United States, Rockville, MD, April 06, 2022 (GLOBE NEWSWIRE) -- The 3D Radar market revenues were estimated at US$ 14.7 Bn in 2021 and is anticipated to grow at a CAGR of 12.7% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach US$ 55 Bn.
Hardware held a market share of nearly 51.6% and this trend is likely to be continued with a projected CAGR of 12.6% for this segment, for the next ten years. UHF-Radar sales market growth for hardware is fueled by both new sales as well as a part of maintenance and repair.
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123 Figures
188 Pages
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Demand Outlook for 3D Radar 2022 to 2032
As per the 3D Radar industry research by Fact.MR - a market research and competitive intelligence provider, historically, from 2016 to 2021, market value of the 3D Radar industry increased at around 13.0% CAGR, wherein, countries such as the U.S., China, U.K. and India held significant share in the global market.
The constant conflicts that are arising across the world is propelling the demand for the need of advanced technologies which is consequently driving the need for technological upgradations so as to shield the territories more effectively. Owing to this, 3D Radar Software Demand is projected to grow at a CAGR of 12.7% over the coming 10 years.
The rising trend of autonomous vehicles and radar will propel the demand for 3D radar technology. The short-range and lightweight 3D radar market is witnessing wide adoption in automobile applications. Increased air traffic may sometimes lead to collisions, with respect to drastic weather conditions.
These radars are mainly used as a critical sensor system in Autonomous Driving Assistance Systems (ADAS) for vehicles’ safety. Companies are increasingly investing in these radars impelled by rising demand from automobile sectors. For instance, in April 2020, Cognitive Pilot, an autonomous driving technology joint venture between Cognitive Technologies Group and PJSC Sberbank, developed a miniature radar sensor for autonomous vehicles that weighs 40 grams.
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Key Takeaways from the Market Study
● 3D Radar market is expected to reach a valuation of US$ 55 Bn by 2032
● In 2021, North America contributed with prominent revenue and is projected to continue being the market hotspot
● 3D hardware demand accounted for over 51% of the market revenue in 2021
● E/F- Band shows the highest potential for growth, and it is expected to grow at a CAGR of about 13% during 2022- 2032.
● U.S., the key market is expected to hold the prominent market share and grow at a CAGR of 11.4% during 2022 - 2032.
Competitive Landscape
Several regional and global players operating in this market. These companies compete based on the innovation of their products, their quality, their brand reputation, and their market presence to sell their products through various industries. A variety of strategies are being employed by companies to remain competitive.
• In February 2022, Honeywell announced that a drone which has been piloted by its IntuVue RDR-84K radar has successful in a critical round of dodgeball.
• In January 2022, Leonardo won US $296 Mn contract for Eurofighter radar from Germany's Hensoldt.
• In October 2020, BAE Systems has announced that specialists from the Team Tempest - comprising Leonardo UK and other members - are working on a new radar innovation that will provide 10,000 times more data than current technologies.
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Market Segments Covered in 3D Radar Industry Analysis
- By Component :
- Hardware
- Software
- Services
- Consulting Services
- Installation and Integration Services
- Maintenance Services
- By Frequency Band :
- HF-UND VHF-RADAR
- C-Band (UHF-Radar)
- D-Band (L-Band Radar)
- E/F-Band (S-Band Radar)
- Other Frequency Bands
- By Industry :
- Automotive and Public Infrastructure
- Energy and Utilities
- Government
- Other Industries
- By Platform :
- Airborne
- Ground
- Naval
Key Points Covered in 3D Radar Industry Survey:
- Market Estimates and Forecasts (2016-2032)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- COVID-19 Impact on 3D Radar and How to Navigate
- Recommendation on Key Winning Strategies
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the 3D Radar market, presenting historical market data (2016-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on Component (Hardware, Software, Services), by Frequency Band (HF-UND VHF-RADAR, C-Band (UHF-Radar), D-Band (L-Band Radar), E/F-Band (S-Band Radar), Other Frequency Bands), by Industry (Automotive and Public Infrastructure, Energy and Utilities, Government, Other Industries) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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