The global ultrasonic sensor market is majorly driven by need for advanced features in vehicles coupled with increasing applications of ultrasonic sensor especially in healthcare and pulp & paper. Furthermore, increasing popularity of wearable medical devices and high need for automation across various industries is also boosting the growth of the market.
Global Ultrasonic Sensor Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1,493 million by 2024 from $406 million in 2016, growing at a CAGR of 17.7% from 2016 to 2024.
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The global ultrasonic sensor market is boosted by major market drivers such as increasing requirement of additional safety features in vehicles, rising demand for automations across the industry, increasing concern for safety of drivers. However, ability to absorb sound by low-density materials and presence of other technologies may retrain the growth of the market.
Furthermore, entry of new players and rise in R&D for technology advancements are the major opportunities.
The global ultrasonic sensor market has been into type, application, and industry. Type segment is further categorized into ultrasonic through beam sensors, ultrasonic proximity sensors, ultrasonic reflective sensors and ultrasonic 2 point proximity switches.
Ultrasonic proximity sensors held the largest market share in 2016 and expected to remain the largest over the forecast period 2016 – 2024. Ultrasonic through beam sensors is anticipated to grow at a fastest CAGR over the forecast period.
Moreover, application segment are anti-collision detection, distance measurement, liquid level measurement, pallet detection, object detection, and other applications. Liquid level measurement held the highest market share in 2016 and expected to remain the largest throughout the forecast period.
Industry segment includes food & beverages, automotive, healthcare, and aerospace & defense, oil & gas, chemicals, agriculture, pulp & paper, material handling, construction and other applications. Pulp & paper application is expected to dominate the industry segment during the forecast period 2016-2024, driven by its ability to analyse their mechanical properties to determine the quality of paper.
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North America, Europe, Asia-Pacific and Rest of the World (RoW) are major leading sub segments of the geography segment of the global ultrasonic sensor market. Europe held the highest market share in 2016, driven by increasing need for intelligent parking assist systems and enhancement of new car safety assessment standard.
Furthermore, Asia Pacific is anticipated to grow at a fastest CAGR over the forecast peiod 2016 -2024. The growth is driven by rise in automation in the various industries in the region.
Key market players are Honeywell International Inc., Toshiba America Medical Systems, Inc., Branson Ultrasonic Corp., OMRON Corporation, APC International Ltd., Murata Manufacturing Co., Ltd., Siemens Ag, GE Healthcare, Ltd., Rockwell Automation, Inc., and Pepperl+Fuchs GmbH, among others.
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