Radar Sensor Market Expected to Witness a Sustainable Growth Over 2027
The radar sensor market is estimated to grow at a steady pace over the coming years owing to robust implementation of these sensors in automotive safety systems including blindspot detection, lane change assist, adaptive cruise control, vehicle exit assist, pre-crash warning, automatic emergency brake, and other autonomous technologies. The high number of road fatalities throughout the world have encouraged governments to make the installation of safety systems mandatory, in order to enhance road safety.
Radar sensors are used for several applications like area monitoring, robotics, collision prevention, building security, level transmitters, and people counting, among others. Industrial applications require mmWave radar sensors to give information about velocity, angle and range of external environment. The growing usage of technologies like robotics and IoT along with digitalization in the industrial sector is likely to propel market outlook. Technological progress in imaging radar, including the development of 4D imaging radar for enhancing the sensing capabilities of automotive safety applications, could further the industry share.
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Given to increasing application, firms in the radar sensor market are focusing on expansion, strategic acquisitions and new product innovations. For example, in 2021, key industry player, Navtech Radar began the production of their patented radars at a new manufacturing facility in the UK, in order to meet the rising global product demand. Based on such measures, GMI., suggests that the radar sensor industry may grow over USD 25 billion by 2027.
Mentioned below are some of the key trends that may propel radar sensor market outlook:
Rising adoption of pulse radar systems
The pulse radar segment accounted for a share of 25.5% in 2020 and is likely to record 18.5% CAGR over the forecast period owing to extensive incorporation of pulse radar systems in government and public infrastructure development applications. Pulse radar sensors provide many intuitive features such as higher reliability and precision, than non-imaging radars.
Growing usage of short-range sensors
The short-range radar segment is anticipated to register a CAGR of 17.5% in the upcoming years on account of use of these sensors in blind-spot detection system and automatic parking assistance in vehicles. Short-wave radar replaces the camera and ultrasonic sensors due to its limitations in noise and wind as well as inefficient identification of objects in dark places. This could fuel the use of radar sensors in driver assistance systems.
Intensifying demand across Europe
The Europe radar sensor market is projected to record a CAGR of around 12.5% in view of increasing government efforts to develop the defense sector with the integration of technological innovations and new safety systems. Some organizations are announcing funding for the regional defense sector in order to support R&D activities in railguns, laser weapons, and drones, hence driving the radar sensor manufacturers to create new products.
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Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Scope & definition
1.2 Methodology and forecast parameters
1.3 Competitive landscape:
1.4 Region-wise COVID-19 impact analysis:
1.4.1 North America
1.4.2 Europe
1.4.3 Asia Pacific
1.4.4 Latin America
1.4.5 Middle East & Africa
1.5 Data Sources
1.5.1 Secondary
1.5.2 Primary
Chapter 2 Executive Summary
2.1 Radar sensor market 3600 synopsis, 2016 – 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Range trends
2.1.5 Application trends
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