Market Introduction
The global ultrasonic sensors market held a market value of USD 4,041 million in 2021 and is projected to reach USD 8,958.9 million by the year 2030. The market is projected to list a CAGR of 9.2% during the forecast period.
The increasing use of ultrasonic sensors in healthcare applications is expected to drive the growth of the ultrasonic sensors market during the forecast period. Drone technology is constantly expanding its reach in different countries by optimising the range of commercial applications of drones such as aerial photography, shipping, transportation, and delivery, precision agriculture, and wildlife monitoring. Because of its superior imaging and security surveillance capabilities, ultrasonic sensors are widely used in industrial applications.
The poor detection capacity of ultrasonic sensors in long-range detection applications is one of the key factors restricting their use. It can quickly recognise items within its measured range, but it cannot distinguish between diverse sizes and forms. Multiple sensors in sensing devices can help with this. Furthermore, because these sensors are so sensitive, they may identify spurious signals generated by natural airwaves. As a result, the targeted object is falsely detected, further impeding industry expansion during the anticipated timeline.
Growth Influencers:
Growing ultrasonic sensor use in the healthcare industry
The ultrasonic sensor market is expanding due to its increasing use in medical point-of-care devices such as ultrasound machines and blood glucose metres. These sensors are extensively used in medical imaging instruments such as radiography and ultrasonography. The device provides real-time views of internal body structures such as tendons, bones, ligaments, and internal organs. In addition, to meet expanding market demand, some regional manufacturers are working on incorporating ultrasonic sensors into their medical products.
Rising adoption of surveillance drones
The growing popularity of surveillance drones and Unmanned Aerial Vehicles (UAVs) in the region is raising the value of the sector. According to a news release made by the Federal Aviation Administration (FAA) in April 2021, there were 1.1 million operational unmanned aerial vehicles (UAVs) and drones in the United States. Commercial UAVs made up 367,848 of the active UAVs and drones, while recreational drones made up 502,105. These UAVs are equipped with ultrasonic sensors and can be used for surveillance, distance measuring, inspection, mapping, and transporting. The country's booming e-commerce sector will drive acceptance of UAVs in delivery services, further expanding industry income.
Segments Overview:
The global ultrasonic sensors market is segmented into product type, application, material type, packaging type, and end user.
By Type
o Ultrasonic Proximity Sensors
o Range Measurement
The ultrasonic proximity sensors segment is expected to cross the mark of US$ 7,700 million by 2030 in terms of revenue.
By Application
o Anti-Collision Detection
o Distance Measurement
o Liquid Level Measurement
o Object and Pallet Detection
o Loop Control
o Robotic Sensing
o Others
The anti-collision detection segment is likely to hold the second largest CAGR of 10.6% over the forecast period. In addition to that, the liquid level measurement segment held more than 18% of the market share in 2021.
By End Users
o Production Plants
o On Board
o Food and Beverage
o Agriculture
o Metal Processing
o General Manufacturing
o Cosmetics and Personal Care
o Medical and Healthcare
o Others
The production plants segment is estimated to hold the revenue of more than USD 2,300 million from 2022 to 2030.
Regional Overview
The global ultrasonic sensors market is expected to grow expansively during the forecast period due to the rising strategic expansions by the companies functioning in the industry. The market based on region, is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. The European market for ultrasonic sensors held the largest market share of more than 30% in 2021 with a revenue of USD 1,707.0 million. On the other hand, the Asia Pacific market for ultrasonic sensors is likely to hold the highest CAGR of more than 10% over the anticipated period.
Competitive Landscape
The cumulative market share of the major players is close to 80%. The prominent players operating in the global ultrasonic sensors market include Keyence Corporation, Qualcomm Incorporated, TDK Corporation, Sensata Technologies, Denso Corporation, Pepperl+Fuchs AG, Honeywell International Inc., Baumer Ltd, Rockwell Automation Inc., Murata Manufacturing Co. Ltd, Omron Corporation, Sick AG, Banner Engineering Corp., Balluff Inc., Robert Bosch GmbH. Robert Bosch GmbH generated 29.5% revenue from its automotive business unit in 2021. In addition to that, Rockwell Automation, Inc. is an industrial automation and digital transformation company based in the United States. Allen-Bradley, FactoryTalk software, and LifecycleIQ Services are among their brands. The company generates the revenue through two major business operational segments including, Architecture & Software and Control Products & solutions.
The global ultrasonic sensors market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global ultrasonic sensors market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Pricing Analysis: Pricing analysis of various components used in the manufacturing of ultrasonic sensors
? Manufacturing Cost Analysis: Cost-share of various components in medical supply products, cost analysis, unit cost analysis
The global ultrasonic sensors market report answers questions such as:
? What is the market size and forecast of the global ultrasonic sensors market?
? What are the inhibiting factors and impact of covid-19 on the global ultrasonic sensors market during the assessment period?
? Which are the types/segments/applications/areas to invest in over the assessment period in the global ultrasonic sensors market?
? What is the competitive strategic window for opportunities in the global ultrasonic sensors market?
? What are the technology trends and regulatory frameworks in the global ultrasonic sensors market?
? What is the market share of the leading players in the global ultrasonic sensors market?
? What modes and strategic moves are considered favorable for entering the global ultrasonic sensors market?
