PUNE, India, April 14, 2020 /PRNewswire/ -- The global radar sensor market size is projected to reach USD 35.88 billion by the end of 2026. The increasing applications of the product across diverse industry verticals will aid market growth. According to a report published by Fortune Business Insights, titled "Radar Sensor Market Size, Share & Industry Analysis, By Type (Pulse Radar, Continuous-Wave Radar, Radar Altimeter, and Others), By Range (Short-range, Medium-Range, and Long-Range), By Application (Advanced driver assistance systems (ADAS), Monitoring and Communication, Security and Surveillance, Traffic Monitoring, Environment, and Weather Monitoring, Hump Yard and Rail Crossing, Health Monitoring, and Others), By Vertical (Automotive, Aerospace and Defence, Healthcare, Maritime, Manufacturing, Oil and Gas, and Others), and Regional Forecast, 2019-2026," the market was worth USD 8.57 billion in 2018 and will exhibit a CAGR of 19.7% during the forecast period, 2019-2026.
Radar sensors are products that are used to detect obstructions and obstacles in the path of any vehicle or automotive. The product is widely used in numerous defense and military applications due to the ease of use. The low cost of the product, coupled with the exceptional properties of radar sensors have allowed widespread applications. Accounting to the huge potential held by radar sensors, large scale companies are looking to invest more towards the development of advanced products.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Increasing Number of Company Collaborations Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing number of company mergers and collaborations has had a massive impact on the growth of the market. Several large scale companies as well as organizations are focusing on forming strategic partnerships, with a bid to establishing a stronghold in the market. In March 2017, HELLA GmbH & Co. KGaA, ZF Friedrichshafen AG, and NVIDIA Corporation announced that they have forged a strategic partnership. This step was taken to develop software for a scalable system for new driver assistance systems. This acquisition will not just help these companies, but will have a massive impact on the growth of the market in the coming years.
Europe Currently Holds the Highest Market Share; Presence of Several Large Scale Companies Will Aid Growth
The report analyses the ongoing radar sensor market trends across North America, Latin America, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Europe currently holds the highest market share. The increasing product applications across diverse industry verticals will aid the growth of the regional market. As of 2018, the market in Europe was worth USD 2.94 billion and this value is projected to increase further in the coming years. Besides Europe, the market in North America will witness considerable growth.
List of Key Companies that are operating in the Radar Sensor Market include:
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- Infineon Technologies AG (Germany)
- DENSO CORPORATION (Japan)
- ZF Friedrichshafen AG (Germany)
- HELLA GmbH & Co. KGaA (Germany)
- Lockheed Martin Corporation (US)
- s. m. s. smart microwave sensors GmbH (Germany)
- Oculi Corp (US)
- SICK AG (Germany)
- Socionext America Inc. (US)
March 2017 - ZF Friedrichshafen AG announced that it has completed the acquisition of a 45 percent stake in Astyx Communication & Sensors GmbH. Through this acquisition, the company will look to utilize Astyx's attractive range of sensors for several applications.
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Detailed Table of Content
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Radar Sensor Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Type (Value)
- Pulse Radar
- Continuous Wave Radar
- Radar Altimeter
- By Range (Value)
- Short Range Radar Sensor
- Medium Range Radar Sensor
- Long Range Radar Sensor
- By Application (Value)
- Advanced driver assistance systems (ADAS)
- Monitoring and Communication
- Security and Surveillance
- Traffic Monitoring
- Environment and Weather Monitoring
- Hump Yard and Rail Crossing
- Health Monitoring
- By Vertical (Value)
- Aerospace and Defence
- Oil and Gas
- By Region (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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