RADAR Sensor Market to Reach $33.13 Bn, Globally, by 2030 at 13.1% CAGR: AMR
PORTLAND, Ore., Aug. 4, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Radar Sensor Market By Type (Imaging, and Non-Imaging), Range (Short Range, Medium Range, and Long Range), Application (Air Traffic Control, Remote Sensing, Ground Traffic Control, Space Navigation and Control, and Others), and End User (Automotive, Aerospace and Defense, Environment and Weather Monitoring, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global RADAR sensor industry was accounting for $10.63 billion in 2020, and is projected $33.13 billion by 2030, growing at a CAGR OF 13.1% from 2021 to 2030.
- As per the report, the global RADAR sensor industry was accounting for $10.63 billion in 2020, and is projected $33.13 billion by 2030, growing at a CAGR OF 13.1% from 2021 to 2030.
- 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.
- Moreover, the majority of the electronic components are imported from China, and interruption in Chinese part exports hampered the radar sensor market.
- However, the global radar sensor market across Asia-Pacific is expected to manifest the highest CAGR of 15.0% from 2021 to 2030, due to increase in the defense budget of India and China and rise in demand for radar systems.