Global Radar Sensors Market - Segmented by Type (Imaging, Non-Imaging Radar), Range (Short, Medium, Long-Range Radar), End-User (Automotive, Aerospace & Defense, Industrial, Environment and Weather Monitoring, Traffic Monitoring), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global radar sensors market was valued at USD 7.14 billion in 2017 and is expected to reach USD 21.36 billion by 2023, registering a CAGR of 20.04% during 2018–2023. The scope of the report includes imaging radar sensor, as well as, no-imaging radar sensor. Segmentation is also done by the range of radar and the end-user industries.
Major Driver: Rising Need for National Security
With increasing security threats, the trailing and observing activities within and outside the countries is expected to increase. With this, the number of radars and radar sensors used by a country is also expected to increase. The usage of radar sensors in drones is increasing rapidly. Nearly all the developed countries are using LiDAR drones with radar technology as a defense system, and emerging economies are expected to adopt this system.
Non-Imaging Radar Sensor Expected to Hold Major Share
Nearly all countries undertake continuous tracking and monitoring, at the national border and within the country, with is majorly done by non-imaging radar. Developing countries are expected to employ more of these to increase security. As non-imaging radar sensors are present in autonomous cars, with the increase in the number of autonomous cars, the usage of non-imaging radar is also expected to increase. Also, the costs involved in using non-imaging sensors is less than imaging radar sensors, which has boosted its adoption.
Automobile Industry Expected to Have the Highest CAGR
In autonomous cars, being able to monitor the distance to a vehicle ahead, behind or to the side provides vital data for the central controller. Without the input of a driver, autonomous vehicles require many more sensor systems, often using multiple inputs from different sensors to provide a much higher level of assurance. Thus, radar sensors are a key component for autonomous cars. Automotive applications use bands for the lane change assist (LCA), adaptive cruise control (ACC), collision mitigation (CM), and blind spot detection (BSD). Increasing safety measures for cars are expected to be the main reason for an increase in the number of radar sensors in cars.
Due to the increasing purchasing power of the millennial population, there is a continuous demand for passenger cars. According to OICA, the global passenger was estimated to be 72.10 million units in 2016, and the demand is expected to continue during the forecast period.
Key Developments in the Market