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Industrial Shredders Market Set to Reach USD 1635.9 Million by 2030, Driven by Expanding Applications and Sustainability Initiatives | Credence Research Inc.

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Industrial Shredders Market Size and Forecast

PUNE, India, Nov. 26, 2024 /PRNewswire/ — Industrial Shredders Market Overview
The global industrial shredders market has exhibited consistent growth, driven by the increasing demand across diverse industrial applications. Valued at USD 1154.9 million in 2022, the market’s steady expansion is attributed to the rising need for efficient waste management solutions, especially in sectors like construction, manufacturing, and recycling. Industrial shredders play a crucial role in processing large volumes of materials, reducing waste, and enabling material reuse, which aligns with the growing emphasis on sustainability and environmental conservation. Additionally, technological advancements in shredder designs, such as improved energy efficiency and enhanced automation features, are contributing to the market’s growth trajectory.

Market Size and Forecast
According to the report by Credence Research “Industrial Shredders Market By Number of Shafts (Single Shaft Shredder, Two Shaft Shredder, Three Shaft Shredder, Four Shaft Shredder) By Position of Shafts (Horizontal Shaft Shredder, Vertical Shaft Shredder) By Application (Municipal Solid Waste Recycling (MSW), Wood Waste Recycling, Waste Electronic and Electronic Equipment Recycling (WEE), Paper Reject Recycling, Others (Plastic, Metal, etc.))-Growth, Future Prospects & Competitive Analysis, 2016 – 2030″ the industrial shredders market is projected to reach USD 1635.9 million by 2030, reflecting a compound annual growth rate (CAGR) of 5.10% between 2023 and 2030. This robust growth is underpinned by expanding industrial activities in emerging economies and stricter regulations promoting sustainable waste management practices. Moreover, the adoption of shredders in innovative applications, such as data destruction and e-waste recycling, is anticipated to fuel demand further. The market’s evolution is also supported by increased investments in smart shredding solutions, offering improved operational efficiency and customization for various industries.

Dive deeper into market insights, growth drivers, and key trends by browsing the comprehensive report. Click here to access the full report-  https://www.credenceresearch.com/report/industrial-shredders-market

Industrial Shredders Market Drivers

Rising Demand for Efficient Waste Management Solutions
The growing emphasis on sustainability and environmental conservation is a significant driver of the industrial shredders market. Industries such as manufacturing, construction, and recycling are increasingly adopting shredding technologies to manage waste efficiently and promote material reuse. For example, the global waste management industry generates approximately 2.01 billion tons of municipal solid waste annually, with at least 33% not managed in an environmentally safe manner. Regulatory mandates worldwide, aimed at reducing landfill usage and enhancing recycling rates, are pushing industries to invest in advanced shredding solutions. Countries like Germany and South Korea have achieved recycling rates of 47% and 54%, respectively, showcasing the effectiveness of stringent regulations.

Additionally, shredders’ ability to process diverse materials, including metal, plastic, and paper, positions them as vital tools in achieving zero-waste goals across multiple sectors. This versatility is crucial as industries strive to meet stringent environmental regulations and enhance their sustainability efforts. For instance, shredding one ton of paper can save 17 trees and significantly reduce greenhouse gas emissions.

Technological Advancements and Automation Integration
The integration of advanced technologies in shredding equipment is further propelling market growth. High-torque motors with over 90% efficiency are replacing traditional hydraulic systems, significantly improving energy management and reducing thermal waste. Smart sensors equipped with IO-Link connectivity and dynamic resolution of ±5.5 micrometers enable real-time monitoring and precise material handling, while arrays of up to 50 metal-cased sensors provide continuous detection across conveyor systems. Innovations such as AI-integrated systems and IoT technologies are enhancing operational efficiency and reducing downtime. These advancements not only lower operational costs but also provide precise material handling capabilities, making industrial shredders more versatile and reliable. The implementation of smart automation allows for precise control optimization, while advanced material sorting technologies, including metal detection and separation systems, improve recycling efficiency. Moreover, the rise of Industry 4.0 has driven demand for connected shredding systems that enable remote monitoring and predictive maintenance, with features like cloud-ready sensors providing real-time data monitoring and high-speed sensor-based decision-making capabilities, ensuring seamless operations in high-demand industries.

