According to the latest report by IMARC Group, titled "Radar Sensors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the escalating emphasis on passenger safety and the expanding automotive industry across the globe are primarily driving the radar sensors market.
Year considered to estimate the market size:
• Base year of the analysis: 2021
• Historical period: 2016-2021
• Forecast period: 2022-2027
The global radar sensors market size reached a value of US$ 13.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 36.2 Billion by 2027, exhibiting at a CAGR of 18.51% during 2022-2027.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Outlook:
Radio detection and ranging system (RADAR) sensor refers to an electronic device used for sensing electromagnetic emissions from objects, such as marine vessels, aircraft, two-wheelers, and automobiles. These devices are commonly available in altimeter, pulse, continuous wave (CW), speed gauge, imaging, and non-imaging variants. Radar sensors block the reflected radio waves through an antenna and process the signals to provide insights.
These devices are also embedded with global positioning systems (GPS) to store information regarding the location, size, motion trajectory, and characteristics of the objects. Compared to the traditionally used optical and infrared (IR) sensing instruments, radar sensors are wireless and can detect distant objects, pierce through dense mediums and insulators, and function in adverse weather conditions.
Market Trends:
The escalating emphasis on passenger safety and the expanding automotive industry across the globe are primarily driving the radar sensors market. Besides this, the elevating requirement for effective target surveillance, interception, missile guidance, terrain tracking, and navigation for military and defense applications is further augmenting the market growth.
Moreover, the growing popularity of radar sensors in airport intrusion detection, prison perimeter, oil depot, and power grid security systems is also catalyzing the global market. Apart from this, the emerging trend of industry 5.0 and the increasing need for these devices in sports tracking solutions are acting as significant growth-inducing factors. Furthermore, the development of innovative variants for 360-degree and short-range surveillance and high-resolution tracking is expected to bolster the radar sensors market in the coming years.
Competitive Landscape:
The competitive landscape of the global radar sensors market has been studied in the report with the detailed profiles of the key players operating in the market.
List of Key Companies Covered in this Market Report:
- Continental AG
- DENSO Corporation
- Hitachi Ltd
- Honeywell International Inc.
- Infineon Technologies AG
- L3harris Technologies Inc.
- Lockheed Martin Corporation
- NXP Semiconductors N.V
- Raytheon Technologies Corporation
- Robert Bosch GmbH
- Saab AB
- STMicroelectronics
- Texas Instruments Incorporated
- Thales Group
Market Segmentation:
The report has segmented the global radar sensors market on the basis of type, range, application and region.
Breakup by Type:
Breakup by Range:
- Short Range
- Medium Range
- Long Range
Breakup by Application:
- Automotive
- Aerospace and Defense
- Environment and Weather Monitoring
- Traffic Management and Monitoring
- Others
Geographical Analysis:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
You can buy this report directly (Exclusive offer on this report): https://www.imarcgroup.com/checkout?id=4548&method=1
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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