Ultrasonic Sensor Market: Realizing New Opportunities Expected to Reach USD 10.43 Billion by 2028

Allied Market Research, titled, “Ultrasonic Sensor Market by Product Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2020–2028,” the global ultrasonic sensor market size was valued at $4.90 billion in 2020, and is projected to reach $10.43 billion by 2028, registering a CAGR of 11.10%. The Asia-Pacific region is expected to be the leading contributor to global market growth during the forecast period, followed by North America and Europe.

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The ultrasonic sensor is an electronic instrument, which measures the distance to an object via ultrasonic sound waves. It works on high-frequency sound waves, which reflect from an object to generate dissimilar echo patterns. It uses a transducer to send & receive ultrasonic signals that relay back data about an object’s proximity. It is widely used in many applications such as presence detection, stacking height control, robotic sensing, liquid level control, loop control, full detection, through-beam detection for high-speed counting, irregular parts detection for hoppers and feeder bowls, 45° deflection, thread or wire break detection, and contouring using ultrasonic systems. Ultrasonic sensor industrial-grade products are highly reliable for detecting objects and measuring distance and fill level. The industrial ultrasonic sensor price is versatile and has proven to be a better substitute for capacitive or optical sensors.

The global ultrasonic sensor market size is anticipated to witness significant growth during the forecast period. Factors, such as the growing use of ultrasonic sensors for object detection, pallet detection, and distance measurement across numerous industries, drive the growth of the ultrasonic sensors market. It is also widely used in the food & beverages industry for various purposes such as material handling, processing, and hygiene detection. However, the limitation of ultrasonic sensors, such as limited detection range, is a major restraint to the global ultrasonic sensors market. In addition, growing demand from the healthcare sector for numerous applications, such as echocardiograms and echo graphs, is expected to create opportunities for the ultrasonic sensor industry.

Moreover, developing nations tend to witness high penetration of ultrasonic sensor products especially in consumer electronics and automotive segments. Factors, such as an increase in autonomous vehicles and the advancement of IoT technology, accelerate the ultrasonic sensor market growth.

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The ultrasonic sensor market analysis in Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to the enormous development of the industrial sector, the surge in ultrasonic sensor usage in the healthcare industry, and growing IoT technologies in emerging economies. Moreover, economically developed nations tend to witness high penetration of ultrasonic sensor technology in industrial and consumer electronics segments, which is projected to significantly contribute toward the growth of the market.

Competitive Analysis:

The Ultrasonic Sensor industry’s key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Top Ultrasonic Sensor Companies:

• OMRON Corporation
• Rockwell Automation, Inc.
• Murata Manufacturing Co., Ltd
• Sick AG
• Honeywell International Inc.
• Banner Engineering Corp.
• Balluff GmbH
• Hans Turck GmbH & Co. KG (Turck)
• Pepperl+Fuchs SE
• Baumer Group

The global ultrasonic sensor market share is segmented into product type, application, end-user, and region. By product type, the market is bifurcated into proximity detection and range measurement. Based on application, it is divided into level monitoring, anti-collision detection, distance measurement, object detection, loop control, robotic sensing, and others. Depending on the end user, it is segregated into automotive, industrial, consumer electronics, healthcare, food & beverages, aerospace & defense, and others.

Region-wise, the ultrasonic sensor market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe contributed the maximum revenue in 2020. However, between 2020 and 2028, the ultrasonic sensor market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to an increase in demand from emerging economical countries such as India, China, Japan, and South Korea. The overall ultrasonic sensors market analysis is determined to understand the profitable trends to gain a stronger foothold.

COVID-19 IMPACT ANALYSIS

The outbreak of COVID-19 has significantly affected the electronic and semiconductor sectors. Business and manufacturing units across various countries were closed, owing to an increase in several COVID-19 cases, and are estimated to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted global supply chains, posing challenges for manufacturers to reach customers. The overall production process has been adversely affected, but the surge in ultrasonic sensor usage in the healthcare industry has boosted the overall ultrasonic sensor market growth globally.

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KEY FINDINGS OF THE STUDY

• The automotive segment is projected to be the major application during the forecast period, followed by industrial. The rising demand for autonomous vehicles and advancements in IoT technology is anticipated to surge product demand in the future.
• Asia-Pacific and North America collectively accounted for more than 53% of the ultrasonic sensors market share in 2020.
• India is anticipated to witness the highest growth rate during the forecast period.
• The U.S. was the major shareholder in the North America ultrasonic sensor market, accounting for approximately 50% share in 2020.

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