The Radar Systems Market was valued at USD 28.86 billion in 2019 and is expected to reach USD 40.66 billion by 2025, at a CAGR of 5.88% over the forecast period. Radars are used to detect and track spacecraft, ships, and aircraft, as well as insects and birds in the atmosphere. It also measures the speed of automobiles; map the surface of the earth from space, and measure properties of the atmosphere and oceans.
– Weather radars improve aviation safety and increase the operational efficiency of the entire air transport industry, and they contribute to agriculture alerts and flood warnings through monitoring of rainfall intensity. These alerts help in preparation for the environmental hazards in advance. Hence, the demand for improved and continuous weather monitoring systems is increasing and driving the market for radar systems.
– Advanced Weather Interactive Processing System (AWIPS) and the Integrated Terminal Weather System (ITWS) are the new systems for short term forecasting and nowcasting based that blend data from weather radar and other instruments to produce a complete picture of atmospheric conditions.
– The rapid growth of automation in the automotive and aviation industry fueled the growth of the radar systems market. Autonomous vehicles and ADAS are trending in the automotive industry, which will optimize and improve the accuracy of autonomous driving and towards passengers safety. The autonomous vehicle market growth will create more opportunities for the radar systems market.
– The huge penetration of the radar market has been in the defense and military applications since decades. Most of the country’s military spendings have been increasing over the years, and with the technological advancements in the radar systems, they are demanding advanced radar systems and driving the market growth.
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– However, high cost incorporated with the system installations and maintenance has been restricting the market.
Scope of the Report
The scope of the study of the radar systems market is limited to the solutions offered by major players, including providers of hardware, professional services, and integrated solutions for a wide range of industries globally. The after sales services are not considered for market estimation.
Key Market Trends
Automotive Application to Witness Significant Growth
– The autonomous driving is gaining traction into the market, and companies are commercializing their products. In response, regulatory bodies across the globe are mandating the deployment of security features, and hence, the adoption of advanced driver assistance systems is on the rise. Several different sensing technologies are being used currently, including radar and other technologies. Most of the ADAS systems today rely on multiple technologies to provide reliable solutions to the market.
– The developments of the radar systems towards its miniaturization has increased the opportunities of applications for the automotive industry. Radars can sustain all weather conditions like temperature and humidity. Also, the accuracy towards detecting multiple objects at a time is gaining its deployment on autonomous vehicles. Whereas, radars are less effective in enclosed environments like tunnels is the factor affecting its dominance in the segment to an extent.
– Recently many leading companies are investing in driverless technology. For instance, Volkswagen has dedicated USD 50 billion investment for the technology is the highest value by any company. The value is over 500% more than its successor company investing for the same. Volkswagen is potential to build 15 million electric cars in just a few years using its planned electric vehicle platform.
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