May 29, 2024
Ultrasonic Sensors Market

Ultrasonic Sensors Market Driven by Surging Demand from Smart Home and Industrial Automation Sectors

The global ultrasonic sensors market offers contactless object detection and distance measurement capabilities which find extensive applications in various end-use industries. Ultrasonic sensors use sound waves to determine the distance of objects by measuring the echoes reflected off objects within range. They are vital components in applications related to the automotive, industrial, healthcare and consumer electronics sectors. Ultrasonic sensors help detect objects and avoid collisions in vehicles. They enable proximity detection in factory automation and robotic systems. In the healthcare domain, ultrasonic sensors facilitate non-invasive examination of internal organs. Growing adoption of smart home devices and advances in industrial IoT are also augmenting market growth.

The global ultrasonic sensors market is estimated to be valued at US$ 6,876.21 million in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Surging Demand from Smart Home and Industrial Automation Sectors

The heading points towards rising demand for ultrasonic sensors from smart home and industrial automation sectors as a key driver. Indeed, integration of ultrasonic sensors in various smart home devices such as presence sensors, intelligent range finders and pet feeders is driving their adoption. In the industrial automation domain, ultrasonic sensors are finding increasing usage in robotics, automated guided vehicles and factory monitoring systems due to benefits such as non-contact operation and high accuracy. This widespread application base across industries is projected to propel the global ultrasonic sensors market forward over the forecast period.

Advancing IoT Connectivity and Emergence of Industry 4.0

The growth of industrial internet of things (IIoT) and implementation of advanced manufacturing practices under the Industry 4.0 framework are also fueling market expansion. Ultrasonic sensors with IoT connectivity allow remote monitoring and facilitation of predictive maintenance strategies. Their application in predictive analysis, virtual metrology and additive manufacturing is elevating productivity and optimize asset utilization in manufacturing facilities. Hence, transitions towards smart factories and digitalization of plants will further create lucrative opportunities for ultrasonic sensor vendors in coming years.

Segment Analysis

The Ultrasonic Sensors Market is dominated by proximity detection sub segment. Proximity detection accounts for over 50% of the total market share owing to wide applications of proximity detection in industrial automation, packaging and others for object detection. The ultrasonic sensors for ranging measurement application is the second largest segment and is expected to witness steady growth during the forecast period due to increasing usage of ultrasonic sensors for anti-collision systems in automotive sector.

PEST Analysis

Political: Stable political conditions across major economies are positively impacting the ultrasonic sensors market growth. However, imposition of tariffs can hamper transnational trade of ultrasonic sensors.

Economic: Rising industrial automation and positive economic outlook are boosting the ultrasonic sensors demand from manufacturing sector. Developing economies are major revenue generators for ultrasonic sensors market.

Social: Increasing safety concerns and need for collision avoidance technologies are propelling the adoption of ultrasonic sensors in automotive industry.

Technological: Advancements in sensor technology such as MEMS technology and integration of ultrasonic sensors with IoT are expanding applications of ultrasonic sensors in consumer electronics and smart homes.

Key Takeaways

The Global Ultrasonic Sensors Market Size is expected to witness high growth over the forecast period. The global ultrasonic sensors market is estimated to be valued at US$ 6,876.21 million in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031.

Regional analysis:

North America holds the major share of the global ultrasonic sensors market owing to rapid industrial automation and presence of major automotive companies in the region. Asia Pacific is expected to be the fastest growing regional market supported by industrial growth in China and India.

Key players:

Key players operating in the Ultrasonic Sensors Market are DOW Company, Wacker Chemie AG, Sherwin-Williams, Company, PPG Industries, BASF SE, RPM International Inc. These players are focusing on new product launches and partnerships to gain competitive advantage in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it