The global ultrasonic technologies market is forecast to grow at a compound annual growth rate (CAGR) of more than 10% during the forecast period from 2021-2030 and anticipates reaching US $3800 million by 2030.
A process in which sound waves can detect or transmit digital data is known as ultrasonic technology. Various industries use ultrasonic technology for numerous operations such as welding, inspection, cleaning, cutting, and sieving, including healthcare, food & beverage, oil & gas, chemical, and automotive. In every application, ultrasonic technology works in a different manner.
- A wide variety of industries is continually developing, such as oil & gas, chemicals, health care, foods & beverages, and automobiles. Thus, manufacturers across emerging countries, including Brazil, India, China, and Argentina, are expanding their businesses. Together, these factors fuel the growth of the ultrasonic technologies market.
- Investing in ultrasonic technology and its operating system requires a high initial capital cost. The system is expensive primarily because of the costly software that detects motion, interacts with systems through sensors, and analyzes ultrasonic commands. It is a critical barrier to the growth of the ultrasonic technology market worldwide.
- IoT integration in ultrasonic systems increases efficiency and extends system life. The upgrade of ultrasonic systems involves integrating IoT into the systems to detect performance, monitor operation, and take corrective measures to overcome problems. Together, these factors are likely to provide remunerative opportunities to players in the ultrasonic technologies market in emerging countries.
Impact Analysis of COVID-19
The COVID-19 pandemic severely affected industry sectors in the construction, manufacturing, hotel, and tourism fields. Many manufacturers ceased operations. A decline in office and industry closures also led to an overall downturn in ultrasonic technology production and demand, thereby limiting market growth for ultrasonic technologies. Meanwhile, industries are gradually returning to routine manufacturing and services, which will result in a re-start of ultrasonic technology companies at their full capacities. As a result, the ultrasonic technology market is likely to recover during the forecast period.
The Asia-Pacific region dominated the market combined with rising investments, a technological renaissance, and broader technological adoption. Innovations in technology are likely to boost the market further. The introduction of new policies and ultrasonic systems anticipates changing the outlook of the market. In addition, the increasing adoption of ultrasonic sensors in the manufacturing industry will further fuel market growth.
The prominent leading competitors in the global ultrasonic technologies market are:
- Advanced Sonics, LLC (United States)
- Crest Ultrasonics Corp. (United States)
- DPR Ultrasonic Technologies
- Emerson Electric Co. (Branson) (United States)
- International Ultrasonic Technologies (Canada)
- Mosca GmbH (Germany)
- MS Industries AG (Germany)
- Sonotronic Nagel GmbH (Germany)
- Telsonic AG (Europe)
- Ultrasonic Technologies, Inc.(United States)
- Other prominent players
Scope of the Report
The global ultrasonic technologies market segmentation focuses on Application, End-User Industry, Sales Type, and Region.
Segmentation based on Application
Segmentation based on End-user Industry
- Food & Beverage
Segmentation based on Sales Type
- New Equipment Sales
- Aftermarket Sales
Segmentation based on Region
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America