Kenneth Research examined the statistical and analytical approach that is required for the growth of Radar Sensor market between the years 2022 and 2031. The key industrial insights provided in the report gives a better idea about the market overview to the readers regarding the existing scenario in the market. In addition, the report includes detailed discussion on current and future market trends that are associated with the growth of the market.
The growth of the Radar Sensor market can be attributed to the rising consumption of consumer electronics devices across the globe. It is expected that the total number of users of consumer electronics would reach a value of approximately 3 billion by 2025. The user penetration is also expected to grow to about 35% by the same year. Additionally, the emergence of advanced technologies such as artificial intelligence (AI), internet of things (IoT) and machine learning (ML) is predicted to offer a myriad of lucrative opportunities to the market players. This can be credited to the increase in the number of connected devices, which is further expected to raise the demand for semiconductor chips worldwide. In 2018, there were more than 20 billion IoT connected devices in the world, which are estimated to increase up to about 35 billion and 48 billion by the end of the years 2025 and 2030 respectively.
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The Radar Sensor market is anticipated to grow with a modest CAGR over the forecast period, i.e. 2022-2031, owing to the growing semiconductor industry, backed by the rising demand for advanced electronic devices. According to the statistics by the Semiconductor Industry Association, worldwide semiconductor sales was recorded at USD 412.3 billion in the year 2019. In 2021, the sales crossed USD 530 Billion.
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