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According to the new research report, titled “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)” published by The Insight Partners, the market is expected to reach US$18,760.5millionby 2027, registering a CAGR of 8.1% from 2020 to 2027.
North America Held Largest Share in High Range Obstacle Detection SystemMarket in 2019
The US, Canada, and Mexico are the major economies in North America. As per the US Department of Transportation’s National Highway Traffic Safety Administration, the US recorded 36,750 highway fatalities in 2018. The country government and automotive manufacturers are rigorously investing in various advanced technologies to reduce the rising number of traffic accidents in the region. With the growing integration of advanced technologies near roads, highways, and expressways, the long range obstacle detection systemproviders are highly focused on designing efficient detection systems for vehicles. This system is likely to feature distance measurement, position identification, and automated braking (when a potential risk of collision is detected) capabilities. The autonomous vehicles are likely to be a major trend in the near future. The US government is planning to invest US$ 4 billion for the next 10 years to boost the adoption of safe vehicle automation through real-world pilot projects. Connected cars and Internet of things (IoT) are the revolutionary developmentsin this industry, which would play a key role in the introduction of various autonomous cars. As technological companies in North America have been innovating driverless cars since the introduction of the concept, these cars are already in use by a small number of users in this region. These self-driving cars are integrated with long range obstacle detection systems. Thus, growing focus on investing in safe driving technologies is likely to propel the growth of the market during the forecast period.
The long range obstacle detection systems installed in aircraft assist in the landing process. Increasing awareness among the governments in North America is boosting the deployment of obstacle detection systems in aircraft. With the increasing air traffic in the region, aircraft are more prone to crashes, and most of these accidentsare the result of limited visibility of wingtips to pilots. Thus, the aircraft system manufacturers need to focus primarily on obstacle detection around wingtips. This factor is expected to increase the demand for high range obstacle detection systems in North America in the coming years. However, the ongoing COVID-19 outbreak has been limiting the market growth in 2020 owing to disruptions in supply chains, decrease in demand and production, and negative impact on economic as well as industrial growth in major markets such as the US and Canada; the effect is likely to persist in early 2021. However, the growth is expected to normalize 2021 onward.
Key Findings of Study:
Asia Pacific is estimated to register the highest CAGR in the global high range obstacle detection system market during the forecast period. In addition to the rising trend of automation across industries,mounting investments in automotive sector and infrastructure development in developing Asian countries such as China and India are driving the demand for advanced high range obstacle detection sensors in automotive, defense, construction, and mining industries, among others. In developing countries of APAC region, the construction industry is growing at an impressive pace owing to the rising disposable incomes, supportive government regulations, and growing economies of member countries. As per recent PwC report on “Global Construction 2030,” the world’s construction output is anticipated to reach US$ 15.5 trillion by 2030, and countries such as the US, China, and India, together, are expected to contribute ~55% shareto this output. Moreover, the presence of a large industrial base in countries such as China, India, Taiwan, Singapore, Japan, and South Korea, coupled with increasing demand for advanced technology solutions among enterprises to boost operational efficiency and increase safety,would drive the adoption of various types of obstacle detection systems in different industries in APAC.
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