New Jersey, NJ, Jan. 22, 2020 (GLOBE NEWSWIRE) -- The global Radar Sensors market is expected to grow from USD 8.34 Billion in 2018 to USD 38.7 Billion by 2026 at a CAGR of 21.1% during the forecast period 2019-2026, according to the new report published by Fior Markets. Adoption of high-resolution radar imaging sensor and increasing use of sensor fusion technology are the two factors which may propel growth of the radar sensors market. Nowadays, technology has become more advanced and mainly focuses on security and safety needs in various applications such as vehicle collision assistance, industrial and public safety, and robotic assistance. Thus, radar sensors are used as they offer accuracy and provide unique safety and security solution capabilities with superior performance. These radar sensors enable low-power consumption, integrated data processing, small size, and faster response time. These features make radar sensors commercial in applications such as automotive, home automation, transportation, energy efficiency, industrial, and public safety. These factors will drive the growth of the market over the forecast period.
A radar sensor is defined as an electronic device that detects the velocity and position of an object located at a distance such as an aircraft, ship, vehicle, or motorbike. Radar sensors senses electromagnetic emissions with the help of a super heterodyne receiver. It then informs the person in the vehicle when the transmission is identified. At present, the GPS technology is embedded into these sensors which enables the storage of locations prompted by the sensor when the user reaches their destination.
The high development cost is restricting the growth of the radar sensor market. However, increased spending in the defense segment especially in developing countries and the emerging approach of a driverless car are factors expected to provide numerous growth opportunities in forthcoming years.
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Key players operating in the global Radar Sensors market include are NXP Semiconductors N.V., Delphi Automotive PLC, ZF Friedrichshafen AG, Denso Corporation, Continental AG, Robert Bosch GmbH, Airbus Group, Infineon Technologies AG, Lockheed Martin Corporation, Autoliv Inc, and Raytheon Company among others. To enhance their market position in the global radar sensors market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, In January, 2016, NXP Semiconductors N.V. introduced the smallest, single-chip 77GHz radar transceiver. Roughly the size of a postage stamp, the new NXP chip can be “hidden” practically anywhere in the car – a great advantage for vehicle designers as the number of sensors steadily increases in the run-up to fully automated driving. In fact, working prototypes of the new NXP chip were field tested by Google engineers working on their self-driving cars project. In self-driving cars, a “cocoon” created by 10 to 20 tiny radar sensors all around the vehicle provides a high-resolution, 360-degree view of the environment.
The radar detector segment is dominating the market with the highest share of 50.90% in 2018.
The type segment is classified as radar detector, radar scrambling and others. The radar detector segment is dominating the market and valued around USD 4.24 Billion in 2018. A radar detector is an electronic device used by motorists to detect if their speed is being monitored by police or law enforcement using a radar gun. Most radar detectors are used so the driver can reduce the car's speed before being ticketed for speeding.
The long-range radar segment is dominating the market and valued around USD 3.94 Billion in 2018.
The range segment is divided into segments such as short-range radar, mid-range radar, long-range radar, and others. The long-range radar segment is dominating the market and valued around USD 3.94 Billion in 2018 due to their employment in weapon control systems, air mapping systems, marine radar systems, and surveillance systems.
The automotive segment is dominating the market with the highest share of 30.10% in 2018.
Application segment includes automotive, weather monitoring, security and surveillance, industrial, aerospace and defense and others. The automotive segment is dominating the market with the highest share of 30.10% in 2018. Automotive applications use bands for the lane change assist (LCA), adaptive cruise control (ACC), collision mitigation (CM), and blind spot detection (BSD).
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Regional Segment Analysis of the Radar Sensors Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region dominated the global radar sensors market with USD 3.43 Billion in 2018 where as the Asia Pacific rapidly growing region in the market. North America is dominating the market due to the technological improvement, rise in adoption of radar sensors, growing safety feature systems in the vehicles and the strong presence of key market players. Asia Pacific is a rapidly growing region due to the rising focus on safety and security features in the automobile sector in China, India, and Japan.
About the report:
The global Radar Sensors market is analysed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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