The global ultrasonic sensor market is growing at a rapid pace, witnessing increasing industrial applications. Ultrasonic sensors find extensive applications in the automotive sectors globally. Increasing demand for efficient advanced driver assistance systems (ADAS), allowing drivers to move safely and conveniently, superbly substantiates the global ultrasonic sensor market share.
Lately, ultrasonic sensors have started gaining huge market prominence accounting for governmental approaches towards automobile, driver, and passenger safety. Besides, rapid advances in sensing technologies, alongside the increasing adoption of ultrasonic sensing for devices monitoring social distancing, influence the growth of the market. Ultrasonic sensors allow accessibility and availability of a variety of automatic devices.
Ultrasonic devices typically replace infrared (IR) sensing for precise range measurement, accurate positioning, presence detection, and collision avoidance. Therefore, ultrasonics is increasingly used to enhance precision in devices measuring the resolution and accuracy of the location. Additionally, growing uses of ultrasonics in distancing technologies, ultrasonic range-finding and tracking methods foster the market growth.
Resultantly, the ultrasonic sensor market is expected to garner exponential accruals and demand in the years to come. According to Market Research Future (MRFR), the global ultrasonic sensor market is poised to reach a valuation of USD 689.1 million by 2023, registering a 12.3% CAGR throughout the forecast period (2018-2023). Rising RD investments by key market players accelerate the ultrasonic sensor market share.
Additionally, the rising adoption of robotics in various sectors, including healthcare, logistics, manufacturing, and others, positively impacts market growth. The demand for ultrasonic sensors from medical sectors is increasing as these sensors help medical devices and instruments offer risk-free operations, substituting radiography solutions and piezoelectric sensors.
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Major Market Players
Players leading the ultrasonic sensor market include Pepperl+Fuchs GmbH (Germany), Siemens AG (Germany), Honeywell International, Inc (US)., Rockwell Automation, Inc (US), Murata Manufacturing Co. Ltd (Japan), Robert Bosch GmbH (Germany), Endress+Hauser (Switzerland), Schneider Electric SE (France), Baumer Ltd (Italy), MaxBotix Inc (US), and Omron Corporation (Japan), among others.
Global Ultrasonic Sensor Market- Segments
The ultrasonic sensor market report is segmented into product, application, and region. The product segment is sub-segmented into ultrasonic through-beam sensor, ultrasonic proximity sensor, ultrasonic retro-reflective sensor, and others. The application segment is sub-segmented into anti-collision detection, distance measurement, liquid level measurement, object detection, and others. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Global Ultrasonic Sensor Market-Regional Analysis
Europe and APAC dominate the global ultrasonic sensor market, accounting for sizable market shares globally. Rising adoption of automation for efficient manufacturing and improved communication further increases the region’s market size, improving the flexibility in manufacturing processes.
Moreover, increasing smart city projects in a number of APAC and European countries boost the size of the market. China and Germany account for sizable market shares due to the high presence of ultrasonic sensor manufacturing companies. These countries also export ultrasonic sensors for different applications across the globe.
North America also holds a substantial share in the ultrasonic sensor market. The region is expected to witness rapid growth in the recent future, attributing to increasing investments for the production of sensors and expansion by key ultrasonic sensor manufacturers. Additionally, the increasing application of ultrasonic sensors in advanced driver assistance systems (ADAS) and industrial measurement devices contributes to ultrasonic sensor market growth.
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Global Ultrasonic Sensor Market- Competitive Analysis
Fiercely competitive, the ultrasonic sensor market appears fragmented, with several large and small forming a competitive landscape. These players adopt strategic approaches such as mergers acquisitions, collaboration, expansion, and new product/technology launches to gain a substantial market share.
The competitive nature of this market is expected to intensify further as more products enter the mass market. New product launches and improvements are inevitable in the wake of government regulations and increasing consumer demand for vehicle safety and advanced comfort features.
Industry/Innovation/ Related News:
Jan 12, 2021 – Qualcomm (the US), a leading multinational semiconductor company, launched the 3D Sonic Sensor Gen 2 ultrasonic fingerprint reader. The latest version of Qualcomm’s ultrasonic in-display fingerprint sensor dubs 3D sonic sensor gen 2.
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1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Research Objectives
2.4 Markets Structure
3 Research Methodology
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.1.5 Bargaining Power Of Suppliers
4.2 Value Chain/Supply Chain Of Ultrasonic Sensors
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