The global ultrasonic sensors market is projected to witness a CAGR of 10.40% during the forecasted period to reach a total market size of US$1.465 billion by 2023, increasing from US$0.809 billion in 2017. Ultrasonic sensors work on the principle of echolocation, which includes the transmission of ultrasonic waves to the target object and receiving the ultrasonic waves after reflection from the target object.
The ultrasonic sensors are used for object detection, distance measurement, anti-collision detection, liquid level measurement and pallet detection. These sensors meet diverse applications requirements such as material handling, processing and hygiene detection in food and beverages, guiding mobile equipment in industrial scenarios, and assisted parking in automobiles.
Growing awareness towards the safety and hygiene of food and strict regulations are the key driving factors driving the growth of this market. The rising adoption of automation in automotive and various others sectors will give a big boost to ultrasonic sensors market in the upcoming years. Further advancement in the accuracy of ultrasonic sensors will drive the market globally.
On the basis of type of sensor, the global ultrasonic sensors market has been segmented as proximity detection and ranging measurement.
In terms of application, the market is segmented as distance measurement, anti-collision detection, liquid level measurement, and object detection.
By Industry Vertical
In terms of industry verticals of, the global market is segmented as automotive, healthcare, military and defense, oil and gas and others. Other industries like material handling, construction and chemicals are included. Ultrasonic sensors have huge demands in the automotive and health care industry for anti-collision and in diagnostics respectively.
Geographically, the global ultrasonic sensors market is segmented as North America, Europe, Middle East & Africa, Asia -Pacific and South America. Europe and North-America has significant contribution in the global ultrasonic sensors market due to their technological innovations in IT. In Asia-pacific, China is investing heavily in Ultrasonic sensing technology due to growing industrialization and urbanization.
The ultrasonic sensors market has immense potential owing to the increasing adoption of these sensors across various end-user segments and the competition will intensify during the forecast period due to technological innovations and upgrades. The key vendors in this market will increase their product lines by investing in the R&D for improved product offering.
The global players are Siemens AG, Pepperl+Fuchs GmbH, Honeywell International, Inc., Murata Manufacturing Co. Ltd., Rockwell Automation, Inc., Robert Bosch GmbH, Baumer Ltd, Schneider Electric, MaxBotix Inc., and OMRON Corporation.
Global ultrasonic sensors market is segmented on by type, application, industry vertical, and by geography.
Liquid Level Measurement
By Industry Verticals
Military and Defense
Oil and Gas
Food and Beverage
Middle East and Africa
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for ultrasonic sensors market?
A1. The ultrasonic sensors market is projected to witness a CAGR of 10.40% over the forecast period.
Q2. What is the size of global ultrasonic sensors market?
A2. Ultrasonic Sensors market was valued at US$0.809 billion in 2017.
Q3. Which region holds the largest market share in the ultrasonic sensors market?
A3. Europe and North-America have significant contributions to the global ultrasonic sensors market due to their technological innovations in IT.
Q4. What will be the ultrasonic sensors market size by 2024?
A4. The global ultrasonic sensors market is projected to reach a total market size of US$1.465 billion by 2024.
Q5. What factors are anticipated to drive the ultrasonic sensors market growth?
A5. Growing awareness towards the safety and hygiene of food and strict regulations are the key driving factors driving the growth of the ultrasonic sensors market.