Geographically, the radar sensors market has been studied under regions namely, Europe, North America, Asia Pacific and the Rest-of-the-World (RoW).
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Considering the global scenario, the North American region is considered one of the top regions leading the radar sensors market across the globe. The regional market is drive by the increased proliferation of smartphones, high-end defense application, consumer electronic devices, and autonomous cars. As the region is considered a pioneer in the adoption of latest technologies like smart homes, smart grid, intelligent transport & infrastructure with sensors, and smart water networks that uses the radar sensors technology, the market is likely to boost in this region. Moreover, the surging FMCW applications is gaining momentum in the region especially in short-range applications as North America has the highest expenditure on defense in the world. Such factors are estimated to promote the growth of the regional market in the foreseeable future.
Market Potential and Pitfalls:
With increasing applications of UAVs and drones in the defense and military applications by several economies, the use of radar sensors has increased as they are considered important components in autonomous flying drones. With the use of these sensor obstacles can be identified and it also ensures smooth navigation. Ainstein has recently declared the launch of their latest customizable radar sensors, Ultra Long-Range Ground-Based (ULGB-D1) and Ultra Long-Range Airborne (ULAB-D1) for drone applications. The mammoth demand for UAVs will augment the adoption of radar sensors in drones, which is likely to trigger the demand for radar sensors across the globe.
The radar sensors market has witnessed a tectonic surge over the past few years due to the use of frequency modulated waves which helps in the detection of targets. The radar sensors are perfect for level gauging, collision detection, surveillance, anti-collision, and security. The expansion of the global radar sensors market can be further attributed to the burgeoning automotive sector coupled with the rising awareness for vehicle safety and passengers. The inclination towards improving road safety norms, automated vehicles, and introduction of advanced technological features in automobiles are some of the major factors presumed to dictate the growth trajectory of the market. The rising territorial conflicts and geopolitical instabilities are resulting in the strengthening of the defense sector in developing economies. The integration of advanced technologies in defense strategies is offering the market a sturdy growth. Moreover, the implementation of the GPS technology has enabled the storage of location data which is expected to trigger the demand for radar sensors, thereby impacting the market growth positively.
On the contrary, the high cost of development of the radar sensors is anticipated to be a major concern restricting the growth of the market across the globe. Moreover, the application-specific illegal issues in the military detectors along with the high maintenance cost of these radar sensors installed in the cars is likely to deter the market growth in the long run.
As per a detailed analysis by Market Research Future, the global radar sensors market is predicted to garner USD 19 billion, registering a CAGR of 20% during the forecast period (2017-2023).
On May 2019, a team of researchers at Fraunhofer Institute for Laser Technology developed a coating process which assists the radar sensors to be implemented with car headlights.
The prominent players operating in the global radar sensors market comprises Lockheed Martin Corporation (U.S.), Robert Bosch GmbH (Germany), Saab AB (Sweden), Raytheon Company (U.S.), Delphi Automotive LLP (U.K), Northrop Grumman Corporation (U.S.) Continental AG (Germany), Hitachi, Ltd. (Japan), Denso Corporation (Japan), ZF Friedrichshafen AG (Germany), NXP Semiconductors N.V. (Netherlands), Infineon Technologies AG (Germany), Airbus Group (Netherlands), and Omniradar BV (Netherlands).
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