How will Automotive Manufacturing Industry Fuel the Progress of Global Ultrasonic Sensor Market in Future?

In 2019, the global ultrasonic sensor market attained $4.1 billion and is predicted to advance at a 10.2% CAGR during the forecast period (2020-2030).

Based on end user, the industrial division dominated the market in 2019, owing to the rising requirement for sensors in level measurement and distance measurement applications in wastewater, oil & gas, energy & power, and chemical industries.

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The automotive division is projected to register the fastest growth during the forecast period. This is because of the rising demand for ultrasonic sensors in self-driving cars for obstacle detection applications.

In terms of application, the level measurement category accounted for the largest share of the ultrasonic sensor market in 2019. This is ascribed to the rising requirement for detection and measurement of water or fluids in different industries including water treatment, oil & gas, pharmaceutical, and chemical.

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The Major Key Players Includes:

o Pepperl+Fuchs AG
o Siemens AG
o Honeywell International Inc.
o OMRON Corporation
o Rockwell Automation Inc.
o KEYENCE CORPORATION
o SICK AG
o Balluff GmbH
o ifm electronic gmbh
o Banner Engineering Corporation
o Baumer Holding AG.

In addition to this, these sensors are also utilized in cars for detecting fuel in tanks, which is why their demand for level measurement is high across the world.

On the basis of type, the range measurement division is expected to grow at the faster pace during the forecast period in the ultrasonic sensor market.

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The retro-reflective category in range measurement type is projected to advance at a higher growth rate during the forecast period. This is ascribed to the rising usage of these sensors for detecting irregularly shaped and inclined objects which are difficult to detect using beam sensors.

Geographical Analysis

North America
o U.S., Canada

Europe
o Germany, France, U.K., Italy, Russia

Asia-Pacific
o China, Japan, India, South Korea

Latin America
o Brazil, Mexico, Argentina

Middle East and Africa
o Turkey, South Africa, U.A.E., Egypt

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This release was published on openPR.