by Ultrasonic sensors are widely used across various industries such as automotive, industrial, healthcare, food and beverages, and others for object detection, proximity sensing and distance measurement applications. Some of the key advantages of ultrasonic sensors include high accuracy, reliability, non-contact measurement, lower setup and maintenance costs. The growing demand for safety-critical object detection applications in automotive, food production lines and manufacturing facilities is driving the need for ultrasonic sensors. Ultrasonic sensors help in detecting potential collisions and prevent injuries while working with machines.
The global Ultrasonic Sensors Market is estimated to be valued at US$ 5968.93 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Advancements in ultrasonic sensor technologies is one of the key trends in the market. Major players are focused on developing new and innovative ultrasonic sensor solutions with enhanced capabilities. For instance, in 2020, Pepperl+Fuchs launched ultrasonic sensors with intelligent multi-echo processing that provides accurate distance measurement even in challenging environmental conditions with steam, dust or spray. Similarly, companies are integrating ultrasonic sensors with advanced technologies such as AI and IoT to offer scalable solutions. For example, in 2019, Qualcomm introduced ultrasonic sensor module integrated with AI capabilities for proximity sensing and gesture recognition applications in smartphones and other smart devices. Such technological advancements are helping manufacturers to develop smart products and automation solutions, thereby propelling the ultrasonic sensors market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low-moderate. Require substantial R&D investments and established supplier relationships to develop new sensor technologies and manufacturing capabilities.
Bargaining power of buyers: Moderate. Large buyers can negotiate on price and quality due to potential for bulk purchases and long-term contracts. However, proprietary sensor technologies limit substitutability.
Bargaining power of suppliers: Moderate. Suppliers of raw materials, components and production equipment face moderate pressure due to dependencies on major sensor manufacturers and availability of alternatives.
Threat of new substitutes: Low-moderate. Emerging sensor technologies pose potential threats but require significant investments and may not match performance capabilities of ultrasonic sensors for various industrial applications.
Competitive rivalry: High. Global market comprises numerous international and regional players competing on technology innovation, pricing, quality and customer service. Intense focus on R&D to develop new product features and proprietary sensor designs.
Key Takeaways
The global Ultrasonic Sensors Market Demand is expected to witness high growth over the forecast period. The Asia Pacific region dominated the market in 2023 and is anticipated to continue its dominance through 2030, attributed to extensive manufacturing activity and rapid industrialization in major economies like China and India.
Regional analysis: The Asia Pacific region is projected to be the fastest as well as largest growing regional market for ultrasonic sensors during the forecast period. The abundant availability of raw materials and low-cost manufacturing advantages have attracted numerous global and local players to set up manufacturing facilities in the region. Further, growing industrial automation and rising investments in process manufacturing are fueling the adoption of ultrasonic sensors across various applications.
Key players: Key players operating in the ultrasonic sensors market are Keyence Corporation, Pepperl+Fuchs, Honeywell International Inc., Baumer Ltd., Rockwell Automation, Murata Manufacturing Co. Ltd., Omron Corporation, Sick AG, Banner Engineering, Baluff Inc., Robert Bosch GmbH, Qualcomm Incorporated, TDK Corporation, Sensata Technologies, and Denso Corporation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
