Surge in demand for radar systems in automotive and defense industries, increase in territorial battles across the globe, and rise in use of radar in remote sensing applications drive the growth of the global radar sensor market. North America contributed to the highest share in terms of revenue in 2020, contributing to nearly one-third of the market. The outbreak of the COVID-19 pandemic has led to a decline in demand for semiconductor and electronics materials, which in turn has witnessed a temporary downfall in the global radar sensor market.
According to the report published by Allied Market Research, the global radar sensor market generated $10.63 billion in 2020, and is projected to reach $33.14 billion by 2030, witnessing a CAGR of 13.1% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Asavari Patil, a Lead Analyst, Semiconductor and Electronics at Allied Market Research, stated, “The radar sensor market in Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to high investment in military sector. Moreover, economically developed nations tend to witness high penetration of radar sensor products in automotive industries, and remote sensing, which is projected to significantly contribute toward the growth of the market.”
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COVID-19 Scenario:
1. The outbreak of the COVID-19 pandemic has led to a decline in demand for semiconductor and electronics materials, which in turn has witnessed a temporary downfall in the radar sensor market across the world.
2. Moreover, the pandemic has resulted to temporary closure to manufacturing facilities across the world, thereby, adversely affected the market growth.
3. Also, the global lockdown has completely disrupted the supply chain of radar sensor industry, thereby negatively affecting the upstream process.
The report offers detailed segmentation of the global aluminum extrusion market based on application and region. Based on application, the air traffic control segment held the highest market share in 2020, accounting for more than one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. However, the ground traffic control segment is estimated to register the highest CAGR of 14.50% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, contributing to nearly one-third of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific region is projected to manifest the fastest CAGR of 15.0% during the forecast period.
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Leading players of the global aircraft seating market analyzed in the research include Honeywell International Inc., L3harris Technologies Inc., Infineon Technologies, NXP Semiconductors N.V., Lockheed Martin Corporation, Saab AB, Raytheon Technologies Corporation, Texas Instruments, STMicroelectronics N.V., Thales Group.
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