NEW YORK, June 22, 2016 /PRNewswire/ -- "The radar sensor market estimated to grow at a CAGR of 6.94% between 2016 and 2022"
The radar sensor market is expected to grow from USD 19.29 billion in 2015 to USD 30.67 billion by 2022, at a CAGR of 6.94% between 2016 and 2022. The growth of this market is propelled by the increasing territorial conflicts and geopolitical instabilities in regions such as Asia-Pacific, the Middle East, and the Americas and the rising demand for radar systems worldwide since militaries seek to replace their legacy systems. The market is further driven by the increasing focus on the safety, comfort, and assistance features in vehicles.
"The aerospace & defense application to hold a major share of the radar sensor market during the forecast period"
The increasing need of many nations to upgrade their radar technology to safeguard their borders and tackle growing territorial conflicts and geopolitical instabilities are some of the major factors that are driving the growth of the radar sensor market for the aerospace & defense application. Applications for radar systems continue to expand in airborne-based, naval-based, space-based, and ground-based platforms. Other military applications such as electronic countermeasures (ECM) and electronic-warfare (EW) systems are dependent on radar systems for their successful operation. With the increased demand for defense surveillance over porous and attack-prone borders, increased spending on the defense sector by the developing countries, and increased terrorism and ongoing inter-country conflicts, the market for military radars is expanding subsequently.
"Radar sensor market in APAC expected to witness the highest growth during the forecast period"
Increasing military investments in APAC, along with the growing demand for radar sensors and systems in countries such as China, Japan and India, are driving the growth of the market for radar sensors. This region has become a global focal point for large investments and business expansion opportunities. Additionally, in the automobile sector, as of 2015, this region accounted for a share of more than 50% of the world's passenger car production. As of 2015, countries such as China, Japan, South Korea, and India were among the Top 10 largest automobile manufacturers worldwide. China ranks first (with 12,095,000 units); Japan ranks third (with 4,650,968 units); South Korea ranks fifth (with 2,321,841 units); and India ranks sixth (with 2,049,037 units) (Source: Production Statistics - OICA).
Break-up of the profile of primary participants for the report is as given below:
- By Company Type - Tier 1 – 45%, Tier 2 – 32%, and Tier 3 – 23%
- By Designation – C-Level Executives – 30%, Directors – 45%, and Others – 25%
- By Region – North America - 26%, Europe – 40%, APAC – 22%, and RoW – 12%
The major companies involved in the development of radar sensors include Robert Bosch GmbH (Germany), Continental AG (Germany), ZF Friedrichshafen AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (U.K.), HELLA KGaA Hueck & Co (Germany), Autoliv Inc. (Sweden), Infineon Technologies AG (Germany), Airbus Group (Netherlands), Lockheed Martin Corporation (U.S.), Raytheon Company (U.S.), NXP Semiconductors N.V. (Netherlands), Smart Microwave Sensors GmbH (Germany), Escort Inc. (U.S.), and Omniradar BV (Netherlands) among others.
Reasons to Buy This Report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis (industry trends); market ranking analysis of top players; value chain analysis, and company profiles which comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the radar sensor market; high-growth regions; and market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Market penetration: Comprehensive information on radar sensors offered by the top players in the overall radar sensor market
- Product development/innovation: Detailed insights regarding R&D activities, emerging technologies, and new product launches in the radar sensor market
- Market development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for radar sensors across regions
- Market diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the overall radar sensor market
- Competitive assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the radar sensor market
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