Ultrasonic Sensors Market to Surpass USD 4771 Million by 2026
Increasing automation in
the automotive sector is driving the growth in global ultrasonic sensors market
in the forecast period, 2021-2026.
According to TechSci Research
report, “Ultrasonic
Sensors Market - Global Industry Size, Share, Trends, Competition, Opportunity,
and Forecast, 2016-2026”, the global ultrasonic sensors market stood at
USD3611.22 million in the year 2020 and is expected to grow with a CAGR of
4.79% in the forecast period on account of rapidly surging demands from the
automotive industry.
The rapidly increasing
demands from the automotive industry like driverless cars and Advanced Driver
Assistance System (ADAS) development are driving the growth of the global
ultrasonic sensors market in the upcoming five years. Extended research and
innovative product launches of technologically advanced devices and equipment
are anticipated to push the growth of the global ultrasonic sensors market in
the next five years. The evolution of robotics and the adoption of automation
in different sectors to detect objects and measure distance is also aiding the
growth of the global ultrasonic sensors market in the future five years.
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The global ultrasonic sensors
market is segmented on the basis of type, application, industry verticals, and
regional distribution. Based on type, the market is further fragmented into
Retro-Reflective Sensors, Proximity Sensors, 2 Point Proximity Switches &
Through-beam Sensors. Retro-Reflective Sensor is expected to register the
largest revenue shares of the market and dominate the market segment in the
upcoming five years on account of its advantages. These sensors comprise an
emitter and receiver in a single housing. The light produced by the emitter is
reflected to the receiver with a reflector. The single housing design allows
easy installation, wiring, and commissioning.
Based on industry verticals,
the market is segmented into Industrial, Healthcare, Automotive, Oil & Gas,
Food & Beverage & Others. Industrial applications of ultrasonic sensors
are expected to register the largest revenue shares and assert their dominance
over the market in the upcoming five years. Increasing demand for automation in
manufacturing and processing industries along with the increasing number of
applications of ultrasonic sensors in different industries is anticipated to
drive the growth of the global ultrasonic sensors market along with the growth
of the sub-segment in the upcoming five years. Additionally, the implementation
of ultrasonic sensors for level management and object detection in the food
& beverage packaging industry and automobile industry, respectively, is expected
to support the growth of the global ultrasonic sensors market in the next five
years.
Key market players in the global
ultrasonic sensors market include:
·
Siemens
AG
·
Honeywell
·
Pepperl+Fuchs
SE
·
Balluff
Inc
·
Murata
Manufacturing Co. Ltd.
·
Baumer
Ltd.
·
Turck,
Inc.
·
OMRON
Corporation
·
Rockwell
Automation, Inc.
·
TDX
corporation
Siemens AG is a German
technology company focused on industry, infrastructure, transport, and
healthcare. The company offers a wide selection of ultrasonic level measurement
devices, from user-friendly and highly reliable transmitters, a broad portfolio
of controllers, and a range of transducers. Murata Manufacturing Co. Ltd. is
one of the leading manufacturers of ultrasonic sensors delivering innovative
solutions for industrial process control and other industries.
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“The
Asia Pacific region is anticipated to hold the largest revenue shares of the
market and dominate the segment in the upcoming five years on account of
rapidly increasing growth of the automobiles and other transport facilities.
The increasing population of both countries is further expected to aid the
growth of the market. China is the world’s largest population holding country
and India is right after in its population count. Increasing demand for
driverless automotive through government initiatives and related infrastructure
construction is also supporting the market growth. New market players may focus
on studying the consumer demands and extended research along with the smart
product launches, thus aiding their brand establishment. North America is
expected to register significant growth due to increasing electric and
automatic vehicles as well as demand for ultrasonic sensors in the healthcare
sector. Also, technological advancement in the food & beverages sector may
influence the growth of the global ultrasonic sensors market in the upcoming
five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Ultrasonic Sensors Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2016-2026 Segmented By Type
(Retro-Reflective Sensors, Proximity Sensors, 2 Point Proximity Switches,
Through beam Sensors), By Application (Liquid Level Detection, Distance
Measurement, Object Detection, Loop Control, Diameter Measurement), By Industry
verticals (Food & Beverage, Medical, Automotive, Oil & Gas, Industrial,
Others), By Region, By Company, 2026”,
has evaluated the future growth potential of global ultrasonic sensors and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global ultrasonic sensors market.
Contact
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