The radar sensor market to grow from USD 7.1 billion in 2017 to USD 20.6 billion by 2023, at a CAGR of 19.5% during the forecast period.
The major factors that are expected to be driving the market are increasing focus on safety and security needs in automotive application, unlocking the wideband 5G and millimeter wave–based RF system capabilities, and increasing need for border security systems. The objective of the report is to define, describe, and forecast the radar sensor market size based on technology, components, type, band, range, vertical, application and region.
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Radar Sensor Market By type, the non-imaging radar sensor segment is expected to grow at the highest growth rate
By type segment, radar sensor market has been segmented into imaging radar and non-imaging radar types. Non-imaging radar sensor segment is expected to grow at the highest CAGR during the forecast period. The growing use of non-imaging radars in adaptive cruise control (ACC), blind spot detection, lane change assist, and stop & go functionality is likely to drive the overall non-imaging radar sensor market.
Radar Sensor Market By band, Ku, K, Ka, V, and W bands holds the largest share of the market
Ku, K, Ka, V, and W bands segment is expected to hold the largest radar sensor market share. Ku (12 GHz to 18 GHz), K (18 GHz to 27 GHz), Ka (27 GHz to 40 GHz), V (40 GHz to 75 GHz), and W (75 GHz to 110 GHz) bands are mostly used in defense and automotive sectors. Initially, K-band radars were developed during World War II, centered at a frequency of 24 GHz. Later, the K band is subdivided into two bands: Ku (lower frequency band) and Ka (higher frequency band). These two bands have wide bandwidth and narrow beamwidth that can be achieved by small apertures. V is often referred as ‘very-high frequency band’ (yet another reference to VHF). In the current scenario, 24 GHz (K-band) and E-band (77 GHz) is widely used in automotive applications such as ACC, BSD, cross traffic alert, and stop-&-go functionality.
Radar Sensor Market By range, the mid-range radar segment is expected to grow at the highest growth rate
Among the range segment, the mid-range radar segment is expected to grow at the highest CAGR during the forecast period. Mid-range radar sensor has a presence mainly in automotive applications such as adaptive cruise control, and long-range object detections; in A&D applications such as ground proximity identification; and in industrial applications such as constructional machine zones and collision protection. Companies such as Infineon and NXP Semiconductor N.V. are focusing on mid-range radar sensors for applications.
Radar Sensor Market By application, automotive holds the largest share of the market
Automotive application segment is expected to hold the largest market share. Radar sensors are likely to witness the increasing demand in automotive applications, and some of the major reasons behind this include growing number of radar sensors in a car, increasing demand for safety, comfort, and assistance features in an automobile, and emergence of driverless car projects. Radar sensor can be incorporated in several applications such as collision avoidance system, blind spot detection, adaptive cruise control (ACC), advanced driver-assistance systems, lane departure warning, parking aid, pre-crash sensing & brake boosting, object detection system, and stop-&-go functionality.
Radar Sensor Market By vertical, the commercial segment is expected to grow at the highest growth rate
Among the vertical segment, the commercial segment is expected to grow at the highest CAGR during the forecast period. The commercial vertical includes automotive, civil aviation, private ships/yachts and railway, and security and surveillance activities in medical, agricultural, smart electronic devices. Radar sensor plays a significant part in automotive, civil aviation, private ships/yachts, and railway. In automotive applications, the radar sensor market will rise at a fast rate due to the emergence of issues related to safety and security of onboard passengers preventing them from road accidents/mishap. Therefore, the higher adoption rate of automotive radar sensors is observed in the coming years, as it serves in each car and vehicle and in autonomous car projects.
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Radar Sensor Market in North America to account for the largest market size
North America is expected to hold the largest market size in the radar sensor market during the forecast period. The presence of strong military and defense infrastructure in North American countries, such as the US and Canada, drives the market in this region. Moreover, the region has the most technologically advanced market for applications owing to the presence of prominent suppliers, major radar sensor companies such as Lockheed Martin Corporation (US) and Northdrop Grumman Corporation (US), manufacturers, and the competitiveness of OEMs.