Ultrasonic Sensor Market
- February 2020 •
- 171 pages •
- Report ID: 5879066 •
- Format: PDF
As a result of the growing demand from the manufacturing sector and mushrooming incorporation of ultrasonic sensors in automobiles, the market for these instruments is expected to witness massive advance during the forecast period (2020–2030), with a CAGR of 10.2%. At this rate, the global ultrasonic sensor market is predicted to increase in value from $4.1 billion in 2019 to $12.1 billion by 2030. An ultrasonic sensor is used for measuring the distance of an object, by employing ultrasonic waves at a frequency above what the human brain can comprehend.
The rising demand for such instruments from different industries is a major factor driving the upswing in the ultrasonic sensor market value. At manufacturing plants, ultrasonic sensors are used in various important processes, such as diameter measurement of rolls, loop control, height measurement, tank water level measurement, and distance measurement. Furthermore, the escalating industrial production in developing countries is creating a high demand for these sensors, especially for the fluid level measurement application.
The rapidly growing adoption of such devices in automobiles is another important factor driving the ultrasonic sensor market. These sensors are used for various applications in automobiles, such as object detection and identification, level sensing in fuel tanks, and in park assist systems. Due to the surge in the production of vehicles, as a result of the increasing disposable income across the globe, especially in the emerging economies, such as Indonesia, China, and Thailand, the usage of ultrasonic sensors is set to skyrocket in the coming years.
Based on application, the ultrasonic sensor market is mainly categorized into distance measurement, level measurement, diameter measurement, loop control, and object & pallet detection. Amongst these, the object & pallet detection category is predicted to record the fastest growth, in terms of revenue, during the forecast period. This is ascribed to the rising demand for such instruments for obstacle detection, especially in driverless cars. Furthermore, the rapid advancements in the food and beverage industry are expected to further boost the usage of object & pallet detection systems.
On the basis of type, the ultrasonic sensor market is divided into two categories, namely proximity detection and range measurement. Of these, the proximity detection category had the larger market share, in terms of revenue, in 2019. This is primarily attributed to the burgeoning use of ultrasonic proximity sensors in various food and beverage processing applications. The range measurement category is expected to register faster growth during the forecast period.
The biggest trend being witnessed in the ultrasonic sensor market is the rising demand for autonomous mobile robots (AMRs). AMRs are experiencing a rapidly increasing demand from various industries, such as medical electronics, automotive, and oil & gas, primarily on account of the rising technological advancements and the strong focus toward high productivity, augmented operational capacity, and improved efficiency. Ultrasonic sensors are widely used in AMRs for obstacle detection and computing the distance between two objects.
Geographically, the Asia-Pacific (APAC) region accounted for the largest share, in terms of revenue, in the ultrasonic sensor market, in 2019. It is also expected to record the fastest growth in the market during the forecast period. The main factors resulting in APAC’s leading share and swift advance in the market are the increasing automobile production and booming industrial manufacturing sector in the region, especially in countries such as India, China, and Thailand.
Hence, the progress of the automobile production and industrial manufacturing sector, especially in the emerging economies, will lead to the consistent growth of the market.