High Range Obstacle Detection System Market worth US$ 18,760.5 Million by 2027 – Exclusive Research by The Insight Partners

High Range Obstacle Detection System Market worth US$ 18,760.5 Million by 2027 - Exclusive Research by The Insight Partners

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Increasing Popularity of Autonomous Castro Support High Range Obstacle Detection system Market Growth During 2020–2027

According to our latest market study on “High Range Obstacle Detection System Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Radar, Laser Scanner, Sonar, and Lidar) and Application (Automotive & Transportation, Aerospace, Industrial, Marine, and Other Applications),” the market was valued at US$ 10,159.4 million in 2019 and is projected to reach US$ 18,760.5million by 2027; it is expected to grow at a CAGR of 8.1% from 2020 to 2027.The report highlights key factors driving the market growth, and prominent players with their developments in the market.

Strategic Insights        

Report Coverage

Details

Market Size Value in

 US$ 10,159.4 Million in 2019

Market Size Value by

 US$ 18,760.5 Million by 2027

Growth rate

 CAGR of 8.1% from 2020-2027

Forecast Period

 2020-2027

Base Year

 2020

No. of Pages

 160

No. Tables

 56

No. of Charts & Figures

 73

Historical data available

 Yes

Segments covered

 Type, and Application

Regional scope

 North America; Europe; Asia Pacific; Latin America; MEA

Country scope

 US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

 Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

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The global high range obstacle detection system market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). As per the World Health Organization (WH0) estimates, ~1.35 million deaths and ~50 million injuries occur on roads annually. Human errors are among the key casusesof road accidents. However, autonomous vehicles have the potential to lower the occurrence of these fatalities. According to the ministerial conference on road safety, innovative vehicle safety technologies are the most effective of all automotive safety devices. By 2030, all vehicles sold are estimated to include safety performance technology used for automotive.

Spain hosted numerous autonomous vehicles trials, as a part of the first phase of the Autonomous Ready Spain innovation program, which is focused on mitigating accidents with the adoption of driving assistance technologies. The program involved Mobile, an Intel-owned AV technology provider; Spanish Directorate General of Traffic (DGT), the Barcelona City Council, and Ferrovial, a Spanish transport infrastructure company. The autonomous vehicles enabled with Lidar, global positioning system (GPS), and other sensors can obtain real-time perception of environment. Besides, it is essential for path planning and decision-making of autonomous vehicles. Thus, the growing emphasis on autonomous vehicles in various countries would propel the demand for long range obstacle detection systems in the coming years.

Impact of COVID-19 Pandemic on European High Range Obstacle Detection System Market

Presently, Russia, Spain, France, the UK, Italy, and Germany are among the worst-affected European countries by the COVID-19 outbreak. The region is a major manufacturing and industrial hub, including sectors such as automotive, transportation, aerospace, construction, and defense. However, due to COVID outbreak, a large number of businesses in the region are facing financial challenges as they either had to suspend their operations or reduce their business activities due to government-imposed restrictions, such as lockdowns and travel bans; lack of manpower. The region is anticipated to witness an economic slump in 2020, which is most likely to persist in 2021 as well.

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High Demand for Efficient Obstacle Detection Systems in Automotive industry Fuels Market Growth

The global automotive industry is witnessing a huge paradigm shift owing to the rising number of connected vehicles, autonomous vehicles, and electric vehicles. The growing investments by private technology companies such as Google and car manufacturers such as Tesla, General Motors, Nissan, and Audi in the integration of advanced technologies in vehicles; and increasing collaboration between government and policymakers to boost technology development in the automotive industry are a few of the key factors flourishing this industry. With the growing inclination toward connected and autonomous vehicles, various types of sensors are becoming an integral part of vehicles to ensure safe and efficient automation and driving experience.

These sensors include radar sensors, lidar sensors, and ultrasonic sensors, among others, and they enables features such as collision avoidance, blind spot detection, obstacle detection, adaptive cruise control, lane departure warning, and object detection. The growth trajectory of fully autonomous cars is largely anticipated to depend upon technological advancements, consumer demand for fully automated cars, pricing, and safety, among other parameters. The rising investments by technology and car companies to develop autonomous vehicles in passenger category, commercial buses and trucks category, robo taxis, and so on, are driving the demand for advanced high range obstacle detection systems enabled with various technologies, especially radar and lidar. These developments are anticipated to drive the growth of global high range obstacle detection system market globally over the forecast period.

High Range Obstacle Detection System Market: Competitive Landscape and Key Developments

SICK AG, BAE Systems plc, Blickfeld GmbH, Collins Aerospace,a Raytheon Technologies company, Honeywell International Inc, ifm electronic gmbh, LIVOX, Lumibird Canada, Robert Bosch GmbH, and Thales Group are among the key players in the global High Range Obstacle Detection System market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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In 2020, LIVOX introduced two high-performance, mass-produced LiDAR sensors named Horizon and Tele-15, which feature a groundbreaking scanning method that offers improved sensing performance at a cost lower than the traditional LiDAR units.

In 2019, with the Cube Range LiDAR sensor product category, Blickfeld GmbH introduced new MEMS-based LiDAR sensor for extended detection of objects at a distance of up to 250 m.

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