New York, July 26, 2023 (GLOBE NEWSWIRE) -- The global radar sensor market size is slated to expand at ~14% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 35 billion by the end of 2035, up from a revenue of ~USD 12 billion in the year 2022.High-tech radar sensors are being increasingly used in various sectors, such as automotive, aerospace, defense, and industrial automation, due to their ability to detect objects in all weather conditions, at night as well.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4733
Additionally, increasing R&D investments in the radar technology space, and the emergence of 5G and the IoT are also contributing to the growth of the global radar sensor market. It is expected that 30% of the world's population will be covered by 5G networks by 2025. 5G subscriptions have reached 230 million people around the world. 680 LTE and 5G deployments have been completed as of April 2021. The high bandwidth and low latency capabilities of 5G networks make them ideal for use in radar sensors, which require large amounts of data to be transferred in real-time. 5G's improved performance will make it easier to create reliable radar sensors that can be used in a variety of applications.
Radar Sensor Market: Key Takeaways
- Market in North America to propel the highest growth
- The long-range radar sensors segment to garner the highest growth
- Market in Europe to grow at a highest rate
Increasing Demand for Autonomous Vehicles and Connected Devices to Boost Market Growth
New technologies, along with consumer demands for convenience and safety, have increased the demand for autonomous vehicles and connected devices. As a result, more manufacturers are focusing on developing and releasing autonomous vehicles and connected devices to meet this growing demand. With the growing popularity of autonomous vehicles, demand for radar sensors has grown as these vehicles rely on radar sensors for obstacle detection and mapping. According to a recent report, there were 36 million autonomous vehicles worldwide in 2020, with 30 companies investing a total of USD 17 billion in automated vehicles in 2019.
Impulse Radar is used for short-range detection, while FMCW Radar is used for long-range detection. Impulse Radar transmits short pulses of energy which can detect objects in its vicinity, while FMCW Radar transmits continuous waves of energy that can detect objects over a much larger range. Both types of Radar are used in autonomous vehicles to detect objects in the vehicle's environment and help the vehicle navigate accordingly.
Radar Sensor Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rise in Spending in The Defense and Military Sectors to Drive the Growth in the North America Region
The radar sensor market in the North American region is estimated to garner the largest revenue by the end of 2035 owing to the increasing investments in defense and military sectors from the US and Canada, which is driving the demand for high-performance radar sensors for both air and ground surveillance. The General Motors Company has committed to investing USD 35 billion through 2025 in electric and autonomous vehicles for the defense industry. These radar sensors are capable of detecting and tracking objects in the air and on the ground, such as aircraft, missiles, and ground vehicles, from long distances. They can also provide a wide range of data, such as range, speed, and altitude, which can be used for surveillance and other applications.
Additionally, there is a rise in the production of vehicles equipped with safety features such as lane keep assist, automatic emergency braking, and adaptive cruise control. Radar sensors are in high demand since they monitor the surroundings of a vehicle and alert the driver in case of danger using multiple radar sensors. It was noted that as part of Continental's Advanced Driver Assistance Systems (ADAS) business unit, the North American division reported the production of 30 million radar sensors.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4733
An Increasing Trend in Industrial Automation to Drive the Growth in The Europe Region
The Europe radar sensor market is poised to expand with the highest revenue by the end of 2035 due to the region's stringent regulations on air defense and surveillance activities, along with the increasing focus of defense authorities on modernizing their air defense systems. A growing trend in industrial automation such as robotic manufacturing has also emerged in Europe, driven by seasonal labor demand and an aging labor force. More than 6,50,000 industrial robotic installations were made in 2021 across the globe, with 98,247 installations made in Europe, or 15% of installations.
Radar sensors such as CMOS mmWave are increasingly being used to enable robots to detect their environment and navigate autonomously. This is especially important in industrial settings, where robots need to be able to avoid obstacles and work safely in close proximity to humans.
Radar Sensor, Segmentation by Range
- Short-Range Radar Sensor
- Medium-Range Radar Sensor
- Long-Range Radar Sensor
The long-range radar sensor segment in radar sensor market is anticipated to hold the largest revenue by the end of 2035 since long-range radar sensors are becoming increasingly popular in the automotive industry due to their ability to detect objects over a greater distance than other sensors. For instance, the ARS540 is a high-performance 4D premium long-range radar sensor that can be used in conjunction with other technologies to offer highly automated driving. Its four-dimensional, high-resolution data enables it to detect objects from up to 500 meters away, even in challenging conditions such as rain, snow, and fog.
Additionally, these radars are equipped with advanced features, such as improved accuracy, real-time target tracking, resolution, and range, which makes them highly desirable for military applications. They are also capable of detecting and tracking both low and high-altitude targets at long ranges. Furthermore, they offer superior signal processing capabilities, which enable them to detect even the slightest changes in the environment.
Purchase Copy of this Report @ https://www.researchnester.com/purchage/purchase_product.php?token=4733
Radar Sensor, Segmentation by Application
- Automotive
- Aerospace & Defense
- Industrial
- Government & Public Infrastructure
The automotive segment in radar sensor market is anticipated to hold the largest revenue by the end of 2035, driven by greater situational awareness of autonomous vehicles. Autonomous vehicles require a high level of precision and accuracy for safety, and radar sensors can provide the real-time data needed to ensure this. They are also more cost-effective than other sensors, making them an attractive option for the automotive market. In accordance with statistics from the National Highway Safety Administration, over 800,000 blind spot accidents are reported each year by the National Law Review.
Automobile manufacturers are increasingly focusing on technology that helps reduce the number of blind spot accidents. Automatic emergency braking systems are designed to detect obstacles in the vehicle's path and avoid collisions, while blind spot detection systems use radar sensors to detect vehicles in the driver's blind spot.
Radar Sensor, Segmentation by Type
- Imaging Radar
- Non-Imaging Radar
Few of the well-known market leaders in the radar sensor market that are profiled by Research Nester are Continental AG, Delphi Automotive LLP, Infineon Technologies AG, NXP Semiconductors, Smart Microwave Sensors GmbH, Robert Bosch GmbH, Denso Corporation, Hella KGaA Hueck & Co, Autoliv Inc., Lockheed Martin Corporation, and other key market players.
Recent Development in the Market
- A top mobility supplier, DENSO Corporation, created the Safety Package, an active safety system that offers vehicles a great sense of their surroundings to enhance vehicle safety. The Global Safety Package combines a millimeter-wave radar sensor with a vision sensor in order to provide the driver with a secure driving experience. Millimeter-wave radar sensors detect road objects such as vehicles and guardrails using a radar, while vision sensors use a camera to detect the surroundings.
- NXP Semiconductors, a market leader in automotive radar, has developed a full line of integrated radar sensor chipsets that can enclose vehicles in a 360-degree safe cocoon and perform image identification and classification.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
