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.
Factors Affecting
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.
Regional Analysis
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.
Leading Competitors
The prominent leading competitors in the global ultrasonic technologies market are:
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
Segmentation based on Sales Type
Segmentation based on Region