Increasing Adoption in Emerging Economies
Emerging economies are experiencing rapid industrialization, which is driving the adoption of industrial shredders. India’s urban population is expected to nearly double to 814 million by 2050, generating approximately 0.7 kg of waste per person daily by 2025, which is 4-6 times higher than in 1999. Growing construction activities, expanding manufacturing sectors, and rising urbanization contribute to increased waste generation, necessitating effective waste management solutions. Government initiatives in countries like India and China, aimed at improving recycling infrastructure and reducing environmental pollution, are further bolstering demand. In India, only 43 million tons of the 62 million tons of waste generated annually is collected, highlighting the urgent need for efficient waste management solutions. The implementation of initiatives like the Clean India Mission and stringent environmental regulations has spurred the growth of domestic recycling industries. Additionally, the affordability of shredding solutions, coupled with their long-term cost-saving benefits, makes them an attractive investment for industries in these regions, with companies investing in R&D achieving up to 25% higher efficiency.

Expanding Applications in Specialized Industries
The industrial shredders market is witnessing increased adoption in niche applications, such as data destruction and e-waste recycling. The growing need for secure disposal of sensitive information, evidenced by a 68% surge in reported data breaches with 1,862 incidents in 2022, is driving demand in these segments. The rising volume of discarded electronic devices, which reached 62 million tonnes in 2022 and is projected to increase to 82 million tonnes by 2030, has created urgent demand for efficient recycling solutions. Shredders equipped with specialized blades and features to handle unique materials are catering to the evolving needs of these industries, processing approximately 31 billion kg of metals and 17 billion kg of plastics from e-waste annually. Furthermore, the increasing global focus on circular economy principles is encouraging businesses to adopt shredding technologies to maximize resource recovery and minimize waste, particularly as current formal recycling rates remain low at 22.3% globally, leaving USD 62 billion worth of recoverable resources unaccounted for.

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Industrial Shredders Market Restraints

High Initial Costs and Maintenance Expenses
One of the primary challenges facing the industrial shredders market is the high upfront cost of purchasing and installing shredding equipment. Advanced shredders, equipped with modern technologies like automation and energy-efficient features, often require significant capital investment, which can be a deterrent for small- and medium-sized enterprises (SMEs). Additionally, ongoing maintenance and repair expenses, including the replacement of wear-and-tear components such as blades and motors, can further increase operational costs. These financial considerations may hinder widespread adoption, especially in cost-sensitive industries and emerging economies.

Limited Awareness and Skilled Workforce Challenges
The market also faces constraints due to limited awareness about the benefits of industrial shredders in certain regions, particularly in underdeveloped economies. Many industries in these areas continue to rely on traditional waste management practices, lacking the knowledge or resources to adopt shredding technologies. Moreover, the operation of industrial shredders often requires skilled personnel to ensure optimal performance and safety. A shortage of trained operators and technicians can pose significant challenges to businesses, leading to inefficient use of shredding equipment and potential operational risks.

Regulatory and Environmental Compliance Issues
While regulations promoting waste recycling and sustainability are driving market growth, they can also pose challenges for manufacturers of shredding equipment. Compliance with stringent environmental and safety standards often requires continuous innovation and product development, increasing production costs for manufacturers. Furthermore, improper disposal of shredded waste, particularly hazardous materials, can lead to legal complications for end-users. These factors may deter some industries from adopting shredding technologies or limit their usage to specific applications.

Raw Material Price Volatility and Supply Chain Disruptions
The cost and availability of raw materials required for manufacturing shredding equipment, such as steel and electronic components, can significantly impact the market. Price volatility and supply chain disruptions, often caused by geopolitical tensions or economic instability, can increase production costs and delay deliveries. These issues not only affect manufacturers but also lead to higher prices for end-users, potentially limiting market growth in regions with constrained budgets or uncertain economic conditions.

Industrial Shredders Market Segmentation Analysis

By Number of Shafts
The market is segmented based on the number of shafts into single, two, three, and four shaft shredders. Single shaft shredders are primarily used for applications requiring precise shredding with minimal dust production, while two shaft shredders are widely adopted for heavy-duty tasks like metal and electronic waste recycling due to their higher torque and efficiency. Three and four shaft shredders, offering superior control over particle size and enhanced durability, are preferred in industries handling mixed and bulky materials, such as municipal solid waste and industrial recycling.

