As a result, the global radar sensor market is projected to reach $20.64 billion by 2023 from $5.95 billion in 2016. According to the report, this growth will be primarily driven by "increasing territorial conflicts and geopolitical instabilities" worldwide, and the rising demand for radar systems as militaries look to update and replace legacy systems.
Automotive applications are expected to hold a major share of the market during the forecast period. Continued and increasing emphasis on safety and collision avoidance are resulting in vehicle manufacturers implementing radar sensors and systems within their cars.
The area where the radar sensor market is expected to see the highest growth is the Asia Pacific region. According to the report, this will be due to increasing autonomous car developments in the region and the growing demand for radar sensors and systems in countries such as China, Japan and India.
The report also covers key players in the development of radar sensors, including Robert Bosch (Germany), Continental (Germany), Denso Corporation (Japan), Delphi Automotive (UK), HELLA KGaA Hueck & Co (Germany), Autoliv (Sweden), Infineon Technologies (Germany), Lockheed Martin (US), NXP Semiconductors (Netherlands), and Smart Microwave Sensors (Germany).
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