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Ultrasonic Sensor Market Revenue to Cross US$ 9.09 billion by 2027: The Insight Partners

According to the new research report published by The Insight Partners, titled “Ultrasonic Sensor Market to 2027 – Global Analysis and Forecasts By Type (Proximity Sensors, Retro- Reflective Sensors, Through Beam Sensors, Others); Application (Liquid Level Detection, Production Line, Distance Measurement, Others); Industry Vertical (Automotive, Food & Beverage, Medical, Oil & Gas, Industrial, and Others)”, The global market accounted to US$ 4.43 Bn in 2018 and is expected to grow at a CAGR of 8.4% during the forecast period 2019 – 2027, to account to US$ 9.09 Bn by 2027.

The ultrasonic sensors are broadly used in diverse industries, including food & beverages, chemicals, medical, automotive, agriculture, wastewater management, and more. Owing to an increase in integrating automation into manufacturing and other industries, the use of industry 4.0 is contributing heavily towards the growth of the ultrasonic sensor market. Moreover, the use of sensors in autonomous vehicles and other vehicles with ADAS features to measure the range during parking is giving other opportunities to the automotive industry for growth. On the contrary, the availability of substitute products such as an optical sensor for measuring distance might act as an obstacle in the growth of ultrasonic sensor market.

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The automakers globally are observing substantial demand for smart devices in their vehicles. This has led the automobile manufacturers to continuously focus on innovating, designing, and developing autonomous cars that have already attracted a fair percentage of customers in major automotive manufacturing countries.  The automotive and semiconductor industry, are continually focusing on improving technologies, negotiating prices of raw materials, and finally integrating the cars with robust technologies. The surging adoption of advanced ADAS systems is impacting positively on the ultrasonic sensor. ADAS is an emerging automation trend to offset human errors with the help of ultrasonic sensors as it is a crucial element. This factor is expected to trigger the growth of the ultrasonic sensor in the coming years.

The ultrasonic sensor market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, MEA, and SAM. The Europe region holds the highest market share, whereas APAC is projected to be the fastest-growing region as well in the coming years. The European industrial sector has been quick to adopt new technologies which is expected to drive the growth of ultrasonic sensors in the industrial segment. Also the government in the region is also taking initiatives for the development for the adoption of new technologies by the industrial sector. On the other hand, the automotive sector in the Asia-Pacific is robust and plays an essential role in supporting the economy. China, Japan, and South Korea are some of the largest manufacturer of automotive vehicles around the globe. In addition, Japan is a well-developed economy and is one of the most automated economies around the world.

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An upsurge in the adoption of industrial automation

The penetration of industrial automation is gaining pace in diverse industries other than automotive. In the recent past, the non-automotive industries were very underpenetrated in comparison to the automotive industry. This growth is attributed to the necessary modernization and transformation required in these markets. Developed markets, including China, the US, and Japan, have higher penetration; however, there is still a lot of opportunities available for the industrial market to grow further even in the developed markets. Due to aforesaid factors, the scenario of the ultrasonic sensor is growing exponentially and is projected to flourish worth more demand during the forecast period.

Significant investments in sensors for the agriculture sector

The development of a sensing system that extracts information from an ultrasonic sensor is rising, and this information would be used in a broad range of sensing operations within precision agriculture. Furthermore, the ultrasonic sensor saves on pesticides by locating tree gaps. Once these sensors are recognized, the spraying operation temporarily stops. This is expected to provide huge benefits to the companies providing this system and thus, positively impacting the ultrasonic sensor market.

Ultrasonic Sensor Market: Competitive Landscape and Key Developments

Balluff GmbH, Baumer Group, Honeywell International, Inc., Keyence Corporation, Migatron Corporation, Murata Manufacturing Co. Ltd., Omron Corporation, Pepperl+Fuchs AG, Rockwell Automation, Inc., and Siemens AG are among the key players in the global Ultrasonic Sensor market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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2019: Baumer opened a new production facility in North Macedonia. The facility is opened to address to ensure quick deliveries to the customers of Baumer across Europe. In May 2019, the new facility has commenced its sensor production.

2018: Pepperl+Fuchs has presented a new UCC*-50GK ultrasonic sensor. This sensor is developed for distance measurement. The UCC*-50GK uses ultrasonic pulses to calculate the distance to the target and reports information with the help of one of three sensor outputs.

2018: Siemens presented a new compact level transmitter, named as Sitrans Probe LU240. Its ultrasonic level measurement Hart transmitter and rugged device offer reliable volume, level, and flow measurements. The Sitrans Probe LU240 has its application in food & beverage and chemical industries.

2017: Omron Corporation Acquired Microscan Systems, Inc. With this acquisition Microscan to the Omron Group, Omron focus on advancement of its interconnected, industrial Internet of Things (IoT), machine vision, and barcode scanning, solutions.

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Contact Person: Sameer Joshi

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