Global Radar Sensor Market to Garner USD 33 Billion by 2031 and to Grow at a CAGR of ~13% during 2022-2031; Market to Grow on Account of Worldwide Expansion of Aviation and Defense Industries- Kenneth Research
New York, Sept. 21, 2022 (GLOBE NEWSWIRE) -- For the forecast period, 2020-2031, Kenneth Research has released a thorough market study on the “Global Radar Sensor Market” that covers the following elements:
Global Radar Sensor Market Size:
The global radar sensor market is predicted to gather around USD 33 billion in revenue by 2031 and to grow with a CAGR of ~13% throughout the forecast period. The expansion of the market can be ascribed to the aircraft and military industry’s global expansion on the back of increased international territorial conflicts. The United States is the top exporter of aeronautical goods accounting for close to USD 80 billion. In addition, it is anticipated that the market would rise as a result of rising expenditure on military defense worldwide and rising military aircraft and helicopter manufacturing. Furthermore, the UK Armed Forces anticipate investing more than 28 billion on military aircraft during 2019-2029. With almost 36% of all military expenditure in the world, the United States has the biggest portion of all military spending.
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Global Radar Sensor Market: Key Takeaways
Rising Production of Autonomous Vehicles and Growing Adoption of Automatic Doors to Boost the Market
Radar sensors are utilized in applications besides the aviation and defense industries, such as traffic management and onboard car systems. They have been applied recently to driverless vehicles, smart buildings, and wearable technologies. For instance, during 2022-2024, there was a significant increase in the estimated rate of the worldwide production of autonomous vehicles. In 2024, total number of driverless cars is projected to rise to 54.5 million units.
Further, in order to improve operations with cutting-edge machinery and offer better services to customers a number of business locations, including hospitals, restaurants, supermarkets, shopping malls, government buildings, and cooperative offices are adopting advanced automatics door technology. For instance, there were 1,045,500 brick-and-mortar retail outlets in 2020. In addition to this, the eight major Indian urban centers had 255 retail malls as of 2018. This was an expansion from 190 malls in previous years. It is anticipated that over 100 malls to be finished by 2022. The increasing number of shopping malls and retail stores raises the demand for automatic doors as well as radar sensors. The demand for radar sensors is developing in tandem with the production of driver-less cars and the expansion of new shops and shopping complexes.
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Global Radar Sensors Market: Regional Overview
The global radar sensors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Government Expenditures on Defense and Expanding Industrial Robot Usage to Drive the Market in the Asia Pacific Region
On the basis of the increasing use of industrial automation and robots in the manufacturing industry of countries like China, Japan, and South Korea among others, the market in the Asia Pacific region is predicted to have considerable expansion throughout the forecast period. For instance, there are roughly 900 robots for every 9,000 manufacturing workers in South Korea.
Additionally, another significant reason that is anticipated to increase the demand for radar sensors in the coming years is the expanding military sector in the Asia Pacific region. China, the second largest consumer in the world, raised its military spending by 6% in 2021 to an anticipated USD 300 billion. China has increased its military spending for 27 years running. In addition to this, the Japanese Government boosted its military expenditures in the 2021 budget by USD 7.2 billion. Rising military spending spurs the development of more cutting-edge technology in the defense industry driving up demand for radar sensors.
Rising Adoption and rowing Trade of Radar Sensors to Drive the Market in the North American Region
On the other hand, increasing usage in monitoring or high-end security systems such as airport incursion detection, and cell perimeter monitoring, is accredited to the rising demand for radar monitors in the North American region. The import value for radars apparatus in the United States had a fair growth from 2020 to 2021. The import value was USD 1,037,398 thousand in 2020 which rose to USD 1,059,063 thousand in 2021 with annual growth in the quantity of 11% from 2017 to 2021. The need for radar sensors in video CCTV systems and building security are other applications used widely in the region. The growth in the trade for radars improves the demand for radar sensors in the region.
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Furthermore, according to the US manufacturer, Numerica’s new portable 3D spyglass radar is prepared for production and is intended to counter unmanned ariel systems (C-UAS up to 3.5 km). In 2021, Numerica released Spyglass as a feature of multi/mission drone defense systems for the U.S. army.
The study further incorporates Y-O-Y growth, demand & supply and forecasts future opportunities in:
Global Radar Sensor Market, Segmentation by Range
It is predicted that the medium range segment is to occupy the majority of the market during the forecast period. As medium-range radar can detect up to 160 meters away, the growth can be attributed to the system’s adaptive cruise control and emergency braking capabilities. Short range radar has a range of 76-81 GHz UWB with RFCMOS. Modern cars advanced driving assistance systems (ADAS) are not complete without radar sensors. They also enhance driver comfort and safety features such as blind spot detection (BSD), lane change assistance (LCA), and parking assistance (PA).
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Moreover, the adoption of driverless cars has increased recently. For instance, In Las Vegas, Lyft and Apitv have deployed 110,000 thousand commercial robot taxis, receiving 99% of the city’s ratings as five stars. Additionally, a google subsidiary named Waymo covered 25 American cities in roughly 21 million miles of travel. Additionally, up to 15% less fuel is consumed by these cars. autonomous cars have cut dangerous pollutants by 65%. The increased adoption of autonomous cars on account of these factors raised the demand for radar sensors and thereby predicting the growth of the segment.
Global Radar Sensor Market, Segmentation by Application
The air traffic control segment is estimated to hold a substantial market share over the forecast period. National Airspace System (NAS) monitoring has more than 750 ground-based radar equipment. The growth of the segment can be attributed to rising government initiatives. For instance, in collaboration with the National Air Traffic Controllers Association (NATCA) and the Professional Aviation Safety Specialists (PASS), the Federal Aviation Administration (FAA) launches the Radar Divestiture Program. The goal of the program is to gain efficiencies and maximize services for air traffic control (ATC) activities.
Moreover, the FAA’S budget proposal for FY 2023 is USD 18.6 billion, which is 3.3 percent more than the FY2022 Continuing Resolution (CR) level. The total funding for the FAA in FY 2023 is USD 23.6 billion when added to the USD 5 billion in advanced yearly expenditures. Rising government initiatives and spending increase to fuel the growth of the segment.
Global radar sensor market is also classified based on type and end-user
Global Radar Sensor Market Segmentation, by Type
Global Radar Sensor Market Segmentation, by End-user
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Few of the well-known market leaders in the global radar sensor market that are profiled by Kenneth Research are BMW AG, HELLA GmbH & Co. KGaA, Lockheed Martin Corporation, Thales, Honeywell International Inc., Infineon Technologies AG, L3Harris Technologies, Inc., NXP Semiconductors, Raytheon Technologies Corporation, STMicroelectronics, and others.
Recent Developments in Global Radar Sensor Market
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