Radar Sensor Market with Pricing Strategy, Industry Latest News, Top Company Analysis and Forecast by 2027
Recent trends in the radar sensor market are driven by an increase in the number of product developments by key industry participants.
Considering an instance, in December 2020, a leading manufacturer in the automotive radar sensor market, NXP Semiconductors, launched an array of advanced chipset solutions, equipped for providing a 360 degree safeguard to vehicles by enabling the classification and identification capacities of imaging radar.
The solution has 77GHz transceivers and state-of-the-art radar processors that provide carmakers scalable and flexible configurations, which address NCAP needs for front radar and corner applications. The product provides the first commercially viable path towards the volume production of 4D imaging radar.
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Such advancements are set to boost industry demand through the forthcoming years. On this note, the global radar sensor market size is estimated to surpass USD 25 billion by 2027, states the latest research by Global Market Insights, Inc.
This growth is ascribed to the increasing product usage across various applications such as area monitoring, robotics, collision prevention, level transmitters, building security, and people counting. The industrial application segment in the radar sensor industry accounted for nearly 16.0 per cent of the overall market revenue in 2020 and is anticipated to grow at a remarkable CAGR of 16.5 per cent through 2027.
The surging adoption of technologies, comprising robotics and IoT, and the soaring digitalization in the industrial sector are expected to escalate radar sensor market share through the forecasted period. As per the International Federation of Robotics Reports 2020, there were nearly 2.7 million industrial robots operating across factories at the global level, accounting for an upsurge of 12 per cent as compared to the previous years.
The pulse radar segment in the radar sensor industry held a substantial share of 25.5 per cent in 2020 and is projected to exhibit a considerable CAGR of 18.5 per cent through 2027. This is due to the wide incorporation of pulse radar systems in government and public infrastructure development applications. The sensors provide numerous intuitive features, comprising higher reliability and precision, as compared to non-imaging radars.
The Europe radar sensor industry accounted for an appreciable share of 19.5 per cent in 2020. The region is estimated to exhibit an appreciable CAGR of nearly 12.5 per cent through 2027. The market is driven by a surge in government initiatives for the acceleration of the defense sector by integrating technology innovations with new safety systems.
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In December 2020, the PADR (Preparatory Action on Defense Research) of the European Union announced funding of nearly USD 108 million for the defense sector in Europe for supporting research and development activities in railguns, laser weapons, and drones amongst others. These initiatives are set to advance market opportunities for regional radar sensor manufacturers to work on new product developments for the defense sector.
On the whole, the increasing adoption of radar sensors for surveillance, navigation, security applications in UAS and drones, and object detection will augment radar sensor market size over the analysis period.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Scope & definition
1.2 Methodology and forecast parameters
1.3 Competitive landscape:
1.4 Region-wise COVID-19 impact analysis:
1.4.1 North America
1.4.2 Europe
1.4.3 Asia Pacific
1.4.4 Latin America
1.4.5 Middle East & Africa
1.5 Data Sources
1.5.1 Secondary
1.5.2 Primary
Chapter 2 Executive Summary
2.1 Radar sensor market 3600 synopsis, 2016 – 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Range trends
2.1.5 Application trends
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