New York, May 25, 2023 (GLOBE NEWSWIRE) -- According to PMR, the radar sensor market will generate US$ 9.5 billion in 2023 and US$ 45 billion in 2033, representing a 16.8% CAGR. Radar sensors are used to forecast the weather, control traffic, and provide onboard vehicle systems with information regarding the weather. Recently, they have become increasingly popular for use in wearable devices, smart buildings, and autonomous vehicles in a variety of situations.
By determining the position, shape, characteristics of motion, and trajectory of the motion using wireless sensing technology, robots can detect motion. With the ability to detect obstacles such as glass, radar sensors are independent of light and darkness, allowing them to detect objects through walls.
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With radar-based sensors, such as ultrasonics, detecting longer distances with a greater degree of accuracy, regenerating longer distances, and being safer for humans and animals. Automakers are turning to radar sensors to implement child presence detection to comply with a variety of regulations, including the European New Car Assessment Program. As radar becomes more capable of detecting in-cabin motion, systems such as seatbelt reminders and airbags will become more accurate.
Key Takeaways from Market Study
- Ku, K, Ka, V, and W Bands generated absolute dollar opportunities of 19.4% by the end of the forecasted period.
- The automotive application market is anticipated to grow at 16.5% CAGR between 2023 and 2033.
- Radar sensor sales in the United Kingdom are estimated to reach US$ 2.2 billion by 2033.
- By the end of the forecast period, Japan's radar sensor market is expected to grow at a CAGR of 16.2%.
- According to projections, the radar sensor market will grow at a CAGR of 16.8% from 2023 to 2033.
- According to estimates, the Chinese market is expected to be worth US$ 3.7 billion by 2033.
"Technological advances and the growth of artificial intelligence in radar sensor systems will lead to an increase in radar sensor systems demand,” says an analyst at Persistence Market Research.
Market Segmentation
- By Type (Imaging Radar, CW Radar, Pulse Radar, Non-imaging Radar, Speed Gauge, Altimeter)
- By Technology (Time Domain Reflectometry - TDR, Ultra-Wideband - UWB, RF MEMS-based Radar Sensors, Millimeter Wave)
- By Component (Antenna, Duplexer, Transmitter, Receiver, Video Amplifier)
- By Band (HF, VHF, and UHF Bands, L, S, C, and X Bands, Ku, K, Ka, V, and W Bands)
- By Range (Short-Range Radar, Mid-Range Radar, Long-Range Radar)
- By Application (Automotive, Aerospace and Defence, Industrial, Security and Surveillance, Traffic Monitoring and Management, Environmental and Weather Monitoring, Others)
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Competitive Landscape
New products are developed, companies are acquired or merged, investments are made, and partnerships are formed to expand globally. The radar sensor industry will benefit from cost-effective products in a highly competitive market. With the advancement of technology, the market will become more competitive.
Top players include:
Robert Bosch GmbH, Continental AG, Denso Corporation, ZF Friedrichshafen AG, Airbus Group, Delphi Automotive LLP, Hella KGaA Hueck & Co, Infineon Technologies AG, Autoliv Inc., Hitachi, Ltd., Lockheed Martin Corporation, NXP Semiconductors N.V., Smart Microwave Sensors GmbH, Start-Up Ecosystem, Echodyne, Inc., Oculii Corporation, Northrop Grumman Corporation, ManTech International Corporation, Saab AB, Arbe Robotics
Recent Developments
- In January 2023, NOVELDA announced CES 2023 would be the first time that NOVELDA would demonstrate the capabilities of its UWB radar sensors for people positioning and tracking. Smart speakers with NOVELDA's next-generation UWB radar sensors are among the latest innovations in the audio and video market. They were introduced at CES by an innovator in the audio and video market. Novelda's technology delivers high-quality sound throughout a room. By Q1 2023, select companies and partners will be able to purchase NOVELDA UWB radar sensor development kits. With further development, it will be possible to track objects, count people, and monitor people battery-powered.
- In May 2023, VEGA will offer factory automation with its radar measurement technology, VEGAPULS 42. A breakthrough in level sensor technology with IO-Link compatibility and hygienic adapters that meet the demands of modern industry for faster, easier, and less costly measurements. In addition to offering a range of IO-Link solutions, VEGAPULS 42 also offers a pressure measurement solution.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the radar sensor market, covering a global industry analysis of 2018-2022 and forecasts for 2023 to 2033. This research report provides compelling insights on the basis of product type, application outlook, and sales channel, across all major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
For additional information on how radar sensor sales will increase in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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