Radar Sensor Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3349
Radar Sensor Market size is expected to rise in the forthcoming years due to its use in several applications such as autonomous driving and smart factories. It was primarily used in military applications for defense purposes to detect range, angle, and velocity of objects such as aircraft, ships, guided missiles terrain, etc. These component prices are no longer limited to expensive systems due to factors such as advanced production processes and the availability of affordable high-frequency components. These components are finding applications for distance measurement, traffic congestion regulation, and railway security, augmenting radar sensor market share.
The radar sensor market is driven by industrial 4.0, developments in autonomous driving and the emergence of new technologies, such as AI and machine learning, across several industries. This is creating several opportunities for these components in presence and motion detection systems to provide higher security, propelling the market growth. It has been widely used in industrial machinery from a security point of view to detect human, objects, animals, etc. These sensors are integrated in automatic doors in public buildings and supermarkets due to their high reliability and functionality.
Other significant factors driving the radar sensor market in several industries are features, such as the detection of objects, even in stressful environmental conditions. These radars work even in fog, poor visibility, dust, and steam unlike normal cameras & lasers. Such advancements have enabled many industries to integrate this technology in their products to cater to consumers’ needs. In addition, they are very reliable as they are not affected by thermal variation and provide information such as the direction of motion and actual speed, making the detection more robust. Objects at a long distance can be easily detected, which consequently creates a demand in several industries. Owing to these factors, high demand is augmented in the radar sensor market by several industries.
A key challenge in the radar sensor market is the cost of these sensors. The installation of these sensors is one of the factors resulting in high cost. Due to the exposure of this device to stressful environments, such as high temperatures and different weather conditions, there might be a frequent need to replace these sensors, adding up to the cost. Moreover, measures are being taken to develop new technologies to overcome these barriers, limiting the radar sensor market size.
The major industry driving the radar sensor market is the automotive sector due to the wide use of sensor technology in automotive systems. The increasing integration of technology in passenger cars for the safety & comfort of consumers and OEMs is widely adopting the sensor technology to provide an enhanced driving experience to consumers. Moreover, the increasing R&D investments in autonomous cars globally are further expected to drive the radar sensor market growth. A driver can assess the surrounding and monitor the distance of a vehicle ahead, behind, and sideways. The camera using sensor technology can also detect the markings on the road to keep vehicles in lane, ensuring safety & security. Owing to these characteristics, many automobile companies are integrating this technology with their products
The other sector driving the radar sensor market is the agricultural sector for controlling seed flow and securing harvesting machines. This technology has been widely adopted for several agricultural applications such as crop information, soil mapping, etc. For instance, crop type, growth stage identification, crop damage identification, etc., can be identified using this technology. With detailed information, timely measures will be accordingly taken at each step, reducing the cost involved in managing damages. This has benefited the agricultural industry to a large extent, driving the market size.
The radar sensor market is expected to witness lucrative growth in Europe due to increasing demand from the automotive sector of Germany. With the emergence of urbanization and the adoption of new technologies, big players in this sector, such as BMW and Audi, are integrating this technology into automobiles, creating a high demand in the radar sensor market. Additionally, the increasing R&D activities in this technology will accelerate growth in the industry, whereas Asia Pacific will anticipate a high demand in the coming future owing to the increasing number of manufacturing companies in automotive and industrial sectors. This region has witnessed a great demand in the market by these sectors due to several benefits by this technology. With increasing security threats within & outside the country there is an urgent need for security & surveillance by all the countries globally. The growing need for national security and urbanization in countries including India and China is expected to drive the radar sensor market at a faster rate.
The radar sensor market comprises several international players such as Bosch, Infineon Technologies, Continental, DENSO, NXP Semiconductors, Advanced Radar Company, etc. These companies are adopting new strategies to sustain in the industry. Infineon launched a new development center in Germany dedicated for automotive electronics to cater to the growing advancements. There are many regional players as well who cater to the needs in the region, propelling the market demand. Strategic mergers & collaborations have provided opportunities for leading companies to innovate new products with diverse offerings. In addition, these companies are trying to develop a cost-effective technology, which will help in accelerating industry growth. Moreover, heavy investments are being done in R&D activities to come up with new innovations.
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