Increasing automation in the automotive sector is driving the growth in global ultrasonic sensors market in the forecast period, 2021-2026.
According to TechSci Research report, “Ultrasonic Sensors Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2016-2026”, the global ultrasonic sensors market stood at USD3611.22 million in the year 2020 and is expected to grow with a CAGR of 4.79% in the forecast period on account of rapidly surging demands from the automotive industry.
The rapidly increasing demands from the automotive industry like driverless cars and Advanced Driver Assistance System (ADAS) development are driving the growth of the global ultrasonic sensors market in the upcoming five years. Extended research and innovative product launches of technologically advanced devices and equipment are anticipated to push the growth of the global ultrasonic sensors market in the next five years. The evolution of robotics and the adoption of automation in different sectors to detect objects and measure distance is also aiding the growth of the global ultrasonic sensors market in the future five years.
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The global ultrasonic sensors market is segmented on the basis of type, application, industry verticals, and regional distribution. Based on type, the market is further fragmented into Retro-Reflective Sensors, Proximity Sensors, 2 Point Proximity Switches & Through-beam Sensors. Retro-Reflective Sensor is expected to register the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of its advantages. These sensors comprise an emitter and receiver in a single housing. The light produced by the emitter is reflected to the receiver with a reflector. The single housing design allows easy installation, wiring, and commissioning.
Based on industry verticals, the market is segmented into Industrial, Healthcare, Automotive, Oil & Gas, Food & Beverage & Others. Industrial applications of ultrasonic sensors are expected to register the largest revenue shares and assert their dominance over the market in the upcoming five years. Increasing demand for automation in manufacturing and processing industries along with the increasing number of applications of ultrasonic sensors in different industries is anticipated to drive the growth of the global ultrasonic sensors market along with the growth of the sub-segment in the upcoming five years. Additionally, the implementation of ultrasonic sensors for level management and object detection in the food & beverage packaging industry and automobile industry, respectively, is expected to support the growth of the global ultrasonic sensors market in the next five years.
Key market players in the global ultrasonic sensors market include:
· Siemens AG
· Honeywell
· Pepperl+Fuchs SE
· Balluff Inc
· Murata Manufacturing Co. Ltd.
· Baumer Ltd.
· Turck, Inc.
· OMRON Corporation
· Rockwell Automation, Inc.
· TDX corporation
Siemens AG is a German technology company focused on industry, infrastructure, transport, and healthcare. The company offers a wide selection of ultrasonic level measurement devices, from user-friendly and highly reliable transmitters, a broad portfolio of controllers, and a range of transducers. Murata Manufacturing Co. Ltd. is one of the leading manufacturers of ultrasonic sensors delivering innovative solutions for industrial process control and other industries.
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“The Asia Pacific region is anticipated to hold the largest revenue shares of the market and dominate the segment in the upcoming five years on account of rapidly increasing growth of the automobiles and other transport facilities. The increasing population of both countries is further expected to aid the growth of the market. China is the world’s largest population holding country and India is right after in its population count. Increasing demand for driverless automotive through government initiatives and related infrastructure construction is also supporting the market growth. New market players may focus on studying the consumer demands and extended research along with the smart product launches, thus aiding their brand establishment. North America is expected to register significant growth due to increasing electric and automatic vehicles as well as demand for ultrasonic sensors in the healthcare sector. Also, technological advancement in the food & beverages sector may influence the growth of the global ultrasonic sensors market in the upcoming five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Ultrasonic Sensors Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2016-2026 Segmented By Type (Retro-Reflective Sensors, Proximity Sensors, 2 Point Proximity Switches, Through beam Sensors), By Application (Liquid Level Detection, Distance Measurement, Object Detection, Loop Control, Diameter Measurement), By Industry verticals (Food & Beverage, Medical, Automotive, Oil & Gas, Industrial, Others), By Region, By Company, 2026”, has evaluated the future growth potential of global ultrasonic sensors and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global ultrasonic sensors market.
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