Global Radar Sensor Market to reach USD 29.6 billion by 2025
Global Radar sensor Market valued approximately USD 7.1 billion in 2017 is anticipated to grow with a healthy growth rate of more than 19.62 % over the forecast period 2018-2025.
The Radar sensor Market is an electronic device which identifies the velocity and position of a specific distant objects that includes the vehicle, ship or aircraft. The Radar sensors are majorly utilized for identifying the electromagnetic emissions with the support of radio receivers.
The GPS technology is mounted into the radar systems and it helps in the identification of locations that are indicated by the sensors when the individual or the user reaches their respective destination. Moreover, The Radar sensors are also used in detecting objects and the radar sensors deliver information on the base of factors such as range, direction, speed and Doppler velocity.
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The Radar sensors are majorly used in sectors such as Industrial, Automotive, Aerospace & defence and in the Traffic monitoring. In the defence and military the radar sensors are heavily deployed as they are an pivotal component to detect the locations of objects such as Aircrafts and ships. The Drivers of the Radar sensors include rising focus on safety and security demand in the automotive sector.
The enhancing need and adoption by the border security and military. The wideband 5G and milimeter wave-based system capabilities. The Automotive sector which includes both the commercial and passenger vehicles are heavily deploying the radar sensors during the manufacturing of the vehicles. The Radar sensors are currently used in the adaptive lighting system in the vehicles.
The radar systems and sensors in the Asia-Pacific region is anticipated to grow with the highest rate during the forecast period of 2016-2023. The radar sensors market in the Asia-Pacific region is mainly escalating due to the rising demand from the military and automotive investment. Moreover, the Asia-Pacific is one of the emerging market considering the unmanned vehicles in the countries such as India, China, Australia, Japan and South Korea.
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These countries of the APAC region are mainly focusing to strengthen the military system of their country. The geopolitical conditions of the Asia-Pacific region have a pivotal role in the steps taken by the major economies such as China and India towards the development of the military strength and capabilities. The North America region which includes mainly the countries such as Untied States and Canada.
The North America is one of the largest region in terms of automotive production after the Asia-Pacific region. The enhanced focus on the traffic management along with the security and safety in the vehicles which include both passenger and commercial vehicles of the Automobile sector in North American region is fuelling the growth of the radar sensors market in North America.
On the basis of segmentation the Radar sensors market is mainly segmented into Applications, Verticals, Bands, Range and Type. The Automotive component of the Applications segment is anticipated to grow with the highest CAGR during the forecast period of 2016-2023.
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The Key factors driving the growth of Radar sensors market include the enhancing adoption of the radar systems for several applications such as the escalating benefits of the radar sensors in comparison with the other remote sensing technologies. The increasing number of accidents considering global scenario along with the safety and comfort and assistance features that are provided by the utility of sensors.
The radar sensors have their major utility in the automotive applications as they are used in blind used spot detection, lane departure warning, adaptive cruise control, stop-go functionality and object detection system. The non-imaging radar sensors market is anticipated to grow with the highest rate during the forecast period.
The Non- imaging radar sensors market is on the up-surging trend due to their wide utility in many of the high-end applications that mainly include defence, traffic monitoring and automotive. The several applications of the Aerospace & defence sector need constant analysing and tracking that is mostly done with the support of non- imaging radar. Moreover, the enhancing military expenditure by the emerging and developing countries of the globe that mainly includes India, China and Japan has also boosted the growth of the non-imaging radar sensors market.
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The regional analysis of Global Radar sensor Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share. Whereas, owing to the countries such as China, Japan, and India, Asia Pacific region is anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
The Companies involved in the market are:
Lockheed Martin Corporation
Infineon Technologies AG
NXP Semiconductors N.V
Delphi Automotive LLP
Smart radar sensors GmbH
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