By Position of Shafts
Industrial shredders are classified into horizontal and vertical shaft shredders based on the shaft position. Horizontal shaft shredders dominate the market due to their versatility in handling diverse materials like wood, metal, and plastic. They are widely utilized in high-volume applications such as municipal solid waste recycling. Vertical shaft shredders, while less common, are gaining traction in niche applications requiring fine particle shredding, especially in industries dealing with compact or lightweight materials.

By Application
The application segmentation includes municipal solid waste recycling (MSW), wood waste recycling, waste electronic and electronic equipment recycling (WEEE), paper reject recycling, and others. The MSW segment holds the largest share due to increasing urbanization and stringent regulations promoting sustainable waste management. WEEE recycling is rapidly growing as the volume of discarded electronic devices increases globally, while wood waste and paper reject recycling are driven by the need for resource recovery in construction and packaging industries. Other applications, including plastic and metal shredding, cater to diverse industrial needs.

By Price
Based on price, industrial shredders are categorized into low, medium, and high-cost segments. Low-cost shredders are popular among small-scale industries for basic applications, whereas medium-priced shredders cater to mid-sized businesses requiring enhanced efficiency and durability. High-cost shredders, featuring advanced automation and customization options, are preferred by large industries and specialized recycling units dealing with complex materials.

By Distribution Channel
The distribution channel segmentation includes direct and indirect sales. Direct sales dominate the market, as manufacturers often establish direct relationships with end-users to offer customized solutions and technical support. Indirect channels, including distributors and resellers, cater to smaller businesses and emerging markets, providing access to shredding equipment in regions where direct sales networks are less established. This dual-channel strategy ensures a broader market reach and enhanced customer support.

Segmentation of Global Industrial Shredders Market-

Segmentation

By Number of ShaftsSingle Shaft ShredderTwo Shaft ShredderThree Shaft ShredderFour Shaft ShredderBy Position of ShaftsHorizontal Shaft ShredderVertical Shaft ShredderBy ApplicationMunicipal Solid Waste Recycling (MSW)Wood Waste RecyclingWaste Electronic and Electronic Equipment Recycling (WEE)Paper Reject RecyclingOthers (Plastic, Metal, etc.)By PriceLowMediumHighBy Distribution ChannelDirectIndirectBy RegionNorth AmericaU.SCanadaMexicoEuropeGermanyFranceU.K.ItalySpainRest of EuropeAsia PacificChinaJapanIndiaSouth KoreaSouth-east AsiaRest of Asia PacificLatin AmericaBrazilArgentinaRest of Latin AmericaMiddle East & AfricaGCC CountriesSouth AfricaRest of Middle East and Africa

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Regional Analysis

North America
North America holds a significant share of the industrial shredders market, driven by stringent environmental regulations and advanced recycling infrastructure. The United States leads the region, with high adoption rates in municipal solid waste recycling and electronic waste management. Increasing investments in sustainable waste management practices and innovations in shredding technologies, such as smart shredders and automation integration, further boost market growth. Canada also contributes significantly, with its growing emphasis on resource recovery and the circular economy.

Europe
Europe is a key market for industrial shredders, supported by strict regulatory frameworks like the European Green Deal and the Waste Framework Directive. Countries such as Germany, the UK, and France are leading adopters of shredding technologies for municipal waste, electronic waste, and industrial recycling. The region’s focus on reducing landfill dependency and achieving higher recycling targets is driving demand for advanced shredding solutions. Additionally, the presence of established manufacturers and ongoing technological advancements contribute to market expansion in this region.

Asia-Pacific
The Asia-Pacific region is witnessing rapid growth in the industrial shredders market, fueled by industrialization, urbanization, and increasing waste generation in countries like China, India, and Japan. Rising government initiatives to improve waste management infrastructure and promote recycling are key growth drivers. China leads the market with large-scale adoption of shredding equipment in municipal waste management and e-waste recycling. India is emerging as a significant market, supported by government campaigns for clean cities and efficient waste handling systems.

Middle East & Africa
The industrial shredders market in the Middle East & Africa is growing steadily, with demand primarily driven by urbanization and industrial expansion in countries like Saudi Arabia, the UAE, and South Africa. Recycling initiatives and the need for effective waste management solutions in urban centers are promoting the adoption of shredders. However, challenges such as limited infrastructure and lack of awareness in underdeveloped areas restrain growth. Investments in recycling technologies and collaborations with global players are expected to drive future growth in this region.

