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 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.
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.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
List of 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)
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.
Industry Developments:
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.
