied Market Research, titled, “Radar Sensor Market Size By Type, Range, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030″, the global radar sensor market size was valued at $10.63 billion in 2020, and is projected to reach $33.14 billion by 2030, registering a CAGR of 13.1%. The Asia-Pacific region is expected to be the leading contributor to the global radar sensor market during the forecast period, followed by LAMEA and Europe.
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Radar sensors use frequency-modulated continuous wave radar to constantly detect moving or stationary targets. Higher frequency radar can see a broader array of objects & will be more beneficial than an ultrasonic sensor in most applications, including outdoors. Lower frequency radars are well suited for high dielectric objects, including trains, cars, cargo, and trucks, even in extreme weather conditions.
Also, automotive radar sensor is widely used these days for radar-based driver assistance systems such as collision warning and adaptive cruise control. These are capable of recognizing & detecting objects up to 240 meters. For instance, Infineon automotive radar products offer features such as lane change assistance (LCA), blind spot detection (BSD), and collision mitigation (CM), among others.
The global radar sensor market is anticipated to witness significant growth during the forecast period. Factors such as safety and security needs in automotive applications and the increasing need for border security systems drive the growth of the radar sensor market. Also, the adoption of the wideband 5G & millimeter wave-based RF systems boosts the overall market growth. However, high development & installation costs are a major restraint to the global radar sensor industry. In addition, the growing defense sector in the Asia-Pacific region is expected to create lucrative opportunities for the market.
Moreover, developing nations tend to witness high penetration of radar sensor products, especially in the defense sector. Factors such as an increase in demand for radar systems in the automotive industry and emerging applications of radar in remote sensing accelerate the demand for the market.
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The global radar sensor market is segmented into type, range, application, end user, and region. By type, the market is segmented into imaging and non-imaging. By range, the market is segmented into short-range, medium-range, and long-range. By application, the market is divided into air traffic control, remote sensing, ground traffic control, and space navigation and control. By end user, the market is segmented into automotive, aerospace and defense, environment and weather monitoring, industrial, and others.
Region-wise, the radar sensor market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed the maximum revenue in 2020. However, between 2020 and 2030, the radar sensor market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to an increase in demand from emerging economic countries such as India, China, Japan, Taiwan, and South Korea. The overall market analysis is determined to understand the profitable trends to gain a stronger foothold.
The arrival of COVID-19 has significantly affected the electronics and semiconductor sectors. Business and manufacturing units across various countries were closed, owing to an increase in COVID-19 cases, and are estimated to remain closed in 2021. Furthermore, partial or complete lockdowns have disrupted the global supply chain, posing challenges for manufacturers to reach customers. The overall production process is adversely affected, but owing to a surge in sales in the aerospace and defense sector is expected to boost the overall market growth globally.
Key Findings of the Study
– The automotive segment is projected to be a major application during the forecast period, followed by industrial. – The rising adoption of autonomous driving vehicles and the progression of Industry 4.0 are anticipated to drive demand in the future.
– Asia-Pacific and North America collectively accounted for over 55% of the radar sensor market share in 2020.
– India is anticipated to witness the highest growth rate during the forecast period.
– The U.S. was the major shareholder in the North American radar Sensor market, accounting for approximately 77% share in 2020.
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The key players profiled in the report include Honeywell International Inc., Infineon Technologies, L3harris Technologies Inc., Lockheed Martin Corporation, NXP Semiconductors N.V., Raytheon Technologies Corporation, Saab AB, STMicroelectronics N.V., Texas Instruments, and Thales Group. These players have adopted various strategies such as agreement, partnership, product expansion, and product launch to expand their foothold in the industry.
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