Radar Sensor Market is expected to reach US$ 45 billion by 2033 by PMR Study
Market Overview
The global radar sensor market is anticipated to witness significant growth during the forecast period. Factors such as safety and security needs in automotive application, and increase in need for border security systems drive the growth of the radar sensor market. Also, adoption of the wideband 5G & millimeter wave-based RF systems boost the overall market growth. However, high development & installation cost is a major restraint to global radar sensor industry. In addition, growing defense sector in Asia-Pacific region is expected to create lucrative opportunities for the radar sensor industry.
According to PMR, the radar sensor market will generate US$ 9.5 billion in 2023 and US$ 45 billion in 2033, representing a 16.8% CAGR. Radar sensors are used to forecast ...