Press release
Ultrasonic Sensor Market to Reach $10.43 Billion By 2028 at 11.1% CAGR | Balluff GmbH, Banner Engineering Corp., Baumer Group, Hans Turck GmbH & Co. KG
Ultrasonic Sensor Market
Rise in adoption of robotics in industrial sectors, surge in usage in the healthcare industry, and adoption in the food & beverage sector drive the growth of the global ultrasonic sensor market. However, availability of substitute sensors hinders the market growth. On the other hand, adoption of surveillance drones and usage in smart applications present new opportunities in the coming years.
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Allied Market Research published a report, titled, "Ultrasonic Sensor Market by Product Type (Proximity Detection and Range Measurement), Application (Level Monitoring, Anti-Collision Detection, Distance Measurement, Object Detection, Loop Control, Robotic Sensing, and Others), End User (Automotive, Industrial, Consumer Electronics, Healthcare, Food & Beverages, Aerospace & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028." According to the report, the global ultrasonic sensor industry generated $4.90 billion in 2020, and is estimated to reach $10.43 billion by 2028, witnessing a CAGR of 11.1% from 2021 to 2028.
The range measurement segment to maintain its lead position during the forecast period
Based on product type, the range measurement segment held the highest share in 2020, accounting for more than half of the global ultrasonic sensor market, and is expected to maintain its lead position in terms of revenue during the forecast period. This is due to advantages of ultrasonic sensors over traditional sensors such as detection and measurement of moving objects and ability to detect small objects over long distances.
The level monitoring segment to maintain its leadership status during the forecast period
Based on application, the level monitoring segment accounted for the highest share in 2020, contributing to more than one-fifth of the global ultrasonic sensor market, and is estimated to maintain its leadership status during the forecast period. This is due to its advantages such as time and cost savings, real-time monitoring and instant alerts, and adaptability with changing industrial needs.
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Europe, followed by North America, to continue its dominant share by 2028
Based on region, Europe, followed by North America, accounted for the highest share in 2020, contributing to nearly one-third of the global ultrasonic sensor market, and is expected to continue its dominant share by 2028. This is due to rise in its demand from consumer electronics and technological advancements across the region.
Leading market players
Balluff GmbH
Banner Engineering Corp.
Baumer Group
Hans Turck GmbH & Co. KG (Turck)
Honeywell International Inc.
Murata Manufacturing Co., Ltd
OMRON Corporation
Pepperl+Fuchs SE
Rockwell Automation, Inc.
Sick AG
Key Market Segments
By Product Type
• Proximity Detection
• Range Measurement
By Application
• Level Monitoring
• Anti-Collision Detection
• Distance Measurement
• Object Detection
• Loop Control
• Robotic Sensing
• Others
By End User
• Automotive
• Industrial
• Consumer Electronics
• Healthcare
• Food & Beverages
• Aerospace & Defense
• Others
By Region
• North America
◦ U.S.
◦ Canada
◦ Mexico
• Europe
◦ Germany
◦ France
◦ UK
◦ Italy
◦ Russia
◦ Rest of Europe
• Asia-Pacific
◦ China
◦ Japan
◦ India
◦ South Korea
◦ Australia & New Zealand
◦ Rest of Asia-Pacific
• LAMEA
◦ Latin America
◦ Middle East
◦ Africa
Read More: https://www.alliedmarketresearch.com/ultrasonic-sensor-market-A11631
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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