Radar Sensors Market to Hit USD 31.45 BN by 2032, with 14.50% CAGR from 2023 to 2032
Research Reports
Nov 22, 2023
Radar Sensors Market Overview
The Radar Sensors Market is likely to witness significant revenue growth. The rising demand for sub-millimetre-wave radar sensors to identify and navigate other vehicles would drive the market growth. According to Market Research Future (MRFR), the global radar sensors market is projected to escalate from USD 9.3 BN in 2022 to USD 31.45 BN by 2032, growing at a 14.50% CAGR throughout the assessment period (2023-2032).
Rapid digitalization across various industries catalyses the demand for radar sensors. Besides, the increasing utilization of IoT devices and smart technology boosts the radar sensors market demand. Smart security systems and automatic doors use the motion detection technology offered by radar sensors to detect any movement. Moreover, the increasing adoption of radar sensors in security and surveillance operations substantiates the market demand.
With the increasing emphasis on passenger safety, the rapidly growing automotive industry creates a positive radar sensors market outlook. CW radar sensors embedded in autonomous vehicles detect stationary and moving objects in the path. They are also used to operate automatic emergency braking and collision avoidance systems in heavy commercial vehicles.
Moreover, the increasing demand for radar sensors from the military and defense sectors to achieve effective target surveillance & interception, terrain tracking, missile guidance, and navigation pushes the market growth. In addition to this, radar sensors also aid in airport intrusion detection, prison perimeter, oil depot, and power grid security systems, favoring the market’s Growth.
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Radar Sensors Market – Segmentations
The market report is segmented into types, components, applications, and regions. The type segment comprises radar detectors, radar scrambling, and others. The component segment comprises antennas, duplexers, transmitters, receivers, video amplifiers, processors, and others.
The application segment comprises automotive, traffic monitoring, aerospace & defense, industrial, security & surveillance, weather monitoring, and others. By region, the radar sensors market is segmented into the Americas, Asia-Pacific, MEA, Europe, and the rest of the world.
Radar Sensors Market – Regional Analysis
Europe dominates the global radar sensors market, owing to the strong presence of military and defense bases. Also, the presence of leading market players like Delphi Automotive, Bosch GmbH, and Saab AB positively impacts regional market growth. Besides, the high demand for radar sensors from the automotive and aerospace & defense industries substantiates market revenues.
The growing penetration of high-tech gadgets in industrial, security & surveillance, and weather monitoring applications boost the radar sensors market size. Also, the growing digitization in the rapidly growing industries accelerates the region’s radar sensors market shares.
Radar Sensors Market – Competitive Landscape
This market appears highly competitive due to the presence of many prominent companies having an international presence. These companies aggressively initiate their growth journey through collaborations and partnerships to expand their operations & offerings and potential clientele. The market would witness intensified competition with innovations, increased R&D investments and M&A.
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Major Players
Leading radar sensors market players include Lockheed Martin Corporation (US), Robert Bosch GmbH (Germany), Raytheon Company (US), Northrop Grumman Corporation (US), Saab AB (Sweden), Delphi Automotive LLP (UK), and Hitachi Ltd (Japan), among others.
Industry/ Innovation/ Related News:
Sep. 12, 2023 — Evolve Dynamics (the UK), a leading UAV manufacturer, announced a partnership with Cambridge Sensoriis, a radar technology specialist, to boost its presence in the autonomous drone technology space. Together, these companies have achieved the first-ever fully autonomous drone landing, enabled by integrating Cambridge Sensoriis’ ARC radar sensor devices into Evolve Dynamics’ Sky Mantis UAV.
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