Dublin, Feb. 17, 2022 (GLOBE NEWSWIRE) -- The "Global Ultrasonic Sensors Market, By Type (Retro-Reflective Sensors, Proximity Sensors, 2 Point Proximity Switches, Through beam Sensors), By Application, By Industry verticals, By Region, Competition, Opportunities and Forecast, 2016-2026" report has been added to ResearchAndMarkets.com's offering.
The Global Ultrasonic Sensors Market stood at USD3611.22 million in 2020 and is expected to grow with a CAGR of around 4.79% to reach USD4771.09 million by 2026.
High demand for the installation of ultrasonic sensors from various end-user industries, launch of advanced ultrasonic sensors in the market, and rise in the number of market players offering quality products are the primary factors that are expected to drive the growth of the Global Ultrasonic Sensors Market throughout the forecast period.
The automotive industry is flourishing owing to the growing expenditure capacity of consumers, and high production and sales of automobiles are creating growth opportunities for the Global Ultrasonic Sensors Market.
Automotive market players are integrating automation technology in automobiles to increase consumers' convenience, comfort, and safety. The advent of self-driving cars and the installation of collision detection systems to prevent automobiles is expected to accelerate the demand for ultrasonic sensors around the globe.
Also, the high demand for ultrasonic sensors from the healthcare sector to perform sonography and renal denervation, and other clinical operations is expected to bolster the Global Ultrasonic Sensors Market in the forecast period. However, lower reaction speed and precision than optical sensors and temperature fluctuations may hinder the growth of the Global Ultrasonic Sensors Market in the forecast period.
Based on application, the market is divided into liquid level detection, distance measurement, object detection, loop control, and diameter measurement. The liquid level detection is expected to hold the largest market share in the forecast period, 2022-2026.
High demand for liquid level detection systems from the food & beverage industry, oil & gas industry, and ongoing technological advancements launching advanced products are expected to drive the demand for liquid level detection systems in the forecast period.
Objective of the Study:
- To analyze the historical growth in the market size of the Global Ultrasonic Sensors Market from 2016 to 2020.
- To estimate and forecast the market size of the Global Ultrasonic Sensors Market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast the Global Ultrasonic Sensors Market based on type, application, industry verticals, competitional landscape, and regional distribution.
- To identify the dominant region or segment in the Global Ultrasonic Sensors Market.
- To identify drivers and challenges for the Global Ultrasonic Sensors Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Ultrasonic Sensors Market.
- To identify and analyze the profiles of leading players operating in the Global Ultrasonic Sensors Market.
- To identify key sustainable strategies adopted by the market players in the Global Ultrasonic Sensors Market.
The top market players operating in the Global Ultrasonic Sensors Market are
- Siemens AG
- Honeywell
- Pepperl+Fuchs SE
- Balluff Inc
- Murata Manufacturing Co. Ltd.
- Baumer Ltd.
- Turck, Inc.
- OMRON Corporation
- Rockwell Automation, Inc.
- TDX corporation
Report Scope:
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
Ultrasonic Sensors Market, By Type
- Retro-Reflective Sensors
- Proximity Sensors
- 2 Point Proximity Switches
- Through beam Sensors
Ultrasonic Sensors Market, By Application
- Liquid Level Detection
- Distance Measurement
- Object Detection
- Loop Control
- Diameter Measurement
Ultrasonic Sensors Market, By Industry Verticals
- Food & Beverage
- Medical
- Automotive
- Oil & Gas
- Industrial
- Others
Ultrasonic Sensors Market, By Region
- Asia-Pacific
- China
- Japan
- South Korea
- Singapore
- India
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/k3jas3
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