Global Ultrasonic Sensor Market Size Worth USD 17.45 Billion in 2032 | Emergen Research

Rising adoption of surveillance drones and use in smart applications is a key factor driving Ultrasonic Sensor market revenue growth

Vancouver, Dec. 26, 2023 (GLOBE NEWSWIRE) — The global ultrasonic sensor market size was USD 17.45 Billion in 2032 and is expected to register a steady revenue CAGR of 11.1% during the forecast period, according to latest analysis by Emergen Research. Increasing adoption of robotics in industrial sectors and  use of ultrasonic sensors in the Food & Beverage (F&B) sector and rising demand of ultrasonic sensors for vehicle parking are key factors driving market revenue growth. Ultrasonic sensor is used to calculate the distance of any object through emitting ultrasonic sound waves and converts the reflected sound into an electrical signal.

These sensors are used in many applications and industries, such as F&B, to calculate liquid level in bottles.  Technological developments in ultrasound sensors have resulted in improved imaging quality, quicker exam times, and more accuracy. In addition, the development of portable ultrasound sensors has improved access to medical treatment by enabling the use of ultrasound technology in underdeveloped and remote places. Ultrasonic sensors are frequently used in robotics and automation to measure distance, locate objects, and identify objects.

Moreover, increasing need for automation and robotics across several industries, including automotive, aerospace, and industrial is another key factor driving revenue growth of the market. The Food and Drug Administration’s (FDA) approval of the use of ultrasound technology for breast cancer diagnostics in the U.S. is expected to increase the need for ultrasonic sensors in the medical business.

In industrial automation, ultrasonic sensors are used for item detection, liquid level monitoring, and distance measurement. The need for ultrasonic sensors is rising as automation and robotics become more prevalent in the industrial sector. Furthermore, rising adoption of Internet of Things (IoT) technologies is another factor driving market revenue growth.

However, high cost of these devices and lack of experienced labor are key factors, which could restrain market revenue growth. In addition, availability of substitutes, such as Computed Tomography (CT) scans and Magnetic Resonance Imaging (MRI), is another factor, which could restrain market revenue growth.

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Scope of Research

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Major Companies and Competitive Landscape

The global ultrasonic sensor market is moderately fragmented, with many large and medium-sized players accounting for most of the market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective ultrasonic sensor solutions. Some major players included in the global ultrasonic sensor market report are:

• Rockwell Automation
• Siemens
• Honeywell International Inc.
• Balluff Automation India Pvt. Ltd.
• Pepperl+Fuchs (India) Pvt. Ltd.
• Baumer
• Murata Manufacturing Co., Ltd
• Crest Ultrasonics Corp.
• OMRON Corporation
• Blatek Industries, Inc

Strategic Development

On 20 February 2020, Panasonic Corporation announced the launch of a new range of ultrasonic sensors for automotive applications. The sensors’ precise distance measurements and object recognition are intended to support autonomous driving and advanced driver assistance systems.

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Some Key Highlights From the Report

• The retro-reflective sensors segment is expected to account for largest revenue share in the global ultrasonic sensor market over the forecast period. This is due to ongoing Research & Development (R&D) as well as advancements in the disciplines of optoelectric and photoelectric sensors, which will speed up the production of retro-reflective devices. Retro-reflective sensors are commonly used in smartphones owing to their compact size. In addition, rising adoption of smartphones and increasing consumer interest in cutting-edge technologies, such as fingerprint scanners, are also expected to drive revenue growth pf this segment during the forecast period. Moreover, automotive, metalworking, industrial automation, and life science industries are using these sensors more to recognize small pallets of colored plastic that are being carried over a conveyor belt.
• The obstacle detection segment is expected to register steadily fast revenue growth rate in the global ultrasonic sensor market over the forecast period. This is attributed to increasing need of ultrasonic sensor to help visually impaired people with navigation and obstacle detection. Obstacle detection systems are crucial to modern vehicles because these provide a comprehensive understanding of the risks and obstructions that could endanger the vehicle and its occupants. In addition, rising demand for Advanced Driver Assistance System (ADAS) is also expected to drive revenue growth of this segment during the forecast period.
• The medical segment is expected to account for significantly large revenue share in the global ultrasonic sensor market during the forecast period. This is due to rising demand for ultrasonic sensors in the medical sector and development of portable and handheld ultrasound equipment. The capacity of these devices to generate high-quality images aid in the detection of many medical ailments including cancers, musculoskeletal issues, and cardiovascular abnormalities. In addition, increasing prevalence of chronic diseases, such as diabetes, cardiovascular disorders, and cancer, is rising demand for ultrasonic equipment, as these devices help in early detection and diagnosis.
• The North America market accounted for largest revenue share in the global ultrasonic sensor market in 2022 due to presence of key players and decreasing number of companies partnering for better efficiency, product development, and expanding to a larger customer base. For instance, on 7 April 2021, Amphenol Corporation, a leading global provider of high-technology interconnect, antenna and sensor solutions announced the acquisition of MTS Systems Corporation. Amphenol estimates that in the first year following the closing, the MTS Sensors business will generate an additional USD 350 million in revenues. As previously announced, in the first year following closing, MTS Sensors is expected to add USD 0.05 to Amphenol’s profits per share, excluding acquisition-related costs and accounting for the company’s recent 2-for-1 stock split.
• In 2020, NXP Semiconductors N.V. announced the launch of a new range of ultrasonic sensors for use in industrial and automotive applications. The sensors are made to precisely measure distance and identify objects in difficult-to-reach places.

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For the purpose of this report, Emergen Research has segmented the global ultrasonic sensor market on the basis of type, application, end-use industry, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)
  • Proximity Sensors
  • Retro-reflective Sensors
  • Through Beam Sensors
  • Others
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Object Detection
  • Distance Measurement
  • Liquid Level Measurement
  • Anti-Collision Detection
  • Others
• End-use Industry Outlook (Revenue, USD Billion; 2019-2032)
  • Automotive
  • Medical
  • Oil & Gas (O&G)
  • Industrial
  • Food & Beverages (F&B)
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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