The global Radar Sensor Market is anticipated to reach USD 44.4 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the non-imaging radar sensor segment accounted for the highest Radar Sensor market share in terms of revenue. North America is expected to be the leading contributor to the global Radar Sensor market revenue in 2017.
The growing military expenditure in countries such as China, U.S, and others have resulted in radar sensor market growth. The advancements in technologies and increasing need for national security would further lead to radar sensor market growth. Increasing demand for high range and enhanced radar accuracy, along with stringent security regulations supplement the growth of radar sensors market. Growing adoption of radar sensors in developing nations provide growth opportunities for the market. Features of radar sensors such as increased discrimination accuracy, enhanced sustainability, greater detection ranges and high reliability are propelling the growth of global radar sensor market. Furthermore, viewing the real-time data with the help of Radar through interfaces such as internet is opportunistic for the market expansion. Increasing cases of road accidents and stringent vehicle safety regulations supplement the market growth. Increasing development of self-driving and autonomous vehicles provide growth opportunities for radar sensor industry.
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North America generated the highest Radar Sensor market share in terms of revenue in 2018, and is expected to lead the global Radar Sensor industry throughout the forecast period. The adoption of radar sensors is expected to increase significantly in this region owing to increasing need to offer safety and security. The increasing demand for surveillance and border monitoring also drives the radar sensor market across various countries. Market players in the global radar sensor industry are introducing highly efficient and low-cost radar sensors to cater to the growing consumer needs. These market players are also integrating advanced technologies to improve the radar systems to cater to wider audiences. Increasing safety concerns, growing military expenditure, and development of autonomous vehicles are factors encouraging market players to launch efficient radar sensors across the globe.
Leading global players are expanding their presence in developing nations of India, China, and Japan to tap the growth opportunities offered by these countries. For instance Continental AG, a German automotive manufacturer company on November 2017 incorporated their extensive, long standing expertise in vehicle surrounding sensors into fifth generation of short and long range radar sensors. This resulted in more accurate detection of smaller objects such as a lost spare wheel or an exhaust that has fallen off. Long range radar, has maximum range of 300 m and an opening angle of ±60˚ depending on required performance. The series production of the same will start in 2019.
The well-known companies profiled in the Radar Sensor market report include Delphi Automotive LLP, Autoliv Inc., Robert Bosch GmbH, NXP Semiconductors N.V., Continental AG, Lockheed Martin Corporation, Denso Corporation, Infineon Technologies AG, Hella KGaA Hueck & Co., and Smart Microwave Sensors GmbH. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.