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Global Radar Sensors Market to Grow at a CAGR of 17.19% During 2022-2027, Aided by the Rapid Technological Advancements

According to a new report by EMR titled, ‘Global Radar Sensors Market Report and Forecast 2022-2027, the market attained a value of around USD 10.1 billion in 2020. The market is further expected to grow at a CAGR of 17.19% between 2022 and 2027.

The increased adoption of IoT devices along with the rapid technological advancements are driving the global radar sensors industry. In addition, the rising implementation of short-range radar sensors in smartphones and automobiles is expected to contribute to the market growth. Moreover, the radar sensors find heightened application in the military and security operations, as they help in accurately locating any potential threats to mitigate the risk of any damage or casualty. These radar sensors provide accurate surveillance facilities with multifaceted deployment potential, such as in the aviation, ground, and maritime surveillance units. Furthermore, radar sensors are also used in the industrial and logistics sector to enhance functional efficiency.

The leading market players are increasingly developing efficient radar sensor solutions with diverse applicability by implementing advanced technologies. This is expected to significantly bolster the industry growth in the forecast period. For example, in December 2020, NXP Semiconductors N.V. (NASDAQ: NXPI) announced the launch of their complete suite of radar solutions that helps to surround a vehicle from all angles to provide a 360-degree safety potential. These are scalable solutions for NCAP corner and front application, along with 4D imaging that helps strengthen the radar’s measuring range and speed to incorporate the accurate measurement of direction, angle, and elevation. Furthermore, in June 2019, Honeywell International Inc (NASDAQ: HON), a multinational conglomerate, announced the agreement with an unnamed air taxi developer to supply multiple units of its new IntuVue RDR-84K Band Radar System to be used in the urban air mobility (UAM) prototype aircraft. This radar system offers automated take-off and landing potential, along with accurate detection of any nearby obstacles. In addition, the lightweight structure and reduced hardware helps decrease the cost of maintenance while reducing fuel costs. Such developments are expected to positively impact the growth of the radar sensors industry.

Market Breakup by Type, Range, End User, and Region:

  • The market is bifurcated, based on type, into imaging radar and non-imaging radar.
  • On the basis of range, the market can be categorised into short-range radar sensors, medium-range radar sensors, and long-range radar sensors.
  • Based on end user, the industry can be segmented into automotive, security and surveillance, industrial, environment and weather monitoring, and traffic monitoring, among others.
  • Region-wise, the global market for radar sensors can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for radar sensors is being driven by the increased utilisation of IoT devices and the rising demand for automobiles. 
  • The growing demand for radar sensors in military applications has significantly contributed to the market expansion. 
  • The increased investments by the market players in the development of advanced radar sensor systems are also aiding the industry growth. 
  • The rising technological advancements, such as the addition of 4D imaging facilities, are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for radar sensors for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the types, ranges, end users, and regions of radar sensors.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global radar sensors market are Robert Bosch GmbH, Continental AG, DENSO Corporation, Hella KGaA Heuck & Co., and Infineon Technologies AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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