Over 10.0% CAGR Predicted in Global Ultrasonic Sensor Market Between 2020 and 2030

The global ultrasonic sensor market generated a revenue of $4.1 billion in 2019 and is predicted to reach a value of $12.1 billion by 2030. According to the forecast of the market research firm, P&S Intelligence, the market will progress at a CAGR of 10.2% between 2020 and 2030. The surging usage of ultrasonic sensors in automobiles and the growing requirement for these sensors in the manufacturing industry are the two main factors driving the progress of the market.

In manufacturing industries, ultrasonic sensors are extensively used for several applications such as the diameter measurement of roll, loop control, distance measurement, height measurement, and tank water level measurement. Furthermore, with the rapid surge in industrial production in the developing countries, the requirement for ultrasonic sensors, especially in level measurement applications, is soaring quickly. For example, as per reports published in September 2019, in Turkey, the industrial production increased by nearly 3.4% year-on-year.

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The burgeoning usage of these sensors in automobiles is another important factor fueling the growth of the market. Ultrasonic sensors are heavily used in vehicles in several applications such as park assistant systems, level sensing in fuel tanks, and object identification and detection. Due to the ballooning automobile manufacturing, especially in the emerging economies such as Thailand, Indonesia, and China, the sales of ultrasonic sensors are rising sharply all over the globe.

Besides the aforementioned factors, the rising requirement for industrial automation is predicted to create huge growth opportunities for the players operating in the ultrasonic sensor market in the coming years. The implementation of the Industry 4.0 program in the manufacturing industry is predicted to boost the requirement for automation in several industrial processes in the future years. Furthermore, manufacturers are rapidly incorporating automation in various manufacturing operations for augmenting the productivity.

Depending on end user, the ultrasonic sensor market is divided into automotive, healthcare, industrial, agriculture, and food & beverage categories. Out of these, the automotive category is predicted to demonstrate the fastest growth in the market in the coming years. This is credited to the rising requirement for ultrasonic sensors for detecting obstacles in self-driving vehicles. These sensors are used in self-driving vehicles for various distance measurement applications. This causes a sharp reduction in the incidence of road accidents.

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Geographically, the ultrasonic sensor market recorded the highest growth in the Asia-Pacific (APAC) region during the last few years and is also predicted to demonstrate the fastest growth in this region in the coming years. The main factors propelling the advancement of the market are the soaring automobile manufacturing and the booming industrial manufacturing sector, primarily in India, China, and Thailand. Additionally, the rising requirement for smart farming equipment will propel the market growth in the region in the future.

Hence, it can be said with confidence that the market will register huge growth around the world in the upcoming years, mainly because of the mushrooming usage of ultrasonic sensors in vehicles and various manufacturing operations.

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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.