Ultrasonic Sensor Market Surpass $10.43 billion by 2028, Driven by Increase in Autonomous Vehicle and Advancement of IoT Technology

The global ultrasonic sensor market size was valued at $4.90 billion in 2020, and is projected to reach $10.43 billion by 2028, registering a CAGR of 11.10%. The Asia-Pacific region is expected to be the leading contributor to the global market growth during the forecast period, followed by North America and Europe.

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Ultrasonic sensor is an electronic instrument, which measures the distance to an object via ultrasonic sound waves. It works on high-frequency sound waves, which reflect from an object to generate dissimilar echo patterns. It uses transducer to send & receive ultrasonic signals that relay back data about an object's proximity. It is widely used in many applications such as presence detection, stacking height control, robotic sensing, liquid level control, loop control, full detection, through-beam detection for high-speed counting, irregular parts detection for hoppers and feeder bowls, 45° deflection, thread or wire break detection, and contouring using ultrasonic systems. Ultrasonic sensor industrial grade products are a highly reliable for detecting objects and measuring distance and fill level. The industrial ultrasonic sensor price is versatile in nature and proven to be a better substitute to capacitive or optical sensors.

The global ultrasonic sensor market size is anticipated to witness significant growth during the forecast period. Factors, such as growing use of ultrasonic sensors for object detection, pallet detection, and distance measurement across numerous industries, drive the growth of the ultrasonic sensors market. It is also widely used in the food & beverages industry for various purposes such as material handling, processing, and hygiene detection. However, limitation of ultrasonic sensors, such as limited detection range, is a major restraint to the global ultrasonic sensors market. In addition, growing demand from the healthcare sector for numerous applications, such as echocardiograms and echo graphs, is expected to create opportunities for the ultrasonic sensor industry.

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Moreover, developing nations tend to witness high penetration of ultrasonic sensor products especially in consumer electronics and automotive segments. Factors, such as increase in autonomous vehicle and advancement of IoT technology, accelerate the ultrasonic sensor market growth.

The global ultrasonic sensor market share is segmented into product type, application, end user, and region. By product type, the market is bifurcated into proximity detection and range measurement. On the basis of application, it is divided into level monitoring, anti-collision detection, distance measurement, object detection, loop control, robotic sensing, and others. Depending on end user, it is segregated into automotive, industrial, consumer electronics, healthcare, food & beverages, aerospace & defense, and others.

Region-wise, the ultrasonic sensor market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe contributed maximum revenue in 2020. However, between 2020 and 2028, the ultrasonic sensor market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging economical countries such as India, China, Japan, and South Korea. The overall ultrasonic sensors market analysis is determined to understand the profitable trends to gain a stronger foothold.

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The key players profiled in the report include 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., and Sick AG. These players have adopted various strategies, such as partnership, product launch, acquisition, and expansion, to expand their foothold in the industry.

KEY FINDINGS OF THE STUDY
• The automotive segment is projected to be the major application during the forecast period, followed by industrial. The rising demand for autonomous vehicle and advancements of IoT technology are anticipated to surge the product demand in future.
• Asia-Pacific and North America collectively accounted for more than 53% of the ultrasonic sensors market share in 2020.
• India is anticipated to witness the highest growth rate during the forecast period.
• The U.S. was the major shareholder in the North America ultrasonic sensor market, accounting for approximately 50% share in 2020.

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