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Integrated Radar and Camera Market Size is forecast to reach $9.4 billion by 2026, at a CAGR of 9.9% during 2021-2026. RACam is the integration of camera and radar into a single module for delivering a set of active safety systems such as traffic sign recognition, forward collision warning, pedestrian detection, automated braking. The high demand for this product is due to the rising demand for sensing cameras in advanced driver assistance systems, Lane Departure Warning Systems (LWDS), Forward Collision Warning Systems (FCWS), and Blind Spot Warning Systems (BSW), in the automotive sector owing to the rising automotive component manufacturing hubs and the large number of suppliers in developing countries such as China and India. New generation Integrated Radar and Camera (RACam) offers higher accuracy and flexibility, with easy integration into systems spur the growth in Integrated Radar and Camera (RACam) industry.
Integrated Radar and Camera (RACam) Market Segment Analysis – By Sensor
The LiDAR sensor segment is growing at a significant market value of 35.2% in 2020 owing to the increase in government regulations for vehicle safety as they provide a better field of view without affecting vehicle appearance. Instead of conventional microwaves and radio technology LiDAR uses optical amplification based on the stimulated emission of electromagnetic radiation which the gathering of more accurate and precise real-time data. In automotive sector LiDAR sensors are critical in ensuring that autonomous vehicles operate safely and without causing any accidents due to which rapid development of autonomous vehicles around the world are analyzed to boost the growth of the market in the forecast period 2021-2026.
Integrated Radar and Camera (RACam) Market Segment Analysis – By Industry Vertical
Aerospace sector is expected to witness a highest CAGR of 12.2% during the forecast period as it enables real-time-tracking algorithm and it performs data routing to the guidance, navigation, and control (GNC) system by means of the deterministic controller area network (CAN). According to the Boeing Services Market Outlook report, in 2019 the commercial aviation industry is expected to have a remarkable growth in APAC. This is also led to the rise in commercial airplane deliveries which will in turn drive the need for Radar and LiDAR technology. Over the next 20 years, Boeing projects the demand for aviation services in Asia-Pacific will expand by 5.1%, or $3,480 billion. In 2019, the government has announced to spend $2.85 billion for the development of aerospace and defense sector. In addition, According to Europa Russian government has committed to spend $7.78 billion U.S. dollars for the development of the country’s aerospace industry from 2019 to 2021. All these projects are analyzed to boost the market growth in the forecast period owing to the requirement of RADAR and LiDAR sensors.
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Integrated Radar and Camera (RACam) Market Segment Analysis – By Geography
Integrated Radar and Camera (RACam) Market in APAC region held a significant market share of 39.6% in 2020 owing to the growth of various industry verticals such as Automotive, Aerospace and others and rising safety regulations across the region. In 2019, The government of Canada has committed to spend more than $1 billion for the development of aerospace sector. Similarly, Aerospace Industries Association of Canada (AIAC) has launched an initiative called Vision 2025 for the development of Canadian Aerospace Sector especially for the production of advanced aircrafts. The Defense spending in the country is rapidly increasing due to increased threats from other countries. In the year 2018 Mexico had a defense budget of around $ 6,568 million in 2018, a 13.6% increase from 2017, and it is expected to increase in the forecast period.
Integrated Radar and Camera (RACam) Market Drivers
Growth of Aerospace Sector:
The remarkable growth in the aerospace manufacturing is witnessing a significant growth in the integrated Radar and camera as the sensing system was installed onboard. According to European Union, the total turnover of EU aerospace sector was €128 billion ($151 billion) with maximum spending in R&D. Around 12% of turnover is directed towards R&D in aerospace industry. This has driven the research into innovations in aerospace safety leading to the deployment of the RAcam. In 2019, the government has announced to spend $2.85 billion for the development of aerospace sector. In 2019, France has announced to spend more than $221 billion over the period 2019-2023 and $395billion over the period 2019-2025 for the development of aerospace sector. These modernization and replacement activities are analyzed to propel the demand for the integrated radar and camera (RAcam) in the forecast period.
Growth of the Automotive Sector:
Ongoing developments in automotive sector and favorable government policies and support and the camera systems are primarily used to assist drivers with parking, maneuvering, and assessing vehicle performance. Major manufacturers such as General Motors, Toyota, and BMW plan to release a potential of 400 models of cars and estimated global sales of 25 million by 2025. In 2021, Ford Motor has committed to increase its investments of $30 billion by 2025, up from a previous spend of $22 billion by 2023. Similarly, in 2020, Volkswagen, Chinese ventures has committed to invest $17.5 billion by 2025. As integrated RADAR and camera is used in-vehicle infoinment progress and also in advanced driver assistance. Hence these investments are analyzed to drive the Integrated Radar and Camera (RACam) industry in the forecast period 2021-2026.
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Integrated Radar and Camera (RACam) Market Challenges:
High Initial Cost:
Although the integrated radar and camera are useful, high cost of installing safety systems is restraining the growth of the market. Hardware, applications, and telecom service charges are the premium features that increase the cost of the vehicles on the other hand deployment of adaptive cruise control (ACC), forward collision warning system (FCWS), and automatic emergency braking (AEB), require 3 to 6 cameras and a lot more sensors to be installed on the vehicle, thus increasing the overall cost. This cost-related issues are analyzed to restrain the growth of the market in the forecast period 2020-2026.
Integrated Radar and Camera (RACam) Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Integrated Radar and Camera (RACam) Market. Integrated Radar and Camera (RACam) Market top 10 companies include Robert Bosch GmbH, Continental AG, Valeo SA, Intel Corporation, Veoneer, Inc., Infineon Technologies AG, Intel Corporation, Magna Corporation, Aptiv PLC, Friendrichshafen. among others.
Acquisitions/Product Launches
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Key Takeaways
Relevant Report Titles:
A. ADAS Camera Market
https://www.industryarc.com/Report/17953/adas-camera-market.html
B. Smart Camera Market
https://www.industryarc.com/Report/15139/smart-camera-market.html
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