Ultrasonic Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Ultrasonic Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • February 2021 •
  • 147 pages •
  • Report ID: 6028461 •
  • Format: PDF
The ultrasonic sensors market was valued at USD 1040.12 million in 2020 and is expected to reach a value of USD 2383.19 million by 2026, at a CAGR of 15.68%, during the forecast period (2020-2025). The ultrasonic sensor is an emerging technology with significant growth potential. Ultrasonic sensors rely on non-intrusive detection of target objects. They are primarily based on three principles - the Doppler shift, amplitude attenuation, and time of flight. Ultrasonic sensors are being widely used in the automotive, healthcare, industrial, food, and electronics sector.

- Ultrasonic sensors can effectively measure various parameters, such as distance, diameter, position, presence, and level of an object in a medium. The application of ultrasonic sensors can be broadly classified into - detection, measurement, and destruction of objects.
- Ultrasonic sensors can also be used for non-destructive evaluation of objects, including the inspection and quantitative testing of industrial structures and health monitoring of old buildings. They are particularly useful in complicated environments where optical sensors are unusable. They rely on non-contact methods of detection and measurement of objects in a medium.
- The growth drivers in this sector are - a steady increase in medical applications, reliability, cost-effectiveness, versatile functionality, and emerging solutions in diverse industrial implementations.
- Competition from other sensors such as lower response speed and accuracy in comparison with optical sensors and a dearth of manufacturing excellence hinder the market growth.

Key Market Trends
Automotive Industry to Create Huge Demand for Ultrasonic Sensors

- Ultrasonic devices offer several applications in automotive sensors, like parking assistance, safety alarms, collision avoidance, object detection, and automatic braking system. They play an important role in shaping the future of the next-generation driver assistance and self-driving systems.
- On-board sensing systems are being offered in advanced cars for a premium process. These systems rely on ultrasonic sensors for measuring relative distances of objects from the car. Long-range radar capabilities are being integrated with cruise control systems to avoid collisions between vehicles. These sensors are also being used for detection of distances on the rear end of the automobiles for parking assistance and braking control.
- Additionally, sensor vendors have been offering several variants of ultrasonic sensors with increased capabilities like open-structures, waterproofing, and external casing for reducing damage. Thus, with the expected hike in ADAS systems in the future, ultrasonic sensors will witness a proportional rise.

North America to Account for a Significant Share in the Market

- North America has been a traditional leader in the ultrasonic sensors market due to a number of factors. Market penetration is quite high in this sector and the presence of several automotive and manufacturing giants is a very crucial growth factor.
- Among the countries of North America, the United States holds most of the market share, while the Canadian market is estimated to grow faster than the US market. The health expenditure per capita in the United States is very high, greater than its developed counterparts in Europe.
- Since ultrasonic sensors can visualize the internal condition of the human body without damaging it, they are widely used in various medical inspections, including prenatal examinations to which radiography cannot be applied.
- Moreover, the rising demand for better surgical procedures by health-conscious citizens is driving the market for ultrasonic sensors in this region.

Competitive Landscape
The ultrasonic sensors market is highly concentrated, as ultrasonic sensors constitute only a fraction of the market share among the other variants of sensors. The rate of adoption for ultrasonic sensors is being affected by the presence of traditional types of sensors. Some of the key players in the market are Siemens AG, Pepperl+Fuchs, Honeywell International Inc., Baumer Ltd, Rockwell Automation, and Murata Manufacturing Co. Ltd.

- January 2019 - Pepperl+Fuchs released a low-temperature version of its popular L2 ultrasonic sensor, which is ready for use in cold storage and extremely cold regions of the world.
- November 2018 - New ultrasonic sensors from Baumer outperformed with robust housings and IO-link.The sensors for distance measurement and object detection are characterized by particularly robust design. The sensors sealed with PEEK films easily withstand even the toughest conditions, such as the IP 69 impermeability test.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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