Manufacturers of Unmanned Surface Vessels Leverage Collision Avoidance Sensor Market, Valuation to Touch Mark of ~US$ 12 Bn by 2027: TMR
- Automobile companies consider technologies in collision avoidance sensor market as pivot for incorporating smart sensors for improving safety and reliability, research in autonomous vehicles to spur developments
- Market to clock CAGR of 13% During 2019- 2027, adoption in unmanned aerial vehicles (UAVs) to open new vistas in Asia and North America
ALBANY, N.Y, Nov. 23, 2020 /PRNewswire/ -- Collision avoidance sensors form a key part of next-gen, smart sensor systems used in wide range of automobiles, notably vehicles, unmanned aerial vehicles (UAVs), and mobile robots. They can range from unidirectional to multidirectional in order to make driving safety and convenient.
Rise in investments on research and development of mobile robots has also spurred Stakeholders Park their funds in boosting the commercialization of flexible Time-of-Flight (ToF) sensor arrays.
Analysts at TMR opine that companies should harness align data streams from next-gen radars, cameras, and ultrasonic systems and aim for multimodal data fusion. This will allow them to develop safety and reliability in autonomous vehicles.
The aforementioned investments trend and emerging investment avenues are expected to spur the global collision avoidance sensor market to expand at healthy CAGR of 13% during 2019–2027. By 2027-end, the global market is projected to reach a mark of ~US$ 12 Bn.
Key Findings of Collision Avoidance Sensor Market Report
Of the various frequencies, there is a conscious shift toward 77-GHz radars, especially in high-end vehicles
Aerospace & defense sectors are expected to endow sizable revenue shares to global collision avoidance sensor market
Opportunities in warehousing & logistic end-use industry expected to expand at rapid pace during 2019 - 2027
Europe is the leading market among all geographies
Revenue streams in North America and Asia Pacific to rise at healthy pace
Explore 225 pages of top-notch research, incisive insights, and detailed country-level projections on Collision Avoidance Sensor Market (Technology: Radar, LiDAR, Ultrasound, and Others; Application: Object Detection, Blind Spot Detection, Lane Departure Warning System, Adaptive Cruise Control, Parking Assistance, and Others; and End-use Industry: Automotive, Aerospace & Defense, Marine, Warehousing & Logistics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019- 2027 at https://www.transparencymarketresearch.com/collision-avoidance-sensors-market.html
Collision Avoidance Sensor Market: Key Driving Factors and Promising Avenues
Software algorithms and the SLAM (simultaneous localization and mapping) technology are new frontiers in the collision avoidance sensors market.
The growing popularity of omnidirectional vision drones in various commercial and consumer application has bolstered the adoption of collision avoidance sensors.
Growing penetration of drones in commercial and government sectors has spurred the prospects for developers of collision avoidance sensors. Leading automakers seeking revenue streams in the collision avoidance sensor market are thus integrating these sensors with lane departure warning systems.
Increased focus of numerous globally prominent automakers in improving the safety and convenience attributes has spurred the growth prospects in the collision avoidance sensors market.
The growing demand for lane departure warning systems has led to the incorporation of cutting-edge collision avoidance sensors.
The advent of side mirror cameras has expanded the functionality of smart sensor systems.
Over the past decades, technological advancements in unmanned aerial vehicles (UAVs) aim at improving the real-time obstacle detection mechanism, thereby boosting the collision avoidance sensors market.
Investments in developing time-of-Flight (ToF) sensor for high-end mobile robots have encouraging new vistas for stakeholders in the market. A large deal of the momentum has come from the growing penetration of robotics in logistics and warehouses.
Analyze global collision avoidance sensor market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Geographically, Europe is the leading market and is expected to see spate of investments in the development of autonomous vehicles that incorporate advanced sensor systems. Over the past few years, investments in this regional market has risen remarkably due to stringent implementation of regulatory norms pertaining to the safety of passengers. This has been underpinned by growing investments in the development of radar, LiDAR, and ultrasonic sensors for collision avoidance. Thus, Europe will keep witnessing sizable revenue streams in the global collision avoidance sensor market.
Meanwhile, the opportunities in Asia Pacific and North America are expected to rise at promising growth rate during 2019 – 2027. The demand for premium vehicles is a key trend that has expanded the revenue potential of the Asia Pacific market.
The global market is highly fragmented with the top five players accounting for relatively small shares—around 25%--in 2018. Further, stratups and new entrants find drones with multiple direction obstacle avoidance sensor system a promising avenue to park their funds.
Some of the key players are Microchip Technology Inc., Honeywell International Inc., Continental AG, Denso Corporation, and Robert Bosch GmbH.
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