Ultrasonic Sensors Market Size, Industry is growing at 10.96% CAGR to 2023 Leading Players: SIEMENS AG, HONEYWELL INTERNATIONAL, CAMBRIDGE ULTRASONICS, HIELSCHER, BAUMER, CREST ULTRASONICS, BRANSON ULTRASONIC

The global ultrasonic sensors market was valued at USD 2.94 billion in 2017, and is expected to reach a value of USD 5.5 billion by 2023, at a CAGR of 10.96%, during the forecast period (2018 - 2023). The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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The basic working principle of these sensors is based on echolocation, which involves transmission of ultrasonic waves to the target object, which reflects it back to the source after receiving the initial wave. The ultrasonic sensors detect the exact position of the object by calculating the distance from the original source “echo”, generated by the object. Ultrasonic sensors are being widely used in automotive, healthcare, industrial, food and electronics sector. The conventional ultrasonic devices are being commercialized to be used in multiple industries; these devices possess the capability of being able to search inside objects in a non-destructive manner. Owing to their advantageous properties, such as sensors higher measurement range, high frequency, high sensitivity, and high penetrating power makes the detection process more efficient. The higher accuracy is attained because of the ultrasonic sensor’s processing on high frequency and shorter wavelengths, resulting into high-resolution images and accurate distance measurements. However, competition from other sensors such as lower response speed and accuracy in comparison with optical sensors and dearth of manufacturing excellence hinder the market growth.

Key Developments in the Market
• December 2017 - INRIX had developed a new technology by making their industry-leading On-Street Parking solution even more accurate. The company had introduced the first technology that leveraged ultrasonic sensors (USS) in vehicles to capture real-time parking occupancy information, which also enhanced the quality of INRIX Parking
• March 2017 - With the new UC-F77 series, Pepperl+Fuchs offered advantages by combining ultrasonic technology with an unparalleled range of features and adjustment options. This ultrasonic sensor provided a flexible solution for many applications. Due to the interplay of performance over short and long ranges, a compact design, and absolute flexibility, the F77 was suitable for universal use in a wide variety of applications

The major players include –
SIEMENS AG, PEPPERL+FUCHS, HONEYWELL INTERNATIONAL INC., CAMBRIDGE ULTRASONICS, HIELSCHER INC., BAUMER LTD., CREST ULTRASONICS CORP., BRANSON ULTRASONIC CORP., INRIX INC., ROCKWELL AUTOMATION, MURATA MANUFACTURING CO. LTD., amongst Others.

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Increased Demand for Ultrasonic Sensors in Medical Industry
Ultrasonic sensors have been at the forefront of technological advancements in the medical applications industry. These applications have been offering cutting-edge innovative solutions for enhancing the quality of life and ensuring greater diagnostic capabilities in this sector. The use of ultrasonic sensors in medical industry can be studied under two distinct labels, namely detection and measurement. These sensors are available in multiple shapes and sizes, and may be used on the surface of the body or can be inserted into a specific part, depending on the nature of the medical examination. Ultrasonic sensors can be used to send ultrasonic waves through the human body for generating visual images. The foetuses of pregnant women are pictured using these sensors. This is a risk-free alternative to radiography solutions. Ultrasonic sensors also offer a cost-effective alternative to piezoelectric sensors, and they operate in a wider range of conditions. These sensors can be used for diagnosis of abdominal conditions, thyroid glands, cardiological problems, and vascular and transrectal system. Multiple sensors may be used for detection of physical ailments. Thus, the demand for better health care facilities is set to drive growth in the ultrasonic sensors market.

Automotive Industry to Create Huge Demand for Ultrasonic Sensors
Ultrasonic devices offer several applications in the automotive sensors, like parking assistance, safety alarms, collision avoidance, object detection and automatic braking system. They play an important role in shaping up the future of the next generation driver assistance and self-driving systems. On-board sensing systems are being offered in advanced cars for premium process. These systems rely on ultrasonic sensors for measuring relative distances of objects from the car. Long-range radar capabilities are being integrated with cruise control systems in order to avoid collisions between vehicles. These sensors are also being used for detection of distances on the rear end of the automobiles for parking assistance and braking control. Additionally, sensor vendors have been offering several variants of ultrasonic sensors with increased capabilities like open-structures, waterproofing and external casing for reducing damage. Thus, with the expected hike in ADAS systems in the future, ultrasonic sensors will witness a proportional rise.

North America is Expected to Account for a Significant Share in the Market
North America has been a traditional leader in the ultrasonic sensors market due to a number of factors. Market penetration is quite high in this sector; the presence of several automotive and manufacturing giants is a very crucial growth factor. Among the countries of North America, US holds most of the market share, while Canadian market is estimated to grow faster than the US. The health expenditure per capita in US is very high, greater than the developed counterparts of Europe. Since ultrasonic sensors can visualize the internal condition of the human body without damaging them, they are widely used in various medical inspections, including prenatal examinations to which radiography cannot be applied. Moreover, the rising demand for better surgical procedures by health conscious citizens is driving the market for ultrasonic sensors in this region.
Furthermore, automotive industry in North America is also on rise with vehicle production increasing rapidly from 10 billion units in 2010 to 16 billion units in 2016, according to OICA. Thus, with the propelling industries in the region, North America is expected to account for a significant share in the market.

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