New York, United States , Jan. 31, 2023 (GLOBE NEWSWIRE) -- The Global Radar Sensor Market Size is to grow from USD 12.7 billion in 2021 to USD 43.5 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 18.6% during the forecast period. The increasing adoption of radar sensors by different industries such as automotive, aerospace & defence, industrial, government & public infrastructure, healthcare, oil and gas, manufacturing, maritime, and others is the key driving factor.
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A radar is an electromagnetic sensor that detects, tracks, and identifies objects of various shapes and sizes over long distances. It operates by directing electromagnetic energy at targets and listening for the echoes that are returned. A radar sensor is compact, light, and reasonably priced. Furthermore, a radar sensor uses less electricity and has no moving parts than a LIDAR sensor. Today, radars are used to scan the surface of the globe from space, study the features of the atmosphere and oceans, and detect and track aeroplanes, spacecraft, and ships at sea as well as insects and birds in the atmosphere. These characteristics make radar sensors commercially viable in applications such as automotive, transportation, home automation, energy efficiency, industrial, and public safety. Additionally, due to advancements in the automotive industry and the desire for smart and self-driving automobiles, the market for radar sensors is anticipated to expand rapidly. Furthermore, growing government initiatives to mandate the installation of safety systems in automobiles to prevent accidents would boost the market value of radar sensors. Along with these, widespread adoption of 5G and millimetre wave RF technologies is expected to accelerate market growth. However, high development and deployment costs, as well as the growing use of LiDAR sensors, may limit the global radar sensor market's growth.
Browse key industry insights spread across 223 pages with 121 market data tables and figures & charts from the report “Global Radar Sensor Market Size, Share, and COVID-19 Impact Analysis, By Type (Continuous Wave Radar, Pulse Radar, Speed Gauge, Radar Altimeter), By Range (Short-range Radar Sensor, Medium-range Radar Sensor, Long-range Radar Sensor), By Application (Advance Drivers Assistance Systems, Monitoring & Communication, Security & Surveillance, Traffic Monitoring, Environment, Weather Monitoring, Hump Yard and Rail Crossing, Others ), By Verticals (Automotive, Aerospace & Defence, Industrial, Government & Public Infrastructure, Healthcare, Oil and Gas, Manufacturing, Maritime, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030“ in detail along with the table of contents.
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The continuous wave radar segment is witnessing a higher growth rate over the forecast period.
Based on type, the global radar sensor market is segmented into continuous wave radar, pulse radar, speed gauge, and radar altimeter. Among these, the continuous wave radar segment is witnessing a higher growth rate over the forecast period. The increasing use of continuous wave radars in adaptive cruise control, blind-spot detection, lane change assist, and periodic functionality is expected to drive the continuous wave radar sensor market.
The long-range radar sensor segment is witnessing significant CAGR growth over the forecast period.
On the basis of range, the global radar sensor market is segmented into short-range radar sensors, medium-range radar sensors, and long-range radar sensors. Among these, the long-range radar sensor segment is witnessing significant CAGR growth over the forecast period, owing to the long-range radar sensor's high detection range, broad field of view, excellent ability to separate angles and innovative chirp-sequence modulation function make object tracking and identification quick, precise, and reliable.
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Traffic monitoring is witnessing significant growth over the forecast period.
Based on applications, the global radar Sensor market is segmented into advanced driver assistance systems, monitoring & communication, security & surveillance, traffic monitoring, environment, weather monitoring, hump yard and rail crossing, and others. Among these, traffic monitoring is witnessing significant growth over the forecast period owing to a variety of traffic monitoring circumstances that allow for the calculation of vehicle velocities, length of vehicles, and transport mode. In addition, advanced traffic management and transportation concepts for smart cities are being made possible by new radar sensor technologies.
The automotive segment is dominating the market with the largest market share of 40% over the forecast period.
Based on verticals, the global radar Sensor market is segmented into continuous automotive, aerospace & defence, industrial, government & public infrastructure, healthcare, oil and gas, manufacturing, maritime, and others. Among these, the automotive segment dominates the market with the largest market share of 40% over the forecast period owing to the increase of concerns over the safety and security of passengers onboard vehicles, preventing them from traffic accidents or mishaps, the radar sensor market will grow quickly in automotive applications. Since automotive radar sensors are used in every automobile and vehicle as well as in projects involving autonomous vehicles, a larger adoption rate of these sensors is anticipated in the upcoming year.
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Asia Pacific is dominating the market with the largest market share of 45%.
Asia Pacific is dominating the market with the largest market share of 45%, owing to the rapidly growing demand for smartphones, consumer electronics, industrial automation, robotics, and automotive industries in countries such as China, Japan, India, and South Korea. Additionally, the market is expanding throughout the region as more people become aware of the benefits of these sensors in a variety of industries, including aerospace and defence, oil and gas, aviation, and healthcare. Europe dominates the global radar sensor market share due to the surging initiatives of prominent market players. Also, developments of advanced solutions are anticipated to bolster the regional market growth.
North America is expected to grow at the fastest rate in the radar sensor market during the forecast period, owing to the presence of strong military and defence infrastructure in countries such as the United States and Canada. Furthermore, due to the existence of notable suppliers, manufacturers, and fiercely competitive OEMs, such as Northrop Grumman and Lockheed Martin Corporation, the region has the most technologically sophisticated market for the radar sensor market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: Continental AG, Raytheon Technologies Corporation, Delphi Automotive LLP, Kyowa Electronic Instruments Co. Ltd., Banner Engineering Corp, Infineon Technologies AG, NXP Semiconductors N.V., Oculi Corp, Smart Microwave Sensors GmbH, Robert Bosch GmbH, Trans-Tek Inc., Saab AB, SICK AG, Denso Corporation, Hella KGaA Hueck & Co, Autoliv Inc., Micro-Epsilon, L3harris Technologies Inc., Socionext America Inc., Lockheed Martin Corporation, Honeywell International Inc., Solartron Metrology, ZF Friedrichshafen AG, Thales Group and Others.
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