Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Ultrasonic Sensors Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
The Global Ultrasonic Sensors Market is expected to grow at a CAGR of around 8.5% from 2020 to 2027 and reach the market value of over US$ 10.5 Bn by 2027.
North America has historically held the largest share of the ultrasonic sensor market, and this trend is expected to continue in the coming years. The United States has the largest market share in North America, but the Canadian market is expected to grow faster than the US market.
Asia Pacific, on the other hand, is expected to post a promising CAGR during the forecast period. Ultrasonic sensors are found in a variety of consumer electronics, including gaming consoles, cleaning robots, and smart phones. As a result, the region’s rapidly growing consumer electronics industry bodes well for regional market growth. Furthermore, several companies in the region, including Murata Manufacturing Co., Ltd. and TDK Corporation, have received government funding for ultrasonic sensor development.
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The increasing use of ultrasonic sensors for object detection, distance measurement, and pallet detection, among other applications, is driving market growth. Furthermore, because these sensors meet a wide range of requirements in the food and beverage industry, such as material handling, processing, and hygiene detection, their demand has increased significantly.
Furthermore, the growing demand for these systems in the medical industry for applications such as echo graphs and echocardiograms is expected to benefit the market in the near future. The growing demand for features such as collision detection and parking assistance in driverless cars has significantly boosted market growth in recent years. Ultrasonic sensors detect the distance to a nearby obstacle and aid in collision avoidance. Furthermore, technology firms like Cruise LLC, Waymo LLC, and Zoox are focusing on the development and delivery of self-driving car services, which bodes well for market growth.
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COVID-19 impact on the global ultrasonic sensors market
The COVID-19 pandemic has had a significant impact on the automotive components industry. While the pandemic continues to disrupt Chinese exports and assembly plant operations throughout the European region, the use of robotics in the detection of COVID-19 could have a positive impact on the adoption of these systems; robotic systems help automate the process of drawing blood and reduce the risk of infections to medical personnel. Because of lockdowns, there has been a significant increase in the use of Unmanned Aerial Vehicles (UAVs) for applications such as activity monitoring and delivery of critical products. As a result, the demand for ultrasonic sensors has skyrocketed. Furthermore, various public safety authorities are emphasizing the use of unmanned aerial vehicles (UAVs) for sterilizing bus stops, railway stations, and hospitals, which is fueling market growth.
The global ultrasonic sensors market is segmented based on technology, type, and end-user. By technology, the market is segmented as retro-reflective sensor, through-beam sensor, and others.
Based on type, the market is segmented as level measurement, distance measurement, obstacle detection, and others. Further, by end-user the market is segmented as consumer electronics, automotive, aerospace & defense, healthcare, industrial, and others
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The major players involved in the ultrasonic sensors market involve Balluff Inc., Banner Engineering Corp., Baumer, The Turck Group, Ifm electronic GmbH, Murata Manufacturing Co., Ltd., Pepperl+Fuchs SE, Sick AG, Siemens AG, and among others.
Some of the key observations regarding the ultrasonic sensors industry include:
- In October 2019, Baumer announced opening a new production facility in North Macedonia. The facility is opened to address and ensure quick deliveries to the customers of Baumer across Europe. In May 2019, the new facility has commenced its sensor production.
- In December 2018, Siemens AG announced a new product launching namely, “Sitrans Probe LU240”. The newly launched product is a new compact level transmitter. Its ultrasonic level measurement Hart transmitter and rugged device offer reliable volume, level, and ﬂow measurements. The Sitrans Probe LU240 has its application in the food & beverage and chemical industries.
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Content Source: https://www.globenewswire.com/news-release/2021/06/01/2239724/0/en/Ultrasonic-Sensors-Market-Value-Forecasted-To-Reach-US-10-5-Billion-By-2027-Covering-COVID-19-Impact-Acumen-Research-and-Consulting.html