Digital Radar Market Revenue to Cross USD 21.32 Billion by 2032; Registering at a CAGR of 17.8% | Polaris Market Research
The advancement of the market is being fuelled by escalating safety worries across the country’s frontiers.
New York, USA, Sept. 19, 2024 (GLOBE NEWSWIRE) — Market Overview:
The digital radar market was estimated at USD 4.90 billion in 2023. The market valuation is expected to be USD 21.32 billion by 2032, registering a staggering CAGR of 17.8% during the forecast period of 2024-2032.
What is Digital Radar?
Digital radar constitutes a notable vault forward from conventional analog radar sensors. By seizing and filtering magnified digital wave shapes, digital radar systems can generate an eminently complete 4D map of a vehicle’s settings involving the accurate location, momentum, and elevation of entities such as cars, pedestrians, and cyclists. This copious, real-time data stream offers ADAS algorithms with an unequaled degree of situational consciousness, sanctioning speedier, more precise governing in an intricate driving framework. Digital radar’s senior clarity and all-weather potential render it an important addition to cameras and alternate sensors, sanctioning dependable presentation even in exacting conditions such as massive rain, fog, or darkness.
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Key Market Stats:
- The digital radar market size was valued at USD 4.90 billion in 2023.
- The market is anticipated to grow from USD 5.76 billion in 2024 to USD 21.32 billion by 2032.
- The market is expected to exhibit a CAGR of 17.8% during the forecast period.
Major Findings from the Report:
- The market for digital radar is expected to increase significantly due to geopolitical pressures, and illegitimate ventures such as smuggling, human trafficking, and uncertified frontier crossings are escalating worldwide, which generates a menace to national security.
- The digital radar market segmentation is mainly based on type, dimension, application, vertical, and region.
- North America registered as the largest market share.
Digital Radar Market Drivers and Trends:
- Unapproved Border Ventures: The growing cases of unapproved border ventures have generated a requirement for excessively productive monitoring solutions. Thus, digital radar systems armed with progressive discernment potential and accuracy are important for making certain productive border safety.
- Investments in Radar Technology: The private sector funding in radar technology is pushing the market. Firms from several industries, such as aerospace, automotive, and telecommunications, have identified the benefits that progressive radar systems provide and have commenced funding in radar technologies.
- Merger with Artificial Intelligence: Inventions in digital radar technologies such as high clarity imaging and mergers with artificial intelligence have caused accurate, dependable, and multifaceted radar systems. The market players are initiating inventive radar solutions with the preceding technologies to encounter the escalating demand for manifold industries involving automotive and aerospace, supporting the digital radar market demand.
- Evolution of the Automotive Sector: The evolution in the automotive sector is escalating the demand for progressive driver support systems and self-driving cars. Therefore, automakers are attempting to improve vehicle security, productivity, and user involvement by merging digital radar systems that offer crucial operations such as flexible cruise regulation, accident elusion, lane maintenance support, and blind spot discernment.
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Industry’s Prominent Players:
- Advanced Micro Devices, Inc.
- Ainstein
- Arbe
- BAE Systems
- Bharat Electronics Limited (BEL)
- Elbit Systems Ltd.
- IAI
- Indra
- Leonardo Group
Geographical Landscape:
North America accounted for the most digital radar market share. This is a result of escalating administration of radars in UAVs and drones. The region is encountering a surge in the aggregate of drones such as commercial and entertainment drones.
Due to the business existence of many makers involving Indra, Advanced Micro Devices, Inc., Magna International Inc., Bharat Electronics Limited (BEL), and Leonardo Group, the Asia Pacific is also anticipated to grow at the quickest rate over the forecast period with a robust compound annual growth rate.
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Market Segmentation:
Digital Radar Market-Type-Based Outlook:
- Active
- Passive
Digital Radar Market-Dimension-Based Outlook:
- 2D & 3D
- 4D
Digital Radar Market-Application-Based Outlook:
- Safety
- Security & Surveillance
- Others
Digital Radar Market-Vertical-Based Outlook:
- Automotive
- Aerospace
- Military & Defense
- Others
Digital Radar Market-Regional Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, Australia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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