Report : Ultrasonic Sensor Market to 2027 - Global Analysis and Forecasts By Type (Proximity Sensors, Retro- Reflective Sensors, Through Beam Sensors, Others); Application (Liquid Level Detection, Production Line, Distance Measurement, Others); Industry Vertical (Automotive, Food & Beverage, Medical, Oil & Gas, Industrial, and Others)
The global ultrasonic sensor market accounted for US$ 4.43 Bn in 2018 and is expected to grow at a CAGR of 8.4% over the forecast period 2019–2027, to account for US$ 9.09 Bn by 2027.
The ultrasonic sensors are broadly used in diverse industries, including food & beverages, chemicals, medical, automotive, agriculture, wastewater management, and more. Owing to an increase in integrating automation into manufacturing and other industries, the use of industry 4.0 is contributing heavily towards the growth of the ultrasonic sensor market. Moreover, the use of sensors in autonomous vehicles and other vehicles with ADAS features to measure the range during parking is giving other opportunities to the automotive industry for growth. On the contrary, the availability of substitute products such as an optical sensor for measuring distance might act as an obstacle in the growth of ultrasonic sensor market. The automakers globally are observing substantial demand for smart devices in their vehicles. This has led the automobile manufacturers to continuously focus on innovating, designing, and developing autonomous cars that have already attracted a fair percentage of customers in major automotive manufacturing countries. The automotive and semiconductor industry, are continually focusing on improving technologies, negotiating prices of raw materials, and finally integrating the cars with robust technologies. The surging adoption of advanced ADAS systems is impacting positively on the ultrasonic sensor. ADAS is an emerging automation trend to offset human errors with the help of ultrasonic sensors as it is a crucial element. This factor is expected to trigger the growth of the ultrasonic sensor in the coming years.
The ultrasonic sensor market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, MEA, and SAM. The Europe region holds the highest market share, whereas APAC is projected to be the fastest-growing region as well in the coming years. The European industrial sector has been quick to adopt new technologies which is expected to drive the growth of ultrasonic sensors in the industrial segment. Also the government in the region is also taking initiatives for the development for the adoption of new technologies by the industrial sector. On the other hand, the automotive sector in the Asia-Pacific is robust and plays an essential role in supporting the economy. China, Japan, and South Korea are some of the largest manufacturer of automotive vehicles around the globe. In addition, Japan is a well-developed economy and is one of the most automated economies around the world.
The ultrasonic sensor market by application is segmented into liquid level detection, production line, distance measurement, and others. The production line holds a significant share in the market, and is expected to be the fastest-growing end user during the forecast period. By integrating ultrasonic sensors into the factory floors, it would help the manufacturing companies to maximize efficiency via accurate measurement and control. On the type, the ultrasonic sensor market is segmented into proximity sensors, retro-reflective sensors, through beam sensors, and others. The through beam sensors led the market with a highest market share. The through beam sensors are used during the detection of opaque objects, small objects, accurate location of an object, container contents, and more.
The major players operating in the market for ultrasonic sensor market are Balluff GmbH, Baumer Group, Honeywell International, Inc., Keyence Corporation, Migatron Corporation, Murata Manufacturing Co. Ltd., Omron Corporation, Pepperl+Fuchs AG, Rockwell Automation, Inc., and Siemens AG among others.
Ultrasonic Sensor Market — Geographic Breakdown, 2018
The report segments the global ultrasonic sensor market as follows:
Global Ultrasonic Sensor Market – By Type
Global Ultrasonic Sensor Market – By Application
Global Ultrasonic Sensor Market – By Industry Vertical
Global Ultrasonic Sensor Market – By Geography
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