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
3.2.3 Europe
3.2.4 Asia
Pacific
3.2.5 Latin
America
3.2.6 MEA
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
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/radar-sensor-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research
and consulting service provider, offering syndicated and custom
research reports along with growth consulting services. Our
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with penetrative insights and actionable market data specially
designed and presented to aid strategic decision making. These
exhaustive reports are designed via a proprietary research
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biotechnology.
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Global Market Insights, Inc.
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Related Images
radar-sensor-market-growth.png
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.
Related Links
Industrial Sensors Market
Robot Sensor Market
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SOURCE Global Market Insights, Inc.