Ultrasonic Sensor Market Analysis
The global ultrasonic sensor market will touch USD 16 billion at 13.00% CAGR by 2030, as per the recent Market Research Future report.
Key Players
Eminent industry players profiled in the ultrasonic sensor market report include
· Siemens AG
· Pepperl+Fuchs GmbH
· Honeywell International, Inc.
· Murata Manufacturing Co. Ltd
· Rockwell Automation, Inc
· Megatron Corp.
· Synaptics Inc.
· Robert Bosch GmbH
· Baumer Ltd
· Schneider Electric SE
· MaxBotix Inc
· Omron Corporation.
Key players have incorporated several strategies to stay ahead such as mergers and acquisitions, new product launches, geographic expansions, partnerships, and more.
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Market Drivers
Increasing Application in Auto