Radar Sensor Market Expected to Reach $33.14 Billion By 2030

According to a new report published by Allied Market Research, titled, “Radar Sensor Market By Type, Range, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global radar sensor market size was valued at $10.63 billion in 2020, and is projected to reach $33.14 billion by 2030, registering a CAGR of 13.1%. Asia-Pacific region is expected to be the leading contributor to the global radar sensor market during the forecast period, followed by LAMEA, and Europe.

Radar sensors use frequency modulated continuous wave radar to constantly detect moving or stationary targets. Higher frequency radar can see a broader array of objects & will be more beneficial than an ultrasonic sensor in maximum applications, including outdoors. Lower frequency radars is well suited for high dielectric objects including trains, cars, cargo, and trucks even in extreme weather condition. 

Also, automotive radar sensor is widely used these days for radar-based driver assistance systems such as collision warning and adaptive cruise control. These are capable of recognizing & detecting objects up to 240 meters. For instance, Infineon automotive radar products offer features such as lane change assistance (LCA), blind spot detection (BSD), collision mitigation (CM), among others.

The global radar sensor market is anticipated to witness significant growth during the forecast period. Factors such as safety and security needs in automotive application, and increasing need for border security systems drive the growth of radar sensor market. Also, adoption of the wideband 5G & millimeter wave-based RF systems boost the overall market growth. However, high development & installation cost is a major restraint to the global radar sensor industry. In addition, growing defense sector in Asia-Pacific region is expected to create lucrative opportunities for the market.

Moreover, developing nations tend to witness high penetration of radar sensor products, especially in defense sector. Factors such as increase in demand for radar systems in automotive industries, and emerging applications of radar in remote sensing accelerating the demand of market.

The global radar sensor market is segmented into type, range, application, end user, and region. By type, the market is segmented into imaging, and non-imaging. By range, the market is segmented into short range, medium range, and long range. By application, market is divided into air traffic control, remote sensing, ground traffic control, and space navigation and control. By end user, the market is segmented into automotive, aerospace and defense, environment and weather monitoring, industrial, and others.

Region wise, the radar sensor market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed maximum revenue in 2020. However, between 2020 and 2030, the radar sensor market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging economical countries such as India, China, Japan, Taiwan, and South Korea. The overall market analysis is determined to understand the profitable trends to gain a stronger foothold.

COVID-19 Impact Analysis

The arrival of COVID-19 has significantly affected the electronic and semiconductor sectors. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases, and are estimated to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufactures to reach customers. The overall production process is adversely affected, but owing to surge in sales in aerospace and defense sector, is expected to boost the overall market growth globally.

Key Findings of the Study

• The automotive segment is projected to be a major application during the forecast period followed by industrial. The rising adoption of autonomous driving vehicles and the progression of Industry 4.0 is anticipated to drive demand in the future.  
• Asia-Pacific and North America collectively accounted for more than 55% of the radar sensor market share in 2020.
• India is anticipated to witness highest growth rate during the forecast period.
• U.S. was the major shareholder in the North America Radar Sensor market, accounting for approximately 77% share in 2020. 

The key players profiled in the report include Honeywell International Inc., Infineon Technologies, L3harris Technologies Inc., Lockheed Martin Corporation, NXP Semiconductors N.V, Raytheon Technologies Corporation, Saab AB, Stmicroelectronics N.V., Texas Instruments, and Thales Group. These players have adopted various strategies such as agreement, partnership, product expansion, and product launch, to expand their foothold in the industry.