Ultrasonic Sensor Market Size, Trends, Company Profiles, Growth Rate, Trends and its Emerging Opportunities

Ultrasonic sensors are being increasingly used in the automotive industry in various applications such as park assistant systems, level sensing in fuel tanks, and object detection and identification. The wide application base of such sensors can be credited to their ability to calculate the distance of obstacles and monitor space while the vehicle is being parked. Owing to the rising production of vehicles across the world, especially in developing countries, such as Thailand, Indonesia, and China, the requirement for ultrasonic sensors is escalating rapidly.

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In addition, the surging deployment of autonomous mobile robots (AMRs) in the automotive and oil and gas industries, owing to the rising advancements in technology and soaring focus on enhancing operational capacity, efficiency, and productivity, will propel the ultrasonic sensors market at a CAGR of 10.2% during 2020–2030. The market was valued at $4.1 billion in 2019 and it is expected to reach $12.1 billion revenue by 2030. Such sensors are integrated into AMRs for detecting obstacles and determining the distance between two objects.

Moreover, the escalating focus of the manufacturing sector on increasing their productivity will also amplify the production of ultrasonic sensors in the coming years. Manufacturing facilities use these sensors to measure water level in tanks and the distance, level, and diameter of the roll. Additionally, the production units also use such instruments for loop control. With the expansion of the industrial sector in developing countries, the usage of ultrasonic sensors will accelerate at a significant rate.

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In recent years, ultrasonic sensor manufacturers such as Pepperl+Fuchs AG, Baumer Holding AG, KEYENCE CORPORATION, Siemens AG, SICK AG, Honeywell International Inc., Balluff GmbH, OMRON Corporation, ifm electronic gmbh, Rockwell Automation Inc., and Banner Engineering Corporation are focusing on partnerships, product launches, and mergers and acquisitions to meet the mushrooming need for such sensors in the automotive, healthcare, food and beverage, industrial, and agriculture sectors. For instance, in July 2019, Pepperl+Fuchs AG introduced low temperature sensors for cold storage and mobile equipment in outdoor applications. Such sensors can operate at -25° Celsius.

According to P&S Intelligence, Asia-Pacific (APAC) dominated the ultrasonic sensors market in the recent past and it is projected to advance at the fastest rate in the foreseeable future. This can be attributed to the mounting vehicle production and flourishing manufacturing sector in Thailand, India, and China. Moreover, the burgeoning demand for smart farming equipment, especially in India, owing to the presence of large tracts of arable land in the country will amplify the need for ultrasonic sensors in the region. Such smart farming instruments are equipped with ultrasonic sensors, as these sensors ensure their proper functioning.

Thus, the mounting vehicle production and escalating use of AMRs in the agriculture sector will fuel the need for ultrasonic sensors in the coming years.

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This release was published on openPR.