Pune, India, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The global Radar Sensor Market size is projected to reach USD 35.88 billion by the end of 2026. The increasing applications of the product across diverse industry verticals will aid 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.
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Radar sensors are products that are used to detect obstructions and obstacles in the path of any vehicle or automotive. The product is widely used in numerous defence and military applications due to the ease of use. The low cost of the product, coupled with the exceptional properties of radar sensors have allowed widespread applications. Accounting to the huge potential held by radar sensors, large-scale companies are looking to invest more towards the development of advanced products.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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List of the Major Companies 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)
REPORT SCOPE & SEGMENTATION:
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 19.7% |
| 2028 Value Projection | USD 35.88 Billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 8.57 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 180 |
| Tables, Charts & Figures | 67 |
| Segments covered | Type; Range; Application; Vertical; & Region |
| Growth Drivers | Europe Currently Holds the Highest Market Share; Presence of Several Large Scale Companies Will Aid Growth |
| Increasing Number of Company Collaborations Will Aid Market Growth | |
| Growing Uncertainty during COVID-19 Pandemic to Boost Demand |
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Increasing Number of Company Collaborations Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing number of company mergers and collaborations has had a massive impact on the growth of the market. Several large-scale companies, as well as organizations, are focusing on forming strategic partnerships, in a bid to establishing a stronghold in the market. In March 2017, HELLA GmbH & Co. Kraal, ZF Friedrichshafen AG, and NVIDIA Corporation announced that they have forged a strategic partnership. This step was taking to develop software for a scalable system for new driver assistance systems. This acquisition will not just help these companies, but will have a massive impact on the growth of the market in the coming years.
Europe Currently Holds the Highest Market Share; Presence of Several Large Scale Companies Will Aid Growth
The report analyses the ongoing radar sensors market trends across North America, Latin America, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Europe currently holds the highest market share. The increasing product applications across diverse industry verticals will aid the growth of the regional market. As of 2018, the market in Europe was worth USD 2.94 billion and this value is projected to increase further in the coming years. Besides Europe, the market in North America will witness considerable growth.
Industry Developments:
March 2017 - ZF Friedrichshafen AG announced that it has completed the acquisition of a 45 percent stake in Styx Communication & Sensors GmbH. Through this acquisition, the company will look to utilize Styx’s attractive range of sensors for several applications.
COVID-19 Impact-
The pandemic has severely altered consumer behavior dynamics and business operations across industries. However, the demand for automation and digital technologies has increased during the pandemic due to the disruptions in supply chain networks, low available workforce, reduced sales, and work-from-home regime implementation. Many industries, including BFSI, IT and telecommunication, and retail, have witnessed swift adoption of advanced digital solutions to cater to their customers. The swift digitization observed during the pandemic has boosted the market's growth and is likely to magnify post-pandemic.
Segmentation-
Based on type, the market is bifurcated into on-premises and cloud-based. Based on enterprise size, the market is categorizing into SMEs and large enterprises. Based on end-user, the market is fragmenting into retail, logistics & transportation, IT & telecommunication, manufacturing, healthcare, BFSI, and others. Geographically, the market is classified into - South America, North America, Europe, Asia Pacific, and the Middle East & Africa.
Report Coverage-
- The report provides a 360-degree assessment of the prospected market.
- It displays growth insights on North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
- It highlights key developments such as acquisitions, expansions, mergers, collaborations, and others.
- It analyzes the COVID-19 pandemic’s impact.
Drivers & Restraints-
Increasing Number of Company Collaborations Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing number of company mergers and collaborations has had a massive impact on the growth of the market. Several large-scale companies, as well as organizations, are focusing on forming strategic partnerships, in a bid to establishing a stronghold in the market. In March 2017, HELLA GmbH & Co. Kraal, ZF Friedrichshafen AG, and NVIDIA Corporation announced that they have forged a strategic partnership. This step was taken to develop software for a scalable system for new driver assistance systems. This acquisition will not just
help these companies, but will have a massive impact on the growth of the market in the coming years.
Regional Insights-
Europe Currently Holds the Highest Market Share; Presence of Several Large Scale Companies Will Aid Growth
The report analyses the ongoing radar sensors market trends across North America, Latin America, Asia Pacific, and the Middle East, and Africa. Among these regions, the market in Europe currently holds the highest market share. The increasing product applications across diverse industry verticals will aid the growth of the regional market. As of 2018, the market in Europe was worth USD 2.94 billion, and this value is projected to increase further in the coming years. Besides Europe, the market in North America will witness considerable growth.
Competitive Landscape-
Businesses Adopt Inorganic Growth Strategies to Accumulate Growth
The key players in the market emphasize improving software efficiency and capabilities through investments and advanced technology integrations. The key players aim to diversify their product portfolios through new product launches and technological developments. They adopt various ingenious growth strategies such as partnerships, mergers, acquisitions, and others to garner growth and improve their market positions. For instance, Celerons GmbH collaborated with Infosys Limited in March 2020 to provide business process optimization and ERP modernization. The two companies aim to offer digital support for clients to scale SaaS platforms with this partnership.
Industry Developments-
- August 2020: Software AG launched ARIS Process Mining SaaS, the company’s new cloud platform. The platform is available in the market in three editions for element and advanced applications.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities, and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Process Mining Software Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data available in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
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