Dublin, Nov. 19, 2020 (GLOBE NEWSWIRE) -- The "High Range Obstacle Detection System Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type and Application" report has been added to ResearchAndMarkets.com's offering.
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.
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 Mobileye, 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.
North America led the high range obstacle detection system market in 2019, followed by Europe and APAC. Collision avoidance and autonomous car data management features boost the demand for high range obstacle detection systems. The rising awareness among the 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 investments in 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 system market 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 surging the number of confirmed COVID-19 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.
Key Topics Covered:
1.1 Study Scope
1.2 Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
4. High Range Obstacle Detection System Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. High Range Obstacle Detection System -Market Dynamics
5.1 Market Drivers
5.1.1 High Demand for Efficient Obstacle Detection Systems in Automotive Sector
5.1.2 Growing Adoption of Lidar in Diverse Industry Applications
5.2 Market Restraints
5.2.1 High Initial Investment and Maintenance Costs
5.3 Market Opportunities
5.3.1 Developing Regions to Drive the Future Growth
5.4 Future Trends
5.4.1 Rising Demand from Unmanned Aerial Vehicles and Unmanned Ground Vehicles
5.5 Impact Analysis of Drivers and Restraints
6. High Range Obstacle Detection System Market - Global Analysis
6.1 Global High Range Obstacle Detection System Market Overview
6.2 High Range Obstacle Detection System Market - Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Five Key Players
7. High Range Obstacle Detection System Market Analysis - By Type
7.2 High Range Obstacle Detection System Market, by Type (2019 and 2027)
7.3.2 Radar: High Range Obstacle Detection System Market - Revenue and Forecast to 2027 (US$ Million)
7.4 Laser Scanner
8. High Range Obstacle Detection System Market Analysis - By Application
8.2 High Range Obstacle Detection System Market, by Application (2019 and 2027)
8.3 Automotive and Transportation
8.3.2 Automotive and Transportation: High Range Obstacle Detection System Market- Revenue and Forecast to 2027 (US$ Million)
8.7 Other Applications
9. High Range Obstacle Detection System Market - Geographic Analysis
10. High Range Obstacle Detection System Market- COVID-19 Impact Analysis
11. Industry Landscape
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
12.1 Key Facts
12.2 Business Description
12.3 Products and Services
12.4 Financial Overview
12.5 SWOT Analysis
12.6 Key Developments
BAE Systems plc
Collins Aerospace, a Raytheon Technologies company
Honeywell International Inc.
ifm electronic GmBH
Robert Bosch GmbH
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