Top Companies –

Advance Hydrau-Tech Pvt. Ltd.ANDRITZ AGBCA IndustriesBrentwood Recycling SystemsECO Green Equipment, LLC.EcoStan India Private Limited.Hammermills InternationalMetso CorporationMOCO Maschinen- und Apparatebau GmbH & Co. KGRapid Granulator Inc.Servo InternationalSSI Shredding Systems, Inc.UNTHA Shredding Technology GmbHVecoplan AGWEIMA Maschinenbau GmbH

Competitive Landscape:

The industrial shredders market is characterized by the presence of several global and regional players competing to enhance their market share through technological advancements, strategic partnerships, and product innovations. Key players in the market focus on offering a diverse range of shredders tailored to specific industrial applications such as municipal solid waste management, e-waste recycling, and construction waste processing.

Global Leaders
Leading companies like Vecoplan LLC, SSI Shredding Systems, Inc., and UNTHA shredding technology GmbH dominate the market with their extensive product portfolios and established brand presence. These companies leverage advanced technologies such as automation, IoT-enabled shredders, and energy-efficient designs to cater to evolving customer demands. Their global distribution networks and strong after-sales support provide a competitive edge, particularly in mature markets like North America and Europe.

Regional and Emerging Players
Regional players, such as ARJES GmbH in Europe and China’s Harden Machinery Ltd., focus on cost-effective solutions to cater to local industries. These companies often excel in meeting specific regional requirements, such as compliance with local regulations and customization for niche applications. Emerging players in Asia-Pacific and Latin America are increasingly entering the market, driven by growing industrialization and demand for efficient waste management solutions. Competitive pricing and collaborations with local governments and industries help these players establish a foothold in the market.

Strategic Initiatives
Market participants are actively engaging in mergers and acquisitions to expand their geographic presence and enhance their technological capabilities. For instance, collaborations with recycling firms and partnerships with governments to develop sustainable waste management solutions are common strategies. Additionally, investments in research and development to introduce innovative products, such as shredders with enhanced automation and AI-driven efficiency, highlight the competitive intensity in the market.

Latest Developments:

In October 2024 Ecostan has developed a Dual Shaft Shredder, which is a heavy-duty machine designed for shredding a variety of materials efficiently. It features multiple shredding blades and a program control panel, ensuring automatic operation and including functions like auto-reverse to prevent overfeeding. This development focuses on enhancing the performance and usability of their industrial shredders.In August 2023 Advance Hydrau Tech Pvt. Ltd. announced the launch of its highly anticipated new product catalogue, showcasing the latest products in the scrap processing industry, including industrial shredders.In Nov 2023 ANDRITZ has received an order from Krones AG to supply six ADuro S shredders for a polypropylene recycling plant in the Southeast United States. These shredders will be operational in 2024 and provide a dry shredding solution that minimizes fines and extends wear part life.In Nov 2023 BCA Industries announced the PD1000 IO X tire shredder, designed to enhance productivity by overcoming bottlenecks in loading and unloading materials before and after shredding. This system allows for efficient use of open-top walking floor semi-trailers, which are common in the recycling industry.

Reasons to Purchase this Report: Reasons to Purchase this Report:

Gain a comprehensive understanding of the market through qualitative and quantitative analyses, considering both economic and non-economic factors, with segmentation and sub-segmentation details provided in terms of market value (USD Billion).Identify regions and segments expected to experience the fastest growth or dominate the market, with a detailed analysis of geographic consumption patterns and the factors driving or hindering market performance in each region.Stay informed about the competitive environment, with rankings of major players, recent product and service launches, partnerships, business expansions, and acquisitions from the past five years.Access detailed profiles of major market players, including company overviews, insights, product benchmarking, and SWOT analysis, to understand competitive advantages and market positioning.Explore the present and forecasted market landscape, with insights into growth opportunities, market drivers, challenges, and constraints for both developed and emerging regions.Benefit from Porter’s Five Forces analysis and Value Chain insights to evaluate various market perspectives and competitive dynamics.Understand the evolving market scenario, including potential growth opportunities and trends expected in the coming years.

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Technology

Bridging the digital divide with AI: How Bossjob is Reshaping Recruitment Across Borders

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November 27, 2024

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MANILA, Philippines, Nov. 27, 2024 /PRNewswire/ — Artificial intelligence (AI) is proving to be one of the most transformative technological revolutions since the advent of the internet. Unlike paradigm shifts in technology of the past, the present AI boom is largely driven by existing software instead of new innovations, with AI practitioners seeking to seamlessly integrating AI into existing applications to immediately unlock industrial and commercial value for the user.

