The latest report by IMARC Group, titled “Radar Sensors Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global radar sensors market reached US$ 13.1 Billion in 2021. A radio detection and ranging system (RADAR) sensor is an electronic device that transforms microwave echo signals into electrical signals. It uses wireless sensing technology to sense electromagnetic emissions from objects, such as aircraft, marine vessels, two-wheelers, and automobiles. It is also integrated with global positioning systems (GPS) to store information regarding the location, size, motion trajectory, and characteristics of the objects. Besides this, radar sensors are widely employed in various automobiles for radar-based driver assistance systems such as collision warning and adaptive cruise control.
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.
Global Radar Sensors Market Trends:
The market is primarily driven by the expanding automotive industry across the globe. Nowadays, radar sensors are embedded in autonomous vehicles to enhance passenger safety. They detect stationary and moving objects in the path and operate automatic emergency braking and collision avoidance systems in heavy commercial automobiles. Besides this, various technological advancements, such as the development of corner radar sensors that aid in 360-degree short-range surveillance and high-resolution tracking, are also contributing to the market growth. In addition, with the growing territorial conflicts and cross-border disputes, radar sensors are widely employed in target surveillance, missile guidance, interception, terrain tracking, and navigation systems for various military and defense applications. This, coupled with the rising product adoption in sports tracking solutions, is creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 36.2 Billion by 2027, exhibiting a CAGR of 18.51% during the forecast period (2022-2027).
- Based on the type, the market has been bifurcated into imaging (continuous wave (CW) radar, pulse radar, and others) and non-imaging (speed gauge and radar altimeter).
- On the basis of the range, the market has been classified into short, medium, and long ranges.
- Based on the application, the market has been segmented into automotive, aerospace and defense, environment and weather monitoring, traffic management and monitoring, and others.
- On the geographical front, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being 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 and Thales Group.
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