Radar Sensors Market worth over $25bn by 2027

Radar Sensors Market size is set to surpass USD 25 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

Rising penetration of unmanned aircraft systems (UAS) and drones across developed economies is projected to drive the market growth during the forecast timeframe. According to February 2021 press release by Federal Aviation Administration (FAA), the number of registered unmanned aerial vehicles (UAVs) present in the U.S. accounted for 1.1 million units in February 2021, of which commercial UAVs accounted for 380,557 units and recreational UAVs accounted for 491,237 units. These UAVs are highly integrated with radar sensors for various applications such as obtaining precise navigation, object detection, surveillance, and security. Several industries, including e-commerce and construction, and logistics sectors are extensively incorporating commercial drones for delivery, surveying, mapping, and inspection applications, which will further increase the adoption of radar sensors in the market over the forecast timeline.  

 

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High maintenance cost associated with radar sensors is one of the major factors restraining the market expansion. The exposure of radar sensors to stressful environments, such as high temperatures and extreme weather conditions, results into frequent replacement of these sensors. Adding to this, radar sensor is integrated into aircraft, helicopters, and air traffic control systems require frequent inspection and installations, increasing the maintenance cost of radar sensors, thereby hampering the market revenue.

 

Proliferation of robotics and automation will increase the demand for non-imaging radar sensors

Radar Sensors Market Size, By Type

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The non-imaging radar segment accounted for 35% of the radar sensors market share in 2020 and is anticipated to witness 11.5% growth rate till 2027 owing to the rising integration of non-imaging radar into robotics and automation equipment across manufacturing and process industries. The non-imaging radar offers several high-end features, such as efficient measurement of the velocity, speed, and Plan Position Indicator (PPI), compared to continuous wave (CW) and pulse wave radar. These features increase its acceptance in industrial and collaborative robots, automated assembly lines, and automated guided vehicles (AGVs).
 

Rising demand for long-range radar in high-end avionics systems will spur the market value

The long-range radar segment will grow at a CAGR of more than 14% through 2027 led by its massive implementation of long-range radar in high-end avionics systems. The long-range radar operates at 76/77 GHz frequency range with distance range for detection ranging from 250m to 300m. These features increase its adoption in avionics systems for air-to-air warfare, combat navigation, and object detection applications. Increasing defense investments in obtaining high-end avionics systems and aircraft by developed economies will add opportunities to the segment growth.
 

Browse key industry insights spread across 300 pages with 358 market data tables and 37 figures & charts from the report, “Radar Sensors Market Size, By Type (Imaging Radar {Continuous Wave (CW) Radar, Pulse Radar}, Non-Imaging Radar {Speed Gauge, Radar Altimeter}), By Range (Short-range Radar Sensor, Medium-range Radar Sensor, Long-range Radar Sensor), By Application (Automotive, Aerospace & Defense, Industrial, Government & Public Infrastructure), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/radar-sensor-market

 

Ongoing technological advancement toward self-driving vehicles will propel the market demand

The automotive application segment held 33.5% of the market share in 2020 and is estimated to attain a CAGR of 21.5% during 2021 to 2027. Radar sensors deliver a 360 degree of the surrounding, thereby accelerating their demand in ADAS and autonomous systems. Several automotive OEMs including Daimler AG, BMW, Tesla Inc., Waymo LLC, and AB Volvo are extensively focusing on achieving level-V autonomy in their upcoming vehicles to stay competitive in the market. The fully autonomous vehicles require integration of up to 10 radars to enhance the safety and comfort. Adding to this, stringent government regulations mandating ADAS across geographies to reduce road fatalities will fuel the industry growth.
 

Increasing government spending on the defense sector will boost the growth for North America region

North America radar sensors market accounted for 26.5% of revenue share in 2020 and is poised to expand at 16.5% till 2027 driven by rising government spending by the U.S. federal government on the military & defense industry. In February 2020, the U.S. President and the Congress proposed a FY2021 budget requesting USD 740.5 billion on national security, of which USD 704.5 billion will be for the Department of Defense (DoD). This will increase the research & development in military electronics, growing the demand for radar sensors in the region.
 

Key players operating in the market include Infineon Technologies AG, Robert Bosch GmbH, Analog Devices, Inc., NXP Semiconductors N.V., and Texas Instruments Incorporated. Industry leaders are focusing on technological advancement and new product launches to stay competitive in the market.
 

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