Global Radar Sensors Market 2019-2023 | 18% CAGR Projection over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Apr 15, 2019--The global radar sensors market 2019-2023 is expected to post a CAGR of nearly 18% during the forecast period, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global radar sensors market from 2019-2023. (Graphic: Business Wire)
Drones or UAVs are increasingly used in military and defense applications by many countries. Radar sensors are the vital components in autonomous flying drones. These sensors identify obstacles and ensure smooth navigation. Recently, 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.
This market research report on the global radar sensors market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period.
In this report, Technavio highlights 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 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. Increased investments in autonomous vehicles that require radar sensors will drive the growth of the global radar sensors market over the forecast period ”, says an analyst at Technavio.
Global radar sensors market: Segmentation analysis
This 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.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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PUB: 04/15/2019 10:40 AM/DISC: 04/15/2019 10:40 AM