Radar Systems And Technology Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Radar Systems And Technology Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The radar systems and technology market size has grown strongly in recent years. It will grow from $20.75 billion in 2023 to $22.01 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increasing demand for reducing runway incursions, rising use of passive radars, increasing demand in active electronically scanned array (AESA), demand for enhanced security, integration of radars and GPS.

The radar systems and technology market size is expected to see steady growth in the next few years. It will grow to $26.53 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to demand for autonomous vehicles, increasing demand for enhanced surveillance, security, and situational awareness, rise in defense budgets of various countries, growing use of radar systems, increasing need for radar systems in military and defense sectors. Major trends in the forecast period include technological advancements, advancements in signal processing and data analysis techniques, integration of radar systems with other sensors and technologies, development of new airports and terminal expansion, advances in signal processing.

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Market Drivers and Trends:

The rising demand for autonomous vehicles is expected to propel the growth of the radar systems and technology market going forward. Autonomous vehicles are designed with powerful sensor technology, artificial intelligence (AI), and machine learning algorithms to improve overall road safety by lowering the possibility of human error. Radar systems and technology enable autonomous vehicles to detect obstacles, measure distances, estimate speeds, and navigate safely through traffic by providing essential data for collision avoidance and adaptive driving features. For instance, in December 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization, by 2025, 3.5 million self-driving cars or autonomous vehicles were expected to be on American roads. By 2030, it's also anticipated that 4.5 million autonomous cars will be on the road. Therefore, the rising demand for autonomous vehicles is driving the growth of the radar systems and technology market.

Major companies operating in the radar system and technology market are concentrating on developing innovative advanced solutions, such as 4D digital imaging radar, to maintain their competitive edge and address evolving market demands. It is a high-resolution, long-range sensor technology that adds vertical information to traditional radar systems, allowing for more accurate object detection and classification. For instance, in March 2022, Uhnder Inc., a US-based company that develops a digital automotive radar-on-chip, introduced 4D digital imaging radar designed for next-generation advanced driver assistance systems (ADAS), autonomous vehicles (AVs), and automated mobility applications. This radar-on-chip, known as the S80, has much higher resolution, power on target, and contrast than typical analog radar systems. It is intended to improve the detecting capabilities of advanced driver assistance systems (ADAS) and self-driving vehicles. It is software-defined and adheres to high automotive norms. This revolutionary technology also helps to address obstacles that conventional radar systems encounter, such as restricted object classification abilities, poor performance in dire situations, and interference issues produced by several radars being deployed simultaneously.

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Major Key Players of the Market:

RTX Corporation, Lockheed Martin Corporation, Airbus SE, General Dynamics, Northrop Grumman Corporation, Mitsubishi Electric Corporation, BAE Systems Plc, Thales Group, L3Harris Technologies Inc., Leonardo SpA, Infineon Technologies AG, NXP Semiconductors NV, Rockwell Collins Inc., Harris Corporation, Rheinmetall AG, Saab AB, Indra Sistemas SA, Israel Aerospace Industries, Aselsan A.S., Hensoldt AG, Terma A/S, RADA Electronic Industries Ltd., Honeywell International Inc., Reutech Radar Systems, Kelvin Hughes Limited, Cambridge Consultant, Tactical Solutions, Telephonics Corp.

Radar Systems And Technology Market 2024 Key Insights:

• The Radar Systems And Technology Market is expected to grow to $26.53 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
• Autonomous Vehicles On The Radar Systems And Technology Market
• Revolutionary 4D Digital Imaging Radar For Next-Generation Transportation Systems
• North America was the largest region in the radar systems and technology market in 2023. The regions covered in the radar systems and technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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