Radar Sensor Market Worth 30.67 Billion USD by 2022
PUNE, India, June 7, 2016 /PRNewswire/ --
According to the new market research report "Radar Sensor Market by Type (Imaging and Non-Imaging), Technology, Component, Band (HF, VHF, and UHF; L, S, C, and X; Ku, K, Ka, V, and W), Range (Short-Range, Mid-Range, Long-Range), Application, Vertical, and Geography - Global Forecast to 2022", published by MarketsandMarkets, the radar sensor market is expected to reach USD 30.67 Billion by 2022, growing at a CAGR of 6.94% between 2016 and 2022.
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Browse 81 market data Tables with 109 Figures spread through 260 Pages and in-depth TOC on "Radar Sensor Market".
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The major factors driving the growth of the radar sensor market include increasing territorial conflicts and geopolitical instabilities in the regions such as Asia-Pacific, the Middle East, and the Americas and 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.
"Radar sensor market for automotive applications expected to grow rapidly during the forecast period"
The radar sensor market for automotive applications is expected to grow at a high rate during the forecast period. The major factors driving the growth of this market include increasing adoption of radar sensors for various applications, increasing benefits of radar sensors compared to other remote sensing technologies, growing number of accidents all over the world, and comfort, safety, and assistance features offered by the usage of radar sensors. Some of the major automotive applications for the usage of radar sensors are blind spot detection, lane departure warning, object detection system, adaptive cruise control (ACC), and stop & go functionality among others.
"Non-imaging radar sensor market to witness potential growth by 2022"
The market for non-imaging radar sensors is expected to grow at the highest rate during the forecast period. This is mainly because their wide usage in most of the high-end applications such as defense, automotive, and traffic monitoring. Various applications of defense need constant tracking and analyzing which is mostly done with the help of non-imaging radar sensors. Additionally, the increasing military expenditure by developing countries is also an important factor to drive the overall growth of the non-imaging radar sensor market.
"APAC expected to grow at the highest rate during the forecast period"
Radar sensors and systems are increasingly being implemented in APAC, owing to the growing demand for automotive and increasing focus of region toward military investment. Moreover, The Asia-Pacific region is one of the potential markets for the unmanned vehicles as countries such as China, India, Japan, Australia, and South Korea among others are actively trying to strengthen the military system. The geopolitical dynamics of the region have a vital role to play in the measures taken by capital economies such as India and China toward the enhancement of military capabilities and strength.
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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.
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