According to a report published by Technavio, the global radar sensors market is expected to post a CAGR (Compounded Annual Growth Rate) of approx 18% from 2019 to 2023. One of the key drivers for this growth is the increased use of drones and UAVs. The drones and UAVs used for military and defense applications by many countries use radar sensor components. These sensors identify obstacles and ensure smooth navigation. Recently, US-based radar manufacturer, Ainstein announced the launch of their new customizable radar sensors, Ultra Long-Range Airborne (ULAB-D1) and Ultra Long-Range Ground-Based (ULGB-D1) for drone applications. These radar sensors can detect objects more than 1,000 meters away and can also be used as altimeters. The growing demand for UAVs will increase the adoption of such radar sensors in drones, in turn, driving the growth of the global radar sensors market during the forecast period.
The research report also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. In the report, Technavio has highlighted the growing adoption of sensor fusion technology as one of the key emerging trends in the global radar sensors market.
Global Radar Sensors Market: Growing Adoption of Sensor Fusion Technology
Sensor fusion technology collects information from various sensors and the AI processing system decides the action to be taken based on the collected information. The technology is being adopted in the automotive sector to improve safety. OEMs are collaborating with camera manufacturers to develop and integrate radar sensors into a single module in a vehicle. The integration of such sensors collects raw information and advice the vehicle’s control unit.
For instance, Tram builder PK Transportnye Systemy partnered with Cognitive Technologies to develop a tram integrated with cameras and sensors to process raw data. The cameras integrated with radar sensors can recognize objects with high accuracy. Furthermore, these systems are being increasingly adopted in most of the vehicles. The trend of fusing radar and image sensors helps in cost reduction and is expected to fuel the growth of the market.
Autonomous cars too incorporate various sensors such as radars for its operation. Honda Motor recently announced its plans to invest in General Motors Co’s Cruise self-driving vehicle. One of the leading automobile manufacturers, Daimler, announced a partnership with Robert Bosch to develop autonomous vehicles. Theses increased investments in autonomous vehicles that require radar sensors is expected to drive the growth of the global radar sensors market over the forecast period.
Global Radar Sensors Market: Segmentation Analysis
The market report segments the global radar sensors market by application (automotive, aerospace and defense, industrial, and others), by product (non-imaging sensors and imaging sensors) and geography (APAC, Europe, MEA, North America, and South America). Europe led the market in 2018 with a market share of more than 34%, followed by North America, APAC, MEA, and South America respectively. The dominance of Europe can be attributed to the presence of major automobile manufacturers such as Volkswagen, BMW, Audi, and Porsche that is focusing on developing autonomous vehicles.
Click here to view the report - Global Radar Sensors Market 2019-2023.