SELBYVILLE, Del., Feb. 23, 2021 /PRNewswire/ — According to the latest report “Radar Sensor Market by Type (Imaging Radar, Non-Imaging Radar), Range (Short-range Radar Sensor, Medium-range Radar Sensor, Long-range Radar Sensor), Application (Automotive, Aerospace & Defense, Industrial, Government & Public Infrastructure), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of radar sensor will cross $25 billion by 2027.
The market growth is credited to the rising adoption of radar sensors in automotive safety systems such as adaptive cruise control (ACC), blind-spot detection (BSD), automatic emergency brake (AEB), lane change assist (LCA), pre-crash warning (PCW), vehicle-exit assist (VEA), and autonomous technologies. The increasing number of road fatalities around the globe have influenced several governments to mandate the installation of these safety systems to improve road safety.
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The pulse radar segment held 25.5% of the radar sensor market share in 2020 and will showcase a growth rate of 18.5% till 2027 led by the extensive incorporation of pulse radar systems in public and government infrastructure development applications. These sensors offer several intuitive features, such as higher precision and reliability, compared to non-imaging radars, adding opportunities to the segment growth.
The short-range radar sensor market is estimated to attain a CAGR of 17.5% through 2027 impelled by the increasing acceptance of these sensors in automatic parking assistance and blind-spot detection system in vehicles. The short-wave radar replaces the ultrasonic & camera sensors owing to its limitations in wind & noise and inefficient identification of objects in dark places. This will increase the usage of radar sensors in driver assistance systems. Market players are focusing on developing innovative radar sensors to cater to the growing demand in the industry.
The industrial application accounted for 16% of the radar sensor market share in 2020 and is projected to expand at 16.5% CAGR from 2021 to 2027. Radar sensors are used for various applications such as collision prevention, area monitoring, people counting, building security, robotics, and level transmitters, among others. For industrial application, mmWave radar sensors are widely adopted to provide information related to the range, velocity, and angle of the external environment. Furthermore, rising digitalization in the industrial sector and the growing adoption of technologies, such as IoT and robotics, will add an advantage to the market.
Europe radar sensor market held 19.5% of revenue share in 2020 and will grow at a CAGR of around 12.5% till 2027 driven by rising government initiatives to accelerate the defense sector with the integration of new safety systems and technology innovations. In December 2020, Union’s Preparatory Action on Defense Research (PADR) announced funding of around USD 108 million for the Europe defense sector to support R&D activities in laser weapons, drones, and railguns, among others. These initiatives will accelerate the 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 offerings in new industry verticals.
Some major findings of the radar sensor market report include:
- Increasing demand for radar sensors in smart home devices to deliver high degree of sensitivity in detecting movement and location of an individual will propel the market demand.
- Rising acceptance of radar sensors for navigation, surveillance, object detection, and security applications in unmanned aircraft systems (UAS) and drones.
- Medium-range radar will hold a major revenue share due to its 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 constructional zone protection in industries including aerospace & defense, automotive, and industrial applications.
- Technological advancements in imaging radar, such as the development of 4D imaging radar, to improve the sensing capabilities for automotive safety applications will augment the market value for radar sensors.
- North America radar sensor market is witnessing the highest growth opportunities during the forecast timeline on account of the presence of strong defense and military infrastructure in nations including the U.S. and Canada. The regional aerospace & defense players are highly inclined toward the commercial technology investment in new aircraft, unmanned vehicles, and others, adding an advantage to radar sensor manufacturers.
- Development of application-specific radar sensors requires several methods, such as circuit design, RF board design, and antenna design & simulation, which involve additional cost and time at each step. The installation of such radar sensors to provide enhanced precision and accuracy in systems requires a premium price range, hindering the market revenue.
- The COVID-19 pandemic has directly hindered industry growth. The pandemic has restrained international trade, creating disruption in the supply chain.
Table of Contents (ToC) of the report:
Chapter 3 Radar Sensor Market Insights
3.1 Industry segmentation
3.2 Impact analysis of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 North America
3.2.4 Asia Pacific
3.2.5 Latin America
3.2.7 Industry value chain
3.2.8 Competitive landscape
3.3 Industry ecosystem analysis
3.4 Technology and innovation landscape
3.4.1 Comparison of radar with other sensors
3.4.2 Recent developments in RADAR sensor
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Price trend analysis
3.8 Growth potential analysis
3.9 Porter’s Analysis
3.10 PESTEL analysis
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Radar Sensor Market Growth Predicted at 15% Through 2026: GMI
Major radar sensor market players include Continental AG, DENSO CORPORATION, Infineon Technologies AG, Navtech Radar, Pepperl+Fuchs, SICK AG, Texas Instruments Incorporated, and Veoneer Inc.
SOURCE Global Market Insights, Inc.