Report : 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 and Transportation, Aerospace, Industrial, Marine, and Other Applications)
Increasing Popularity of Autonomous Carsto Support High Range Obstacle Detection SystemMarket 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$ 18,760.5 million by 2027; it is expected to grow at a CAGR of 8.1% from 2020 to 2027.The report highlightskey factors driving the market growth,and prominentplayers withtheir developments inthe market.
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 occurenec 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 automotives.
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 Mobileye, an Intel-owned AV technology provider; Spanish Directorate General of Traffic (DGT), the Barcelona City Council, andFerrovial, 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.
North America led the high range obstacle detection system market in 2019, followed by Europe and APAC. Collision avoidance and autonomous car data managementfeatures boost the demand for high range obstacle detection systems. The rising awareness amongthe governments in North America leads to the deployment of these detection systems in automotive and transportation, and aerospace applications, among others. Moreover, the high range obstacle detection system market in APAC is anticipated to grow at the highest CAGR during the forecast period. In APAC, the growing investments in autonomous vehicles to mitigate traffic accidents and rising technological advancements in industrial robots drive the adoption of long range obstacle detection systems. Further, the increasing investments in infrastructure development of various industries are likely to be instrumental in the steady market growth in the MEA and SAM during the forecast period.
Impact of COVID–19 Pandemic on North America High Range Obstacle Detection System Market
In addition to the high investmentsin the automotive, aerospace & defense, and other industrial sectors in economically developed countries such as the US and Canada, the presence of a few of the largest autonomous vehicle technology companies such as Tesla and Google, long range obstacle detection systems/sensors manufacturers, and aircraft/UAV manufactures has been a major contributor to the long range obstacle detection systemmarket growth in North America. Presently, the US is the world’s worst affected country due to COVID-19 outbreak in terms of confirmed cases and deaths. The US is one of the largest adopters of high range obstacle detection systems, especially in automotive and aerospace sectors, owing to stringent government and industry regulations regarding safety standards. The rapid suregin the number of confirmed COVID-19 cases cases and reported deaths in the country is affecting both supply and demand dynamics in several industries. The ongoing slump in industrial production and demand, coupled with disruptions in technology adoption especially in the automotive industry, is expected to lower the demand for high range obstacle detection systems in various North American countries in the coming quarters.
The global high range obstacle detection systemmarket has been segmented as follows:
High Range Obstacle Detection System Market – by Type
High Range Obstacle Detection System Market – by Application
High Range Obstacle Detection System Market – by Region