Northbrook, IL -- (SBWIRE) -- 02/06/2019 -- The radar sensor market is expected to reach USD 20.64 Billion by 2023, at a CAGR of 19.51% between 2017 and 2023. Major factors driving the growth of the radar sensor market include increasing territorial conflicts and geopolitical instabilities in Asia Pacific, the Middle East, and the Americas, and the rising demand for radar systems worldwide, as militaries seek to replace legacy systems. The market is further driven by increasing focus on safety, comfort, and assistance features in vehicles.
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"The radar sensor market for automotive applications is expected to grow rapidly during the forecast period"
The radar sensor market for automotive applications is expected to grow at a high rate during the forecast period. The main factors driving the growth of this market include the increasing adoption of radar sensors for various applications, increasing benefits of radar sensor as compared to other remote sensing technologies, the growing number of accidents on global basis, and comfort, safety, and assistance features offered by using radar sensors. Some of the major automotive applications that use radar sensors are blind spot detection, lane departure warning, object detection system, adaptive cruise control (ACC), and stop-&-go functionality.
"The non-imaging radar sensor market to have potential growth by 2023"
The market for non-imaging radar sensors is expected to grow at the highest rate during the forecast period. This is mainly because of their wide usage in most of the high-end applications such as defense, automotive, and traffic monitoring. Various applications of defense need constant tracking and analyzing, which is mostly done with the help of non-imaging radar. Additionally, the increasing military expenditure by developing countries is also an important factor to drive the overall growth of the non-imaging radar sensor market.
"Radar sensor market in APAC expected to grow at the highest rate during the forecast period"
Radar sensors and systems are increasingly being implemented in APAC, owing to the growing demand from automotive and military investment. Moreover, APAC is one of the potential markets for the unmanned vehicles as countries such as China, India, Japan, Australia, and South Korea among others are actively trying to strengthen the military system. The geopolitical dynamics of the region have a major role to play in the measures taken by major economies such as India and China toward the enhancement of military capabilities and strength.
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Major companies involved in the development of radar sensor such as Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive LLP (UK), HELLA KGaA Hueck & Co (Germany), Autoliv Inc. (Sweden), Infineon Technologies AG (Germany), Lockheed Martin Corporation (US), NXP Semiconductors N.V. (The Netherlands), and Smart Microwave Sensors GmbH (Germany).
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