Pune, India, Aug. 23, 2022 (GLOBE NEWSWIRE) -- The global radar sensor market size is anticipated to grow during the projected period due to the increasing use of radar sensor in the healthcare industry. Fortune Business Insights™ publishes this information in a report titled, "Radar Sensor Market, 2019-2026". As per the report, the radar sensor market size was USD 8.57 billion in 2018 and is projected to reach USD 35.88 billion by 2026 at a CAGR of 19.7% during the 2019-2026 period.
Key Industry Developments:
January 2020: HELLA GmbH & Co. KGaA, lighting, and electronics company, signed a strategic partnership agreement with Oculii Corporation, one of the leading providers of advanced software solutions for radar technology, to develop a series of high-performance, scalable radar solutions for both assisted and automated driving vehicles by 2030.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 19.7% |
| 2026 Value Projection | USD 35.88 Billion |
| Base Year | 2018 |
| Radar Sensor Market Size in 2018 | USD 8.57 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 180 |
| Segments covered | Type, Range, Application, Vertical, Geography |
| Radar Sensor Market Growth Drivers | Increasing Demand for Radar Sensor in the Aerospace and Defense Sector to Augment the Growth of the Market |
| Growing Necessity to Ensure Safety and Security of Automotive Applications Drives the Growth of the Market | |
| Growing Adoption of LiDAR Sensors to Restrict the Market Growth |
Increased Consumer Volume & Rising Online Platforms to Aid Market Flourish During Pandemic
The COVID-19 pandemic turned the global prospect into an enclosed space with a majority of the general population being forced to work from home to curb the spread of the virus. The market witnessed more than moderate growth during the pandemic era due to increased adoption of the buy now pay later services by a variety of sectors. Shifting consumers’ preference towards online shopping and rising investments from dominant players further pushed the growth of the market.
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Drivers & Restraints:
Increasing Safety Concerns to Propel Growth
The market is anticipated to grow significantly during the forecast period owing to the rising use of radar sensor in the healthcare sector. The demand for radar sensor is increasing in the aerospace and defense sector due to rising security concerns. Also, the integration of these sensors in railways is anticipated to bolster the market growth during the forecast period. Furthermore, the increasing safety and security concerns in the automotive sector are projected to bolster radar sensor market growth during the projected period.
However, the growing adoption of LiDAR sensors may hinder the global market growth.
Segments:
Continuous Wave Radar to Lead Market Due to High Demand for Sport Accessories
By type, the market is divided into pulse radar, continuous wave radar, radar altimeter, and others. The continuous wave radar segment is anticipated to lead the global market position during the forecast period owing to the increasing demand for sensor systems and sports accessories.
Long Range Segment to Dominate Global Market Due to Its Rising Demand
Based on range, the market is trifurcated into short range, medium range, and long range. The long-range segment is anticipated to dominate the market due to the rising adoption of radar-based driver assistance systems.
Increasing Road Accidents to Bolster Traffic Monitoring Segmental Growth
According to the application, the market is segmented into advanced driver assistance systems (ADAS), monitoring and communication, security and surveillance, traffic monitoring, environment and weather monitoring, hump yard and rail crossing, health monitoring, and others. The traffic monitoring segment is projected to hold the highest market share owing to the rising incidences of road accidents and increasing traffic.
Automotive Segment to Grow Due to Rising Vehicle Safety Concerns
On the basis of vertical, the market is classified into automotive, healthcare, maritime, aerospace and defense, manufacturing, oil and gas, and others. The automotive segment is expected to hold a dominant market share due to the increasing vehicle safety and security concerns.
Geographically, the market share is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Coverage:
The report shares insightful data on the recent trends and advancements in the market. Also, the drivers and restraints affecting the market growth during the projected period are highlighted further in this report. The report shares insights on regional markets for segmented market areas and key industry developments introduced by the key market players. Furthermore, a list of key market players is mentioned further in this report.
Regional Insights:
Europe Holds Largest Market Share Due to Rising Developments
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. Europe held USD 2.94 billion in 2018.
Competitive Landscape:
Strategic Partnerships Allow Companies to Strengthen Their Market Position
The key market players consider creating strategic alliances, partnerships, and mergers with supporting organizations to strengthen their market position. Also, the companies adopt recent technologies to develop new services and attract global customers.
List of Key Players Profiled in the Market Report for Radar Sensor:
- Robert Bosch GmbH
- Continental AG
- Infineon Technologies AG
- DENSO CORPORATION
- ZF Friedrichshafen AG
- HELLA GmbH & Co. KGaA
- Lockheed Martin Corporation
- s. m. s. smart microwave sensors GmbH
- Oculi Corp (US)
- SICK AG
- Socionext America Inc.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Radar Sensor Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Type (Value)
- Pulse Radar
- Continuous Wave Radar
- Radar Altimeter
- Others
- By Range (Value)
- Short Range Radar Sensor
- Medium Range Radar Sensor
- Long Range Radar Sensor
- By Application (Value)
- Advanced driver assistance systems (ADAS)
- Monitoring and Communication
- Security and Surveillance
- Traffic Monitoring
- Environment and Weather Monitoring
- Hump Yard and Rail Crossing
- Health Monitoring
- Others
- By Vertical (Value)
- Automotive
- Aerospace and Defence
- Healthcare
- Maritime
- Manufacturing
- Oil and Gas
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Type (Value)
- North America Radar Sensor Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Type (Value)
- Pulse Radar
- Continuous Wave Radar
- Radar Altimeter
- Others
- By Range (Value)
- Short Range Radar Sensor
- Medium Range Radar Sensor
- Long Range Radar Sensor
- By Application (Value)
- Advanced driver assistance systems (ADAS)
- Monitoring and Communication
- Security and Surveillance
- Traffic Monitoring
- Environment and Weather Monitoring
- Hump Yard and Rail Crossing
- Health Monitoring
- Others
- By Vertical (Value)
- Automotive
- Aerospace and Defence
- Healthcare
- Maritime
- Manufacturing
- Oil and Gas
- Others
- By Country (Value)
- US
- Canada
- By Type (Value)
FAQ’s
How much is the Radar Sensor Market worth?
The global market is predicted to reach USD 35.88 billion by 2026 with a CAGR of 19.7%.
Which region held the highest market share in the Radar Sensor Market?
Europe dominated the market share in 2018.
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