At the core of AI adoption lies a decentralized approach, which encourages users and developers to create tailored solutions based on specific needs, thus fostering a self-sustaining ecosystem. In the recruitment field, Bossjob is pioneering yet another new application of AI, this time into job descriptions.

On November 27, Bossjob, a global AI-driven recruitment platform, unveiled its AI translation feature with the goal of ensuring all jobs, in whichever language they are posted, are easily understandable by the jobseeker in their native language.

“In the field of recruitment, globalization in the marketplace for talent faces a primary challenge: language differences between different operating regions, especially for one as fragmented and diverse as South East Asia. As a global AI recruitment platform, Bossjob is consistantly looking out for ways to bridge essential but difficult divides like these.” stated Quak Kiat How, CFO of Bossjob.

Globalization Requires Overcoming the Digital Divide

As global economic integration and technological innovation advance, more businesses are venturing into international markets. In 2024, numerous Chinese enterprises embarked on the vessel of global expansion, while native globalized companies continue accelerating their international efforts.

However, these disparities in access to information, internet technologies, and innovation capabilities between countries, regions, industries, companies, and communities have exacerbated the digital divide, leading to further polarization of wealth and opportunities. These gaps reflect not just technological limitations but also deep-rooted socioeconomic challenges, underscoring the pressing need for inclusive solutions.

Cultural differences such as language, religion, values, and business practices further complicate overseas expansion. Many HR professionals have reported that existing recruitment platforms primarily focus on matching resumes with job descriptions on a single dimension, overlooking critical variables such as language nuances and the implicit requirements within job postings.

Kiat highlighted that traditional model of recruitment platforms no longer meet the demands of a new generation, and the recruitment industry is poised for a transformative shift in service models.

AI: Redefining Recruitment Efficiency and Experience

At its core, recruitment addresses the need for matching people with jobs. Precision and efficiency are the cornerstones of value for both businesses and job seekers. With the application of AI, the recruitment process is being reimagined, introducing profound changes to hiring and job-hunting practices.

Kiat believes that, the traditional cycle of resume submissions and screenings may soon become obsolete. By allowing AI access to more comprehensive data, platforms can generate multidimensional profiles reflecting a candidate’s skills, career history, and potential, eliminating the need for manual resume creation. Similarly, AI-generated job and candidate models can streamline initial screenings, allowing recruiters and applicants to engage directly at advanced stages of the hiring process.

Bossjob is leveraging AI to continually enhance its services. For instance, the newly launched AI translation tool eliminates language barriers in recruitment, enabling seamless communication and efficient processes. The platform’s real-time, precise translations prevent delays and miscommunication, particularly for remote roles. Users can easily toggle between translated and original job descriptions for clarity.

Beyond translation, Bossjob has introduced AI-powered resume analysis, enabling HR teams to evaluate candidates’ compatibility with company cultures using big data insights. These tools have simplified workflows and significantly improved matching efficiency.

Exploring New Frontiers with AI

Bossjob’s AI-driven innovations extend beyond traditional recruitment, addressing emerging domains like Web3 and remote work. Official data reveals a tenfold increase in daily active users on the platform’s Web3 job listings, with employer activity rising by 20% since January. This trend underscores the untapped market potential unlocked by AI-powered solutions.

Since its inception, Bossjob has pioneered AI applications in recruitment through its “Mobile + Direct Chat + AI Scenario-based Features” (MDD) model. This approach integrates real-time messaging into recruitment workflows, leveraging advanced algorithms and big data to recommend highly compatible candidates to employers and personalized job matches to seekers. This precision matching reduces hiring costs for businesses while accelerating job seekers’ success rates.

Committed to continuous innovation, Bossjob has significantly invested in R&D to enhance its AI capabilities, building robust user trust and product credibility. Looking ahead, the platform plans to roll out additional features, including AI-simulated interviews, to meet diverse global recruitment needs.

Kiat stated, “We hope to continuously upgrade AI features and build an AI ecosystem that offers more efficient and intelligent recruitment services for companies while providing job seekers with more convenient and effective job search assistance, driving the global talent market’s growth.”

