Acumen Research and Consulting recently published report titled “Ultrasonic Sensors Market Analysis Report and Region Forecast, 2022 - 2030”
TOKYO, Oct. 04, 2022 (GLOBE NEWSWIRE) -- The Global Ultrasonic Sensors Market Size accounted for USD 6,799 Million in 2021 and is estimated to achieve a market size of USD 13,689 Million by 2030 growing at a CAGR of 8.3% from 2022 to 2030.
Ultrasonic Sensors Market Statistics
Global ultrasonic sensors market revenue was worth USD 6,799 million in 2021, with a 8.3% CAGR from 2022 to 2030
North America region has captured a major revenue share of 31% in 2021
Asia-Pacific region is projected to expand at a CAGR of 9% from 2022 to 2030
By technology, retro-reflective sensor segment has contributed 40% of ultrasonic sensors market share 2021
Among type, level measurement segment is poised to witness 10% growth rate over the forecasting years
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Scleroderma Therapeutics Market Report Coverage:
Ultrasonic Sensors Market
Ultrasonic Sensors Market Size 2021
USD 6,799 Million
Ultrasonic Sensors Market Forecast 2030
USD 13,689 Million
Ultrasonic Sensors Market CAGR During 2022 - 2030
Ultrasonic Sensors Market Analysis Period
2018 - 2030
Ultrasonic Sensors Market Base Year
Ultrasonic Sensors Market Forecast Data
2022 - 2030
By Technology, By Type, By End-Use, And By Geography
Ultrasonic Sensors Market Regional Scope
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled
Balluff Inc., Ifm electronic GmbH, Banner Engineering Corp., Sick AG, Baumer, Murata Manufacturing Co., Ltd., The Turck Group, Pepperl+Fuchs SE, and Siemens AG.
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Ultrasonic Sensors Market Overview
Ultrasonic sensors are applied in a wide range of applications and sectors, including object identification, object tracking, liquid level measurement, as well as anti-collision detection. These gadgets have been modified with an ultrasonic sensor in order to use biometric embedded sensors for security purposes. Several consumer electronics manufacturers, like Samsung and Xiaomi, are using these sensors to provide fingerprint recognition, face recognition, as well as biometrics.
Ultrasonic Sensors Market Growth Factors
Growing demand for self-driving safety systems in automobiles
Rapid adoption of smart home and IoT devices in emerging regions
Proliferation of industrial robotics and automation in the manufacturing sector
Ultrasonic Sensors Market Dynamics
The growing application of ultrasonic sensors in fields such as distance measurement, object detection, as well as pallet detection, among others, is driving the ultrasonic sensor market growth. Moreover, due to the fact that these sensors suit a wide range of needs in the food and beverages industry, like material handling, treatment, as well as hygiene detection, their demand has skyrocketed.
Besides that, the increased demand for such technologies in the healthcare industry for purposes such as echo graphing and echocardiograms would boost the ultrasonic sensor market trend in the coming years. In recent decades, the increased need for technologies such as accident detection and car park assistance in automated vehicles has greatly bolstered market growth. Ultrasonic sensors detect the proximity to a nearby obstruction and help to avoid collisions. Additionally, technology companies such as Waymo LLC, Cruise LLC, and Zoox are concentrating their efforts on the development and implementation of self-driving rental cars, which bodes well for industry growth.
COVID-19 Impact on the Global Ultrasonic Sensors Market Share
The epidemic of COVID-19 has had a tremendous impact on the automobile component sector. While the disease outbreak continues to disrupt Chinese exports and production plant operations across the European region, the use of robotic systems in COVID-19 detection could have a positive effect on the acceptance of these structures; automated systems assistance streamlining the process of blood collection and decrease the likelihood of infectious diseases to medical personnel. Due to shutdowns, the usage of Unmanned Aerial Vehicles (UAVs) for operations such as monitoring systems and crucial delivery of products has increased significantly. As a consequence, the market for ultrasonic sensors has risen dramatically. Additionally, numerous public safety agencies are stressing the usage of UAVs for sterilizing bus stops, transport hubs, or hospitals, which is boosting market expansion.
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Ultrasonic Sensors Market Segmentation
The global ultrasonic sensors market has been segmented by Acumen Research and Consulting based on technology, type, and end-use. By technology, the segment is separated into retro-reflective sensor, through-beam sensor, and others.
In terms of end-use, the market is further categorized into industrial, consumer electronics, automotive, healthcare, aerospace & defense, and others. According to the ultrasonic sensors market forecast, the consumer electronics segment is expected to lead the market in the approaching years.
Ultrasonic Sensors Market Regional Overview
The global ultrasonic sensors market is separated into several geographic regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. According to the ultrasonic sensors industry analysis report, North America has historically held the highest share of the market, and this trend is expected to continue in the upcoming decades. The United States has the highest share of the market in North America, except that the Canadian market is predicted to expand faster compared to the US market.
Besides that, the Asia-Pacific is projected to show a favorable CAGR during the forecast period. Ultrasonic sensors can be found in a wide range of consumer gadgets, including cleaning robots, gaming consoles, and smartphones. As a result, the rapidly expanding consumer technology industry in the region augurs well for the development of other sectors. Moreover, several businesses in the region have received government financing for ultrasonic sensor development, including Murata Manufacturing Co., Ltd. & TDK Corporation.
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Ultrasonic Sensors Market Players
Some of the prominent ultrasonic sensors market companies are Balluff Inc., Sick AG, Banner Engineering Corp., Murata Manufacturing Co., Ltd., Pepperl+Fuchs SE, Ifm electronic GmbH, Baumer, The Turck Group, and Siemens AG.
Ultrasonic Sensors Market Strategies
Strategic activities such as mergers and acquisitions, collaborations, and international operations create competitive market dynamics. They concentrate on adopting development initiatives such as product offerings expansion, mergers & acquisitions, and advertising operations in order to increase their presence in underserved regions around the world.
In October 2019, Baumer revealed the construction of a new manufacturing site in North Macedonia. The factory has been established to address & ensure rapid delivery to Baumer clients throughout Europe. The new factory began sensor production in May 2019.
In December 2018, Siemens AG started the launch of a new product, the "Sitrans Probe LU240." A new tiny-level transmitter has been released. Its ultrasonic level measuring Hart transmitter and durable gadget provide accurate volume, leveling, and flow measurements. The Sitrans Probe LU240 is used in the food and beverage and chemical sectors.
Questions Answered By This Report
What was the market size of Ultrasonic Sensors Market in 2021?
What will be the CAGR of Ultrasonic Sensors Market during the forecast period from 2022 to 2030?
Who are the major players in Global Ultrasonic Sensors Market?
Which region held the largest share in Ultrasonic Sensors Market in 2021?
What are the key market drivers of Ultrasonic Sensors Market?
Who is the largest end user Ultrasonic Sensors Market?
What will be the Ultrasonic Sensors Market value in 2030?
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