Radar Sensor Market Global Trend, Segmentation and Opportunities Forecast to 2027

Radar Sensor Market Global Trend, Segmentation and Opportunities Forecast to 2027

The radar sensor market analysis document represents a detailed collection of prioritized market definitions, industry scope and reach, and pivotal industry insights. Information about the many pitfalls of the market as well as the frequent challenges encountered by core industry players have been summarized in the report. That apart, the document also endorses details about the numerous driving parameters impacting the revenue landscape of this vertical.

Recent trends in the radar sensor market are driven by an increase in the number of product developments by key industry participants.

Considering an instance, in December 2020, a leading manufacturer in the automotive radar sensor market, NXP Semiconductors, launched an array of advanced chipset solutions, equipped for providing a 360-degree safeguard to vehicles by enabling the classification and identification capacities of imaging radar.

The solution has 77GHz transceivers and state-of-the-art radar processors that provide carmakers scalable and flexible configurations, which address NCAP needs for front radar and corner applications. The product provides the first commercially viable path towards the volume production of 4D imaging radar.

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The surging adoption of technologies, comprising robotics and IoT, and the soaring digitalization in the industrial sector are expected to escalate radar sensor market share through the forecasted period. As per the International Federation of Robotics Reports 2020, there were nearly 2.7 million industrial robots operating across factories at the global level, accounting for an upsurge of 12 per cent as compared to the previous years.

The pulse radar segment in the market held a substantial share of 25.5 per cent in 2020 and is projected to exhibit a considerable CAGR of 18.5 per cent through 2027. This is due to the wide incorporation of pulse radar systems in government and public infrastructure development applications. The sensors provide numerous intuitive features, comprising higher reliability and precision, as compared to non-imaging radars.

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The Europe radar sensor market accounted for an appreciable share of 19.5 per cent in 2020. The region is estimated to exhibit an appreciable CAGR of nearly 12.5 per cent through 2027. The market is driven by a surge in government initiatives for the acceleration of the defense sector by integrating technology innovations with new safety systems.

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