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SOURCE Bossjob

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GLOBAL AND NATIONAL TRACKER FOR CHILD ONLINE SAFETY ANNOUNCED

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November 27, 2024

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Global Cybersecurity Forum and DQ Institute Agreed to Launch the Child Protection in Cyberspace (CPC) Index in 2025

SINGAPORE, Nov. 27, 2024 /PRNewswire/ — The unveiling of the Child Protection in Cyberspace (CPC) Index at the Global Cybersecurity Forum (GCF) marks a groundbreaking milestone in the global effort to safeguard children online, announced by the Global Cybersecurity Forum Institute and the DQ Institute. This announcement took place during the Child Protection in Cyberspace (CPC) Summit at the GCF Annual Meeting on October 2-3, 2024, co-organized by the Global Cybersecurity Forum Institute, the International Telecommunication Union (ITU), UNICEF, WeProtect Global Alliance, and the DQ Institute. The CPC initiative, instated by the Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman, underscores a global commitment to promoting the digital well-being of children worldwide.

Dr. Yuhyun Park, Founder of the DQ Institute, emphasized that the launch of the CPC Index represents the first tangible action following last week’s 2024 UN General Assembly agreement on the Pact for the Future backed by the Global Digital Compact, which highlighted the importance of child protection in cyberspace.

“The CPC Index will serve as an important tracking and monitoring tool to measure the global progress of the CPC commitment towards creating safer digital spaces for children, in alignment with the 2024 UNGA global agreement,” said Dr. Park during an interview at the forum. “This tool is designed to empower countries by offering a comprehensive insight on their current status in child online safety and helping them design targeted national strategies and actions to enhance their national CPC Index performance.”

As a flagship program of the CPC initiative, the CPC Index offers a comprehensive 360-degree framework to evaluate and enhance efforts to ensure child safety online, engaging all stakeholders, including governments, ICT industries, schools, families, and children at the national level.

Backed by seven years of research and data from 100 countries, the CPC Index offers a global tool to assess ecosystems, foster cooperation, and help nations mitigate cyber-risks to protect children online worldwide.

Key features of the CPC Index include:

Global Benchmarks and Data Insights: Combines international benchmarks to provide a clear roadmap for tracking cyber-risks and assessing children’s digital citizenship levels.Holistic Analysis: Covers government policies and regulations, school education, family involvement, and tech industry accountability.Top Digital Citizenship Programs: Highlights the world’s top digital citizenship programs, offering actionable recommendations for policy and education leaders.

Dr. Park underscored the initiative’s global scope, calling it a testament to collaboration across public and private sectors. The CPC Index aggregates international standards and measures, offering nations a roadmap to advance from current challenges to a safer digital future.

“Globally, over 70 percent of children have encountered at least one cyber-risk,” said Dr. Park, referencing the DQ Institute’s Child Online Safety Index. “With the rise of artificial intelligence, this number could shift dramatically as new risks, like AI-generated deepfakes and fake news, emerge.”

While acknowledging AI’s potential to address certain risks, Dr. Park warned of its capacity to exacerbate challenges, emphasizing the urgency for proactive measures: “The goal is clear: to reduce the 70 percent figure by at least 15% by 2030.”

The CPC Index, Dr. Park emphasized, is a critical step toward protecting children in an increasingly AI-powered world. “Real change happens through implementation, and the CPC Index is poised to guide nations in ensuring the digital safety of the next generation.”

“An important step is a mandatory digital citizenship education in primary schools, which is a tipping point for long-term online safety for children,” she added, urging governments to prioritize early digital literacy education.

About DQ Institute:

The DQ Institute (DQI) is an international think-tank dedicated to setting global standards for digital intelligence and ensuring the safety, empowerment, and well-being of individuals, organizations, and nations in the digital age. DQ framework is recognized as the global standard for digital literacy, skills, and readiness (IEEE 3527.1-2020). DQI operates as a 501(c)(3) organization in the United States and as a not-for-profit organization in Singapore. For more information, visit DQ Institute’s website: https://www.dqinstitute.org 

Media Contact:
Eris Seah
DQ Institute
partnership@dqinstitute.org
+65 9396 9200

 

SOURCE DQ Institute

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Automotive Radar Sensors Market to Grow by USD 6.51 Billion (2024-2028), High-Frequency Radar Sensors Drive Growth, Report on How AI Redefines Market Landscape – Technavio

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NEW YORK, Nov. 26, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global automotive radar sensors market size is estimated to grow by USD 6.51 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 14.01%  during the forecast period. Availability of high-frequency radar sensors is driving market growth, with a trend towards increased accuracy in perceiving environment through sensor fusion technique. However, concerns associated with cybersecurity risks poses a challenge.Key market players include Acconeer AB, AISIN CORP., Arbe Robotics Ltd, AU Inc, Autoliv Inc., Banner Engineering Corp., DENSO Corp., Faurecia SE, Infineon Technologies AG, Tsien UK Ltd, MediaTek Inc., NXP Semiconductors NV, Renesas Electronics Corp., Robert Bosch GmbH, Rohde and Schwarz GmbH and Co. KG, S.m.s Smart Microwave Sensors GmbH, Schaeffler AG, Texas Instruments Inc., Valeo SA, Vayyar Imaging Ltd., and Eravant.

