Radar Sensor Market Size, Share, Growth Analysis, By Band(L, S, C, & X Bands), By Range(Short-Range Radar, Mid-Range Radar, and Long-Range Radar), By Type(Imaging Radar, CW Radar, Pulse Rada, Non-imaging Radar), By Technology(Time Domain Reflectometry (TDR), Ultra-Wideband (UWB), RF MEMS-based radar sensors, and Millimeter wave), By Component(Antenna, Duplexer, Transmitter, Receiver), By Region - Industry Forecast 2024-2031

Radar Sensor Market size was valued at USD 10.94 billion in 2019 and is poised to grow from USD 12.37 billion in 2023 to USD 33.14 billion by 2031, growing at a CAGR of 13.1% in the forecast period (2024-2031).

Radar Sensor Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Continental AG', 'Denso Corporation', ' NXP Semiconductors N.V.   ', ' Infineon Technologies AG   ', ' Texas Instruments Inc.   ', ' Analog Devices, Inc.   ', ' Rohm Semiconductor   ', ' STMicroelectronics N.V.   ', ' ZF Friedrichshafen AG   ', ' HELLA GmbH & Co. KGaA   ', ' Robert Bosch GmbH ', ' Autoliv Inc.   ', ' Delphi Technologies   ', ' Valeo SA   ', ' Panasonic Corporation   ', ' Mitsubishi Electric Corporation   ', ' TE Connectivity Ltd.   ', ' Murata Manufacturing Co., Ltd.   ', ' SICK AG   ', ' Kongsberg Gruppen AS '

Nowadays, technology has advanced to the point where it is primarily concerned with safety and security requirements in a variety of applications such as vehicle collision assistance, industrial and public safety, and robotic assistance which is driving the market growth. As a result, radar sensors are used because they provide accuracy and unique safety and security solution capabilities with superior performance. Low-power consumption, small size, integrated data processing, and faster response time are all possible with these radar sensors. These sensors are now commercially available in applications like automotive, transportation, home automation, energy efficiency, industrial, and public safety.

Significant growth in the automotive industry, combined with an increased emphasis on passenger safety, is one of the key factors driving the market's positive outlook. CW radar sensors are embedded in autonomous vehicles to detect stationary and moving objects in the path and are used to operate heavy commercial automobiles' automatic emergency braking and collision avoidance systems. Furthermore, the growing demand for effective target surveillance, interception, missile guidance, terrain tracking, and navigation for military and defence applications is propelling market growth. As a result of this, these sensors are also used in airport intrusion detection, prison perimeter, oil depot, and power grid security systems, which is driving market growth. Other growth-inducing factors include technological advancements such as the development of corner radar sensors for 360-degree and short-range surveillance and high-resolution tracking. These innovative variants improve target separation and object recognition in low-light conditions. Other factors, such as the introduction of Industry 5.0 and the increasing demand for radars in sports tracking solutions, are expected to propel the market forward.

North America is expected to hold the largest radar sensor market size during the forecast period. High-end defence applications, smartphone penetration, self-driving cars, and consumer electronics devices drive the North American Market. As the region has the highest defence expenditure in the world, the region is seeing an increase in FMCW applications, particularly short-range applications.  North America is a forerunner in the adoption of new technologies such as smart grids, smart homes, smart water networks, intelligent transportation, and radar sensor infrastructure. The technology advancements are expected to open up new use cases across these industries, creating opportunities for vendors. Furthermore, the region has the most technologically advanced market for applications due to the presence of prominent suppliers, major companies such as Lockheed Martin Corporation (US) and Northrop Grumman Corporation (US), manufacturers, and the competitiveness of OEMs.