Selbyville, Delaware, May 03, 2021 (GLOBE NEWSWIRE) --
According to latest report “Ultrasonic Sensor Market Type (Retro-reflective Sensor, Through-beam Sensor), Application (Level Measurement, Obstacle Detection, Distance Measurement), Industry Verticals (Automotive, Consumer Electronics, Industrial, Healthcare, Aerospace & Defense), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of ultrasonic sensor will cross $5 billion by 2027.
The market growth is driven by the increasing adoption of ultrasonic sensors in various industrial applications such as liquid level control, counting objects in conveyor belt, robot sensing, box sorting scheme, etc. Also, the ultrasonic sensors are gaining a significant pace from autonomous mobile robots (AMRs) to detect obstacles and determine vehicle distance from the object.
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The other type segment in the ultrasonic sensor market held 45% of the revenue share in 2020 and will witness more than 16% growth rate by 2027 owing to the rising usage of ultrasonic proximity sensors in manufacturing and industrial automation applications. These sensors can efficiently detect a variety of objects irrespective of the surface or the material properties, increasing their acceptance in packaging application and food & beverages processing. Several government initiatives to accelerate the manufacturing and supply chain in the food industry will drive the industry growth.
The distance measurement application segment captured around 28% of the ultrasonic sensor market share in 2020 and is projected to grow at 12.5% CAGR through 2027. The ultrasonic sensors offer high accuracy in distance measurement as they are independent of material and color of the object. This will increase their adoption in industrial process in petroleum and chemical sectors. These sensors are unaffected by dirt, dust, and fog, increasing their demand in robot applications to measure distance with object and deliver highly-precise feature in automation and material handling. The rising usage of industrial robots in production plants will further propel the growth opportunities for the market.
The healthcare application in the ultrasonic sensor market accounted for around 12.5% of the revenue share in 2020 and is predicted to expand at a CAGR of 13% till 2027 led by growing applications of ultrasonic sensors in medical imaging and point of care devices. These sensors are extensively integrated into medical imaging devices such as radiology machinery and ultrasonography equipment for real-time imaging of internal body structures such as muscles, joints, tendons, and internal organs. The machinery helps to find out the source of disease and offers earlier diagnosis & treatment of target diseases, thus escalating the demand for ultrasonic sensors in the market. The market players are proactively focusing on developing ultrasonic medical devices by integrating AI with IoT technologies, adding growth opportunities.
The Europe ultrasonic sensor market is estimated to attain a CAGR of 10% during 2021 to 2027 on account of supportive government initiatives to accelerate the manufacturing sector in the region. For example, in September 2020, the UK government announced a funding initiative of around USD 356.6 million, which will boost the manufacturing sector in the region. These initiatives will also attract foreign manufacturers to accelerate their investment and establish new manufacturing facilities in the region. These initiatives will fuel the market opportunities for ultrasonic sensor manufacturers in the region.
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Some of the major companies operating in the ultrasonic sensor market include Pepperl+Fuchs AG, Rockwell Automation Inc., Murata Manufacturing Co. Ltd, Banner Engineering Corp., TDK Corporation, TE Connectivity Ltd, among others. Market leaders are focusing on various acquisition and partnership strategies to cater to high competitiveness among other players.
Some major findings of the ultrasonic sensor market report include:
- The rising penetration of smart home and IoT device in developing nations will create significant growth opportunities for ultrasonic sensor manufacturers. These sensors help to reduce the power consumption and improve the performance for connected devices, adding an opportunity for the market value.
- Ultrasonic sensors are gaining rising acceptance from level monitoring applications from storage units of oil & gas, pharmaceuticals, and the food & beverages industry.
- The increasing adoption of ultrasonic sensors for various ADAS applications, such as collision avoidance, parking assistance, and blind spot detection, will foster the market expansion. Rising government initiatives to integrate safety features into vehicles will impel the growth opportunities for the market.
- The COVID-19 pandemic has widely affected the market progression with the declining demand in automotive and industrial sectors. However, after the pandemic crisis, several manufacturing plants are inclined toward the usage of industrial automation and robots to accelerate their production capability. This will accelerate the growth opportunities for ultrasonic sensor manufacturers.
Table of Contents (ToC) of the report:
Chapter 3 Ultrasonic Sensor Market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/ultrasonic-sensors-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.