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Radar Sensors for Smart City Applications Market Insights
The global radar sensors for smart city applications market is likely to gain further traction and prominence. Government initiatives to enhance smart city infrastructure capabilities propel the demand for radar sensors. Market Research Future (MRFR) asserts that the global radar sensors for smart city applications market will expand at a 12.1% CAGR throughout the assessment period (2022-2030).
With the increasing population, traffic scenarios are becoming difficult globally, causing inconvenience and delay, tremendously burdening the traffic management departments/ traffic operations centers. Due to these worsening traffic concerns worldwide, demand for improving transport infrastructure is augmenting, further increasing the unit sale of radar sensors.
Governments worldwide are increasingly initiating, funding, and undertaking smart city projects to make traffic scenarios manageable. Technological advancements allowing accessibility and availability of various automatic devices have also brought about novelties to automatic traffic handling devices. These factors provide impetus to the radar sensors for smart city applications market growth globally.
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Major Players:
Leading radar sensors for smart city applications market players are
Radar Sensors for Smart City Applications Market – Segments
The market is segmented into types, frequencies, applications, and regions. The type segment is sub-segmented into ground radar sensors and overhead radar sensors. The frequency segment is sub-segmented into 24 GHz, 10.5 GHz, and others. The application segment is sub-segmented into traffic monitoring, pedestrian (crowd) monitoring, and others. By region, the radar sensors for smart city applications market is segmented into the Americas, Europe, APAC, and the rest of the world.
Radar Sensors for Smart City Applications Market – Regional Analysis
North America dominates the global radar sensors for smart city applications market. Government initiatives for smart cities and R&D investments to develop advanced technologies boost the market size of radar sensors for smart city applications. Europe is the second largest market for radar sensors for smart city applications globally. The region will likely witness rapid growth in the recent future.
On the other hand, Asia-Pacific becoming a developing region, is expected to be the fastest-growing market for radar sensors for smart city applications globally. Increasing smart city projects in APAC countries such as India, China, South Korea, and Japan contribute to the market growth of radar sensors for smart city applications worldwide.
Radar Sensors for Smart City Applications Market – Competitive Analysis
The market appears competitive and fragmented due to several large and small key players churning the competition to gain a competitive edge accounting for a substantial market share. Acquisition, collaboration, partnership, expansion, and product & technology launch remain the prevailing strategies of market players. The market will likely witness relentless innovations and the development of new products, eventually causing intensified competition.
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Industry/Innovation/ Related News:
Mar 27, 2023 – At ISC West, Ambarella showcased its recently announced CV72S 4K, 5nm AI vision system-on-chip. The new SoC supports edge AI for security cameras that are likely to be used in smart city applications. The ability to leverage sensor fusion with radar data will help at night and in weather conditions that impair vision sensors. Radar can add data on speed, distance, and direction of movement that can be particularly helpful in smart traffic applications.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