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Automotive Radar Sensors Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 14.01%

Market growth 2024-2028

USD 6.51 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

13.39

Regional analysis

Europe, North America, APAC, South America, and Middle East and Africa

Performing market contribution

Europe at 31%

Key countries

US, China, Japan, Germany, and UK

Key companies profiled

Acconeer AB, AISIN CORP., Arbe Robotics Ltd, AU Inc, Autoliv Inc., Banner Engineering Corp., DENSO Corp., Faurecia SE, Infineon Technologies AG, Tsien UK Ltd, MediaTek Inc., NXP Semiconductors NV, Renesas Electronics Corp., Robert Bosch GmbH, Rohde and Schwarz GmbH and Co. KG, S.m.s Smart Microwave Sensors GmbH, Schaeffler AG, Texas Instruments Inc., Valeo SA, Vayyar Imaging Ltd., and Eravant

Market Driver

The Automotive Radar Sensors market is experiencing significant growth due to the increasing demand for advanced safety features in both passenger and commercial vehicles. Radar sensors, including short-range and long-range, are crucial components of Advanced Driver-Assistance Systems (ADAS) and Autonomous Driving (AD) systems. Optical imaging, video, ultrasonic, infrared, LIDAR, and ultrasound are alternative technologies, but radar sensors offer superior detection capabilities and range. ADAS applications include Intelligent Park Assist, Lane Change Assistance, and Collision Prevention. Long-range radar sensors operate at 24 GHz, 77-GHz, and 79GHz frequencies, enabling high-resolution tracking and detection of objects at greater distances. Short-range radar sensors are used for parking assistance and collision mitigation. The autonomous car market is a major driver of the radar sensor industry, with companies like Tesla, Waymo, and NVIDIA investing heavily in this technology. Radar sensors are also used in security and surveillance, industrial applications, traffic monitoring, and infrastructure development. The future of the automotive radar sensor market lies in technology innovation, electrification, and mobility solutions. 

Modern vehicles incorporate numerous electronic systems, including radar, ultrasound, LIDAR, and cameras, to enhance Advanced Driver Assistance Systems (ADAS) features. Strict regulations and OEM differentiation drive the increasing demand for automotive radar sensors. However, these systems operate independently, limiting their effective and realistic functionality. Overcoming the shortcomings of each sensor type requires integration and information exchange among them, which is currently lacking. Thus, the market for automotive radar sensors continues to grow, addressing safety and regulatory requirements. 

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Market Challenges

The Automotive Radar Sensors market is experiencing significant growth due to the increasing demand for advanced safety features in both passenger and commercial vehicles. Traditional sensors like Optical imaging, Video, Ultrasonic, and Infrared are being supplemented by newer technologies such as LIDAR, Short range radar, Mid range radar, and Long range radar. Automakers are integrating these sensors into Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) systems, including Intelligent Park Assist, Lane change assistance, and Collision prevention. Automotive radar sensors operate at various frequencies, including 24 GHz, and offer long-range detection capabilities. SAE-Level 3 automation and autonomous driving are driving the market, with technologies like DRIVE PILOT leading the way. The industry is also being influenced by trends such as Industry 4.0, electrification, and mobility. However, challenges remain, including the need for innovative packaging concepts and cutting-edge production processes for high-frequency components. The market is also impacted by competition from other sensors like cameras and ultrasound, as well as Moisture sensors and other technologies. The autonomous car market, consumer electronic devices, and infrastructure development are also key factors influencing the market. Long-range radar sensors, operating at 77-GHz and 79GHz frequencies, offer high-resolution tracking and detection capabilities, making them essential for collision mitigation (CM) and parking assistance (PA) systems. The market is expected to continue growing, driven by the increasing demand for safety features and the development of autonomous cars.Radar sensors in the automotive industry transmit signals between vehicles and roadside infrastructure, making them susceptible to eavesdropping attacks by malicious actors. These attacks can compromise vehicle privacy and expose sensitive information, such as location data, driving patterns, and vehicle telemetry. Cybercriminals may also launch denial-of-service (DoS) attacks against radar sensors or their communication networks, impairing sensor performance and disrupting safety-critical functions. Additionally, radar sensor systems are vulnerable to malware and ransomware attacks, which can inject malicious software into electronic control units (ECUs) or networked components, potentially causing significant harm to vehicle operations. It is essential for automotive companies to prioritize cybersecurity measures to protect against these threats and ensure the safe and reliable operation of radar sensors in vehicles.

