Market Outlook
The global ultrasonic sensor market is set to accumulate revenues at 12.3% CAGR from 2017 to 2023 (forecast period). It can reach an estimated value of USD 689.1 million by 2023.
Ultrasonic Sensor Market is primarily driven by the adoption of these sensors in major industry verticals such as manufacturing. The establishment of smart factories due to changing production methods from the revolution of Industry 4.0 can drive the market growth.
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The evaluation of objects, health of old buildings, and inspection and tests of industrial buildings are other applications which can offer new opportunities for the ultrasonic sensor market. Rising demand in medical applications and implementation in other industrial applications can fuel the market demand substantially during the forecast period. Demand for improved surgical techniques with better outcomes in the healthcare sector can spark the need for ultrasonic sensors.
Ultrasonic sensors are devices which can predict the distance to an object with the help of ultrasonic waves. These sensors are used in sensitive environments to avoid collisions and ensure a safe workplace. Collaborative robots are embedded with these sensors to prevent collision and prevent disruption. The global ultrasonic sensor market report by Market Research Future (MRFR) contains a thorough analysis of trends, segments, and profiles of major players.
Competitive Landscape
MaxBotix Inc, Baumer Ltd, Murata Manufacturing Co. Ltd, Honeywell International, Inc, Rockwell Automation, Inc, Siemens AG, Pepperl+Fuchs GmbH, Omron Corporation, Robert Bosch GmbH, Schneider Electric SE are some of the major players in the ultrasonic sensor market. Other players include BeStar Technologies, Inc, Hexamite LTD, Nex Flow Air Products Corp, IFM Efector, Inc, Migatron Corporation, Optical Scientific, Inc, Endress+Hauser, TE Connectivity Ltd, Addison Electric, Inc., Simtech Process Systems, Judd Communication, and Jamieson Equipment Co., Inc.
The players are focusing their efforts for offering products with different variations including external casing for reducing damage, waterproofing, and detection of open structures. The commercialization of advanced driver assistance systems (ADAS) can widen the ambit of the market in the coming years.
Industry News
Toposens, a prominent manufacturer of ultrasonic sensors, has launched its latest product, TS3. The sensor has scope in various autonomous applications which require object detection and awareness of the external environment. It has the inherent capability of detecting multiple 3D objects within its scanning area.
Segmentation Analysis
The global ultrasonic sensor market considers the following segments for its valuation – product and application.
By product, it is segmented into ultrasonic retroreflective sensor, ultrasonic proximity sensor, and ultrasonic through beam sensor.
By application, it is segmented into liquid level measurement, anti-collision detection, object detection, and distance measurement.
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Regional Analysis
Geography-wise, the global ultrasonic sensor market covers Asia Pacific (APAC), Americas, Europe, and the Middle East & Africa (MEA).
The APAC region is poised to exhibit the highest growth rate during the forecast period due to rapid industrialization as well as urgent demand in aerospace, automotive, consumer electronics, and aviation. Emerging economies of Taiwan, China, Singapore, and India which can manufacture these products at affordable rates as well as cater to the demands of major industry verticals can drive the global ultrasonic sensor market demand till 2023.
North America is touted to hold on to the second position in the global market due to a set of manufacturers requiring the need of automation in their processes.
Europe can generate significant revenue for the global ultrasonic sensor market due to the presence of the large manufacturing sector in the region. Smart approach to manufacturing as well as shift towards automation of numerous processes and enhanced communication between machines due to advances in machine learning can drive the regional market demand significantly.
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