New York, United States, , Feb. 22, 2023 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Ultrasonic Sensors Market Size to grow from USD 3 billion in 2021 to USD 5 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 10% during the forecast period. The global ultrasonic sensors market is being driven by the growing use of ultrasonic sensors for object identification, distance measurement, and in the field of medicine for ultrasonography.
Key Insights
- The Ultrasonic Sensors market was valued at USD 3 billion in 2021.
- The market is growing at a CAGR of 10% from 2022 to 2030
- The global Ultrasonic Sensors market is expected to reach USD 5 billion by 2030
- North America is expected to grow the fastest during the forecast period
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The ultrasonic sensor is an electronic device that emits ultrasonic sound waves and converts the reflected sound into an electrical signal in order to determine the distance of an object. The fact that ultrasonic waves move more quickly than audible sound means that the sound is audible to human ears. It has two parts, such as a transmitter and a receiver. A receiver hears the sound after it has travelled to and from the target since the transmitter essentially produces it through piezoelectric crystals. Self-parking technology and anti-collision safety systems for cars mostly utilise them. Additionally, ultrasonic sensors are frequently employed in healthcare systems to detect tumours, make images of interior organs, and monitor the health of unborn children.
Browse 45 market data Tables and 55 Figures spread through 220 Pages and in-depth TOC on “Global Ultrasonic Sensors Market Size, Share, and COVID-19 Impact Analysis, By Type (Retro-reflective Sensor, Through-beam Sensor), By Structure Type (Open-type Ultrasonic Sensor, Closed-type Ultrasonic Sensor), By Application (Level Measurement, Obstacle Detection, Distance Measurement), Industry Verticals (Automotive, Consumer Electronics, Industrial, Healthcare, Aerospace & Defense), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030” https://www.sphericalinsights.com/reports/ultrasonic-sensors-market
The rising incidence of chronic illnesses and injuries to muscles, joints, tendons, and internal organs are expected to drive the growth of the ultrasonic sensors market. Due to their low cost and lack of adverse effects, ultrasonic sensors are being employed more frequently in a variety of surgical procedures, as was already indicated. The automotive sector is growing thanks to the employment of ultrasonic sensors in cards for traditional advancements like collision avoidance, parking assistance, automatic braking, security alarm, and obstacle recognition. Ultrasonic sensors are in high demand as a result of the adoption of advanced driver assistance systems in the automobile sector, which is boosting market expansion. In addition, the introduction of automated mobile trolleys has compelled businesses to invest more in technology. For instance, detection range restrictions can prevent the market from growing. Due to the presence of the crash safety bar, it may prove to be physically impossible to instal ultrasonic parking sensors in the bumper of a variety of automobiles.
Retro reflective segment holds the maximum market revenue of USD 1 billion.
Based on type, the ultrasonic sensors market is segmented into Retro-reflective Sensor, Through-beam Sensor. Retro reflective technology is leading this market with the highest market revenue of USD 1 billion in 2021 due to its several advantages, including a user-friendly optical axis, low maintenance, simple deployment, and affordable installation costs. Due of all these advantages, manufacturers are choosing to use retro reflective sensors in parking assist systems. Furthermore, major market participants have been concentrating on launching new products that will add to their portfolios of ultrasonic sensor products.
Open type ultrasonic sensors dominating the market with the revenue share of 65%.
On the basis of structure type, the global ultrasonic sensors market is segmented into Open-type Ultrasonic Sensor, Closed-type Ultrasonic Sensor. Due to the growing popularity of smart home devices like door lock systems and home intruder prevention systems, open type ultrasonic sensors have a 65% revenue share of the market. By utilising the temporal difference of ultrasonic waves in the air, it aids in measuring the distance between devices and objects. In addition to this, it provides a number of other advantages like reliable performance, little installation space, non-contact sensing, and high precision. To meet the growing demand for shrinking in the electronics sector, a number of OEMs have begun concentrating on developing application-specific open type ultrasonic sensors.
Level measurement segment is anticipated to witness growth rate of 10%.
Based on application, the global ultrasonic sensors market share is segmented into Level Measurement, Obstacle Detection, Distance Measurement. Of them, the level measurement category is anticipated to grow at a 10% annual pace because to the expanding worldwide oil and gas industry. Additionally, it keeps an eye on the amount of oil and gas stored in the warehouses of processing plants and refineries. Over the anticipated time range, increased investment activities in the public and private sectors to support the oil and gas industry will accelerate industry growth.
Industrial segment to reach USD 1.5 billion by 2030.
On the basis of industry vertical, the global ultrasonic sensors market is segmented into Automotive, Consumer Electronics, Industrial, Healthcare, Aerospace & Defense. Due to the growing use of ultrasonic sensors in robotics and industrial automation applications, the industrial sector is predicted to achieve a market revenue of USD 1.5 billion by the end of the projection period. In addition, the government's increased spending in fostering the development of new robotics technology will support the market value.
| Report Metric | Details |
| Market Size 2030 | USD 5 Billion |
| CAGR | 10 % (2020-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Segments Covered | By Type, By Structure Type, By Application, By Industry Verticals |
| Report Coverage | Drivers, Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, the Middle East, Africa and Rest of the World |
| Key Companies Profiled/Vendors | Keyence, Omron Corporation, Honeywell International, Inc., Rockwell Automation Inc., Pepperl+Fuchs AG, Toposens |
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Asia Pacific emerged as the largest market for the global Ultrasonic Sensors market in 2021.
With a market share of 50% in 2021 and an expected 10% increase, the Asia Pacific region is expected to continue to dominate the industry. The government's growing initiatives and investments to support AI-based robots in surveillance systems are the primary drivers of the region's growth.
Market Segmentation
Ultrasonic Sensors Market, By Type
- Retro-reflective Sensor
- Through beam Sensor
- Others
Ultrasonic Sensors Market, By Structure Type
- Open Type Ultrasonic Sensor
- Closed Type Ultrasonic Sensor
Ultrasonic Sensors Market, By Application
- Level Measurement
- Obstacle Detection
- Distance Measurement
- Others
Ultrasonic Sensors Market, By Industry Vertical
- Automotive
- Consumer Electronics
- Industrial
- Healthcare
- Aerospace & Defense
- Others
List of Key Market Players
- Keyence
- Omron Corporation
- Honeywell International, Inc.
- Rockwell Automation Inc.
- Pepperl+Fuchs AG
- Toposens
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