Radar Sensor Market Outlook – 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, to register a CAGR of 13.1% from 2021 to 2030. The radar sensor is an electronic device that transforms microwave echo signals into electrical signals. Basically, it uses wireless sensing technology to sense motion by figuring out the shape, the object’s position, the motion trajectory, and the motion characteristics. Radar sensor is generally used for longer distances, and it is safe for animals and humans.
These sensors aren't influenced by darkness & light. 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), and 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 applications and an increase in the need for border security systems drive the growth of the radar sensor market. Also, the adoption of the wideband 5G & millimeter wave–based RF systems boosts the overall market growth. However, high development & installation costs are a major restraint to the global radar sensor industry. In addition, the growing defense sector in the Asia-Pacific region is expected to create lucrative opportunities for the radar sensor industry.
Segment Overview
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 Type
Imaging segment will maintain the lead during the forecast period
By range, the market is segmented into short-range, medium-range, and long-range.
By Range
Medium Range segment projected to be the most lucrative segment
By application, the market is divided into air traffic control, remote sensing, ground traffic control, space navigation and control, and others.
By Application
Ground Traffic Control segment will dominate the market with a highest CAGR of 14.5%
By end user, the market is segmented into automotive, aerospace and defense, environment and weather monitoring, industrial, and others.
By End User
Automotive segment will grow at a highest CAGR of 14.5% during 2021 - 2030
Region-wise, the radar sensor market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Russia, France, Italy, Germany, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is dominating the market owing to the growing demand for aerospace and defense products. Also, Asia-Pacific is projected to register a significant growth rate during the forecast period. Furthermore, LAMEA holds the subsequent position and is expected to increase its growth rate by the end of the forecast period, followed by Europe.
By Region
Asia-Pacific region would exhibit the highest CAGR of 15.0% during 2021 - 2030
Leading radar sensor market manufacturers such as Lockheed Martin Corporation, Thales Group, Texas Instruments, and others are focusing their investment on technologically advanced, cost-effective, and more secure products and solutions for various applications.
Top Impacting Factors
The prominent factors that impact the radar sensor market growth are an increase in demand for radar systems in the automotive and defense industries and emerging applications of radar in remote sensing. In addition, the surge in territorial battles across the globe drives market growth. However, the high cost of radar systems restricts the market growth. On the contrary, high investment from developed countries in the military sector is expected to create lucrative opportunities for the market. Therefore, these factors are expected to affect the development of the global radar sensor market during the forecast period.
Competitive Analysis
Competitive analysis and profiles of the major market players such as 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 are analyzed in the report. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.
Key Benefits For Stakeholders
- This study comprises an analytical depiction of the global radar sensor market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall radar sensor market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current radar sensor market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the radar sensor market share of key vendors.
- The report includes the market trends and the market share of key vendors.
Radar Sensor Market Report Highlights
| Aspects | Details |
 By TYPE |
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 By RANGE |
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 By APPLICATION |
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 By END USER |
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 By Region |
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 Key Market Players | NXP SEMICONDUCTORS N.V., STMICROELECTRONICS N.V, HONEYWELL INTERNATIONAL INC., LOCKHEED MARTIN CORPORATION, .RAYTHEON TECHNOLOGIES CORPORATION, THALES GROUP., INFINEON TECHNOLOGIES AG, SAAB AB, TEXAS INSTRUMENTS INC., L3HARRIS TECHNOLOGIES, INC. |
Analyst Review
Radar sensor devices transmit a constant signal of low-energy microwave radiation at a specific area & then evaluate the reflected received signal. Where the detector records a variation in the frequency of waves, when the microwave source and the target are in motion relative to each another. This permits the device to sense moving vehicles.
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 the 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 radar sensor industry.
The key players of the market focus on introducing technologically advanced products to remain competitive in the market. Agreement, partnership, product expansion, and product launch are expected to be the prominent strategies adopted by the market players. North America accounted for a major share of the market in 2020, owing to the presence of major players in the region; however, Asia-Pacific is expected to grow at the highest CAGR, owing to rise in adoption of radar sensor in a variety of fields.
The Radar Sensor Market is estimated to grow at a CAGR of 13.1% from 2021 to 2030.
The Radar Sensor Market is projected to reach $33.14 billion by 2030.
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Safety and security needs in automotive application, and increasing need for border security systems etc. boost the Radar Sensor market growth.
The key players profiled in the report include Honeywell International Inc., Infineon Technologies, L3harris Technologies Inc., and many more.
On the basis of top growing big corporations, we select top 10 players.
The Radar Sensor Market is segmented on the basis of type, range, application, end user, and region.
The key growth strategies of Radar Sensor market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Ground Traffic Control segment would grow at a highest CAGR of 14.5% during the forecast period.
Automotive segment will dominate the market by the end of 2030.
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