RADAR Sensor Market to Reach $33.13 Bn, Globally, by 2030 at 13.1% CAGR: AMR
Thursday, August 12, 2021
Surge in demand for radar systems in automotive and defense industries, increase in territorial battles across the globe, and rise in use of radar in remote sensing application drive the growth of the global radar sensor market
PORTLAND, Ore., Aug. 4, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Radar Sensor Market By Type (Imaging, and Non-Imaging), Range (Short Range, Medium Range, and Long Range), Application (Air Traffic Control, Remote Sensing, Ground Traffic Control, Space Navigation and Control, and Others), and End User (Automotive, Aerospace and Defense, Environment and Weather Monitoring, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". As per the report, the global RADAR sensor industry was accounting for $10.63 billion in 2020, and is projected $33.13 billion by 2030, growing at a CAGR OF 13.1% from 2021 to 2030.
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Major Determinants of the Market Growth
Surge in demand for radar systems in automotive and defense industries, increase in territorial battles across the globe, and rise in use of radar in remote sensing applications drive the growth of the global radar sensor market. However, high cost of radar systems hinders the market. On the contrary, high investment from developed countries in the military sector is expected to create lucrative opportunities in the future.
Covid-19 Scenario:
-- The Covid-19 pandemic affected the semiconductor and electronics
industries due to prolonged lockdown in European and Asian countries.
Moreover, the pandemic disrupted the supply chain and increased the
prices of raw materials.
-- The pandemic created uncertainty in the stock market and led to falling
business confidence. This hampered investments in electronic devices.
Moreover, the majority of the electronic components are imported from
China, and interruption in Chinese part exports hampered the radar
sensor market.
The Non-Imaging Segment to Showcase the Highest CAGR through 2030
By type, the non-imaging segment is projected to register the highest CAGR of 14.2% during the forecast period, due to use of non-imaging radar to measure speed and plan position indicators to observe weather and air traffic. However, the imaging segment held the largest share in 2020, accounting for more than three-fifths of the global radar sensor market, owing to use of imaging radar in applications such as surface topography & coastal change, land use monitoring, ice patrol, and environmental monitoring.
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The Air Traffic Control Segment Held the largest Share
By application, the air traffic control segment dominated the market in 2020 in terms of revenue, contributing to more than one-fourth of the global radar sensor market, due to increase in number of airports, rise in air travel in developing countries, and increase in need for efficient airspace management system. However, the ground traffic control segment is anticipated to register the highest CAGR of 14.50% during the forecast period, owing to increase in need for airports to integrate advanced taxing guidance systems based on existing international standards and integrated technologies.
North America Held the Largest Share
By region, the market across North America held the largest share in 2020, accounting for nearly one-third of the market, due to increase in road accident victims, rapid increase in urbanization, and increase in deployment of radar systems in luxury vehicles. However, the global radar sensor market across Asia-Pacific is expected to manifest the highest CAGR of 15.0% from 2021 to 2030, due to increase in the defense budget of India and China and rise in demand for radar systems.
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Major Market Players
-- Honeywell International Inc.
-- L3harris Technologies Inc.
-- Infineon Technologies
-- NXP Semiconductors N.V.
-- Lockheed Martin Corporation
-- Saab AB
-- Raytheon Technologies Corporation
-- Texas Instruments
-- STMicroelectronics N.V.
-- Thales Group
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SOURCE Allied Market Research
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