Ultrasonic Sensor Market to Reach $10.43 Bn, Globally, By 2028 at 11.1% CAGR: Allied Market Research
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.
PORTLAND, Ore., July 1, 2021 /PRNewswire/ -- 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.
Prime Determinants of Growth
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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Covid-19 Scenario
- Businesses and manufacturing units in the electronics and semiconductor sector were closed due to lockdown imposed in many countries. Moreover, the supply chain was affected adversely.
- The large-scale manufacturing interruption across Europe and disruption in exports of raw materials from China impacted the ultrasonic sensor industry.
- The demand from end user industries such as automotive, industrial, consumer electronics, and aerospace & defense reduced significantly due to lack of business continuity during the lockdown. However, the demand is expected to rise steadily during the post-lockdown.
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. However, the proximity detection segment is estimated to manifest the largest CAGR of 11.8% from 2021 to 2028, owing to increase in its demand for features such as object detection over intermediate distances and the ability to operate in a wide variety of operating conditions.
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. However, the anti-collision detection segment is projected to portray the fastest CAGR of 13.0% from 2021 to 2028, owing to technological advancements and increase in application in the healthcare sector.
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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. However, Asia-Pacific is estimated to register the highest CAGR of 13.1% during the forecast period, owing to rapid growth of industrialization and low operating cost.
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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
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