Ultrasonic Sensor Market to Reach 7.45 Billion by 2032 at a CAGR of 11.1% By Emergen Research

The global ultrasonic sensor market size was USD 6.09 Billion in 2022 and is expected to register a steady revenue CAGR of 11.1% during the forecast period, according to latest analysis by Emergen Research. Increasing adoption of robotics in industrial sectors and use of ultrasonic sensors in the Food & Beverage (F&B) sector and rising demand of ultrasonic sensors for vehicle parking are key factors driving market revenue growth. Ultrasonic sensor is used to calculate the distance of any object through emitting ultrasonic sound waves and converts the reflected sound into an electrical signal.

These sensors are used in many applications and industries, such as F&B, to calculate liquid level in bottles. Technological developments in ultrasound sensors have resulted in improved imaging quality, quicker exam times, and more accuracy. In addition, the development of portable ultrasound sensors has improved access to medical treatment by enabling the use of ultrasound technology in underdeveloped and remote places. Ultrasonic sensors are frequently used in robotics and automation to measure distance, locate objects, and identify objects.

In the latest report from Emergen Research, the market research report discusses the global Ultrasonic Sensor market in depth, and each of the major market segments is examined in depth. In addition to market information, the report provides industry statistics, regional market revenue shares, gross profits, production & distribution costs, and product portfolios related to the global Ultrasonic Sensor market.

There are also a number of factors influencing industry revenue growth identified in the report, including drivers, opportunities, trends, restraints, challenges, demand and supply ratios, production and consumption patterns, stringent regulatory frameworks, as well as a multitude of other micro- and macro-economic factors. In addition to detailed market projections, the authors of the report have assessed the Ultrasonic Sensor industry quantitatively and qualitatively. In this report, we discuss two of the most important components of this report: SWOT analysis and Porter's Five Forces Analysis. These analyses offer a deep insight into the highly competitive scenario of the industry

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Key Market Competitors Profiled in the Report:
Rockwell Automation, Siemens, Honeywell International Inc., Balluff Automation India Pvt. Ltd., Pepperl+Fuchs (India) Pvt. Ltd., Baumer, Murata Manufacturing Co., Ltd, Crest Ultrasonics Corp., OMRON Corporation, and Blatek Industries, Inc

Some Key Highlights From the Report

• The retro-reflective sensors segment is expected to account for largest revenue share in the global ultrasonic sensor market over the forecast period. This is due to ongoing Research & Development (R&D) as well as advancements in the disciplines of optoelectric and photoelectric sensors, which will speed up the production of retro-reflective devices. Retro-reflective sensors are commonly used in smartphones owing to their compact size. In addition, rising adoption of smartphones and increasing consumer interest in cutting-edge technologies, such as fingerprint scanners, are also expected to drive revenue growth pf this segment during the forecast period. Moreover, automotive, metalworking, industrial automation, and life science industries are using these sensors more to recognize small pallets of colored plastic that are being carried over a conveyor belt.

• The obstacle detection segment is expected to register steadily fast revenue growth rate in the global ultrasonic sensor market over the forecast period. This is attributed to increasing need of ultrasonic sensor to help visually impaired people with navigation and obstacle detection. Obstacle detection systems are crucial to modern vehicles because these provide a comprehensive understanding of the risks and obstructions that could endanger the vehicle and its occupants. In addition, rising demand for Advanced Driver Assistance System (ADAS) is also expected to drive revenue growth of this segment during the forecast period.

• The medical segment is expected to account for significantly large revenue share in the global ultrasonic sensor market during the forecast period. This is due to rising demand for ultrasonic sensors in the medical sector and development of portable and handheld ultrasound equipment. The capacity of these devices to generate high-quality images aid in the detection of many medical ailments including cancers, musculoskeletal issues, and cardiovascular abnormalities. In addition, increasing prevalence of chronic diseases, such as diabetes, cardiovascular disorders, and cancer, is rising demand for ultrasonic equipment, as these devices help in early detection and diagnosis.

• The North America market accounted for largest revenue share in the global ultrasonic sensor market in 2022 due to presence of key players and decreasing number of companies partnering for better efficiency, product development, and expanding to a larger customer base. For instance, on 7 April 2021, Amphenol Corporation, a leading global provider of high-technology interconnect, antenna and sensor solutions announced the acquisition of MTS Systems Corporation. Amphenol estimates that in the first year following the closing, the MTS Sensors business will generate an additional USD 350 million in revenues. As previously announced, in the first year following closing, MTS Sensors is expected to add USD 0.05 to Amphenol's profits per share, excluding acquisition-related costs and accounting for the company's recent 2-for-1 stock split.

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This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2019 and 2032. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Ultrasonic Sensor market on the basis of product, application, and region:

Emergen Research has segmented the global ultrasonic sensor market on the basis of type, application, end-use industry, and region:

Type Outlook (Revenue, USD Billion; 2019-2032)
o Proximity Sensors
o Retro-reflective Sensors
o Through Beam Sensors
o Others

Application Outlook (Revenue, USD Billion; 2019-2032)
o Object Detection
o Distance Measurement
o Liquid Level Measurement
o Anti-Collision Detection
o Others

End-use Industry Outlook (Revenue, USD Billion; 2019-2032)
o Automotive
o Medical
o Oil & Gas (O&G)
o Industrial
o Food & Beverages (F&B)
o Others

Regional Analysis of the Ultrasonic Sensor Market:
• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Key Objectives of the Report:
• Analysis and estimation of the Ultrasonic Sensor market size and share for the projected period of 2019-2032
• Extensive analysis of the key players of the market by SWOT analysis and Porter's Five Forces analysis to impart a clear understanding of the competitive landscape
• Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Ultrasonic Sensor market
• Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
• Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities

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