June 22, 2024
Ultrasonic Sensors Market
Ict

Emerging Automotive Industry Is Anticipated To Open Up The New Avenue For Ultrasonic Sensors Market

The 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 Overview:

Ultrasonic sensors are electronic devices that measure distance by using ultrasonic sound waves. They calculate distance by measuring the time it takes for sound waves emitted by the sensor to bounce off an object and return to the sensor. Ultrasonic sensors are used for various applications including proximity detection, object detection, anti-collision detection and liquid level measurement among others. Some common products using ultrasonic sensors include parking assist systems, self-driving vehicles, cleaners and vacuum robots.

Market Dynamics:

The growing popularity of autonomous vehicles is a major driver driving the growth of ultrasonic sensors market. Automotive manufacturers are focusing on integrating advanced sensors and technologies like ultrasonic sensors for driver-assistance features and autonomous driving capabilities. Moreover, the development of smart cities is also driving the demand for ultrasonic sensors for applications including traffic management systems, smart parking and public transport. The increasing adoption of Industry 4.0 and IoT based solutions is also propelling the ultrasonic sensors market growth. Ultrasonic sensors enable real-time process monitoring and remote asset management in various manufacturing industries. Furthermore, surging demand for automation across sectors such as food and beverage, pharmaceutical and material handling is boosting the adoption of ultrasonic sensors in process and factory automation applications. However, availability of alternative proximity sensing technologies may hamper the market growth to some extent.

Segment Analysis:

The ultrasonic sensors market can be segmented by type into ultrasonic proximity sensors, ultrasonic retro-reflective sensors, and ultrasonic through-beam sensors. The ultrasonic proximity sensor segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Ultrasonic proximity sensors are highly adaptable and can perform non-contact detection of almost any type of object or material in various industries.

PEST Analysis:

Political: Regulations regarding workplace safety are getting stricter globally, driving demand for ultrasonic sensors for safety applications.

Economic: The growth of end-use industries such as automotive, healthcare, industrial manufacturing is positively impacting the ultrasonic sensors market.

Social: Rising demand for smart homes and cities is resulting in the growing adoption of ultrasonic sensors for IoT-enabled applications.

Technological: Advancements in sensor technologies are leading to the development of miniaturized, wireless ultrasonic sensors with higher accuracy and longer range.

Key Takeaways:

The Global Ultrasonic Sensors Market Size is expected to witness high growth, exhibiting a CAGR of 9.8% over the forecast period, due to increasing industrial automation and adoption of Industry 4.0 technologies.

The Asia Pacific region is expected to dominate the ultrasonic sensors market during the forecast period. This is attributed to the presence of leading automobile manufacturers and rapid industrialization in countries such as China and India.

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. Key players are focusing on new product launches to expand their product portfolio and market share. For instance, in 2022, Pepperl+Fuchs launched PSS 40 ultrasonic sensor for detection of small objects, liquids and films.

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