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Segment Overview 

This automotive radar sensors market report extensively covers market segmentation by 

Type 1.1 Medium-range1.2 Long-range1.3 Short-rangeApplication 2.1 FCW2.2 AEBS2.3 ACC2.4 BCD and othersGeography 3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Medium-range-  The Automotive Radar Sensors Market is driven by the increasing adoption of advanced collision avoidance and prevention systems in both passenger and commercial vehicles. These systems utilize radar sensors to detect and alert drivers when their vehicle is approaching another at an unsafe distance. The systems offer various warning mechanisms, including alarm sounds, warning lights, or vibrations. The US National Highway Traffic Safety Administration (NHTSA) and New Car Assessment Programme (NCAP) in the EU, Japan, Korea, and China have mandated or encouraged the use of these systems in heavy vehicles and trucks. Tests have shown significant positive results in reducing crashes caused by driver distraction and other factors. Furthermore, these sensors are part of the bundled Advanced Driver-Assistance Systems (ADAS) offering, making them a standard fitment in the future. The global Automotive Radar Sensors Market is expected to grow significantly during the forecast period due to these factors.

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Research Analysis

The Automotive Radar Sensors market is a rapidly growing segment in the automotive industry, driven by the increasing demand for advanced safety features and autonomous driving technologies. Radar sensors use radio waves to detect objects and measure their distance, velocity, and size. They offer several advantages over other sensing technologies such as optical imaging, video, ultrasonic, and infrared. Radar sensors come in various ranges, including short, mid, and long-range, catering to different applications in Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) systems. These systems enhance automation and mobility, providing features like lane change assistance, collision prevention, and safety enhancements. Industry 4.0 and electrification are also influencing the market, as radar sensors play a crucial role in optimizing vehicle performance and ensuring safety in these advanced technologies. With the increasing number of registered cars and the growing focus on mobility solutions, the Automotive Radar Sensors market is poised for significant growth in the coming years. Technology innovation continues to drive the market, with high-frequency components and advanced signal processing algorithms enabling improved accuracy and reliability. The market is expected to expand across passenger vehicles and commercial vehicles, catering to the diverse needs of the automotive industry.

Market Research Overview

Automotive Radar Sensors are an essential component of Advanced Driver-Assistance Systems (ADAS) and Autonomous Driving (AD) systems in modern vehicles. These sensors use radio waves to detect objects in the vehicle’s surroundings, providing real-time information on range, velocity, and angle. Unlike Optical imaging, Video, Ultrasonic, Infrared, and LIDAR sensors, Automotive Radar Sensors operate using radio waves in various frequency bands, including Short Range Radar (SRR), Mid Range Radar (MRR), and Long Range Radar (LRR). Radar sensors play a crucial role in various ADAS features, such as Lane Change Assistance, Collision Prevention, and Automation. They come in different frequency bands, with 24 GHz being commonly used for short-range applications, and 77-GHz and 79GHz frequencies for long-range detection. The Automotive Radar Sensors market is growing rapidly due to the increasing demand for safety features in passenger cars and commercial vehicles. The market is also driven by the trend towards autonomous driving and Industry 4.0, which requires high-resolution tracking and detection capabilities. The market for Automotive Radar Sensors is expected to grow significantly in the coming years, driven by the increasing number of registered cars, the adoption of SAE-Level 3 and higher automation, and the expanding use cases in areas such as security and surveillance, industrial applications, and traffic monitoring. The development of Automotive Radar Sensors involves cutting-edge production processes and innovative packaging concepts to ensure high-frequency components perform optimally. The market is also witnessing technology innovation in areas such as electrification, mobility, and safety features, making radar sensors an essential component of the future of transportation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeMedium-rangeLong-rangeShort-rangeApplicationFCWAEBSACCBCD And OthersGeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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