Radar Sensor Market to Rise at 19.7% CAGR till 2026; Increasing Number of Company Mergers and Collaborations Will Provide Impetus to Market Growth

The global radar sensor market size is projected to reach USD 35.88 billion by the end of 2026. The applications of radar sensors in military and defense sector will open up a huge potential for 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 used to detect any objects that come as an obstruction within the range of thee cones. The products are used for purposes such as integrated air and missile defense and situational awareness. The increasing applications of radar sensors across diverse industry verticals will open up a huge potential for the companies operating in the market. The increasing investments made by large scale companies will yield sensors of high calibre and efficiency. The applications of these products in military and defense sector have attracted investors from across the world. The initiatives taken by large scale companies to forge partnerships and mergers to offer improved solutions to customers will bode well for the market in the forthcoming years.

ZF Friedrichshafen AG’s Acquisition of Major Stake in Astyx to Provide Impetus to Market Growth

Several large scale companies are looking top forge partnerships with other leading companies, with a bid to upping their investments in the development of advanced radar sensors. The report highlights a few of the major company mergers of recent times and discusses their impact on the market. The increasing investments, obtained through these mergers will naturally have a positive impact on the growth of the market in the coming years. In March 2017, ZF Friedrichshafen AG announced that it has completed the acquisition of a 45% stake in Astyx Communication and Sensors. The company plans to build on its existing range of radar sensor portfolio and this acquisition will help the company build on the global frontier.

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https://www.fortunebusinessinsights.com/radar-sensor-market-102605

Safety and Security Applications Will Fuel Demand

The report encompasses several factors that have contributed to the growth of the market in recent years. Among all applications, it has been observed that the product is being used widely in the defense and military sector. The favourable properties of these products cater to security applications, as a result of which they have witnessed a huge demand in the recent years. Additionally, contributions from government as well as private organizations have allowed newer applications, subsequently aiding the growth of the market.

Denso Corporation Announces Newer product Developments

The presence of several large scale companies has constituted an increase in the overall radar sensor market size in recent years. Due to healthy market competition, leading companies are now focusing on developing advanced products. Denso Corporation, one of the leading companies, has shifted its focus on the development of advanced sensors, with a bid to acquiring a wider customer base. A few of the leading companies that are operating in the radar sensor market are:

• 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)

Further Report Findings:

• The report analyzes the ongoing radar sensor market trends across five major regions. The market in Europe held the highest market share in 2018 with a market value of 2.94 billion.
• Besides Europe, the market in North America will witness considerable growth in the coming years.

Industry Developments:

• March 2017 - HELLA GmbH & Co. KGaA, ZF Friedrichshafen AG, and NVIDIA Corporation, announced that they have entered into a strategic partnership for the development of a new software for scalable systems in ADAS systems.

The global radar sensors market is segmented on the basis of: