High Range Obstacle Detection System Market Revenue to Cross US$ 18,760.5 Mn by 2027: The Insight Partners

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.

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High range obstacle detection systemsare integrated with various sensors to detect obstacles, followed by offering an alternative navigational path that is free from obstacles. The systems play an essential role in determining the potential hazards and alerting aircraft, marine, railways, and other high-speed vehicles for any long-distance obstruction to prevent collision damage. Besides, it also offers countermeasures, such as lowering speeds and alerting to the end users. These systems have a wide range of applications in industrial robots, autonomous vehicles, and drones. Sensors used for obstacle detection systems mainly include radar, laser scanner, sonar, and lidar. With the radar sensors, the distance information can be obtained by calculating the time interval between emission and receipt of lasersbeams. Several automakers worldwide are deploying these systems to improve the safety of their vehicle. Thus, the long range obstacle detection systemshave become a vital part of modern vehicles.

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.

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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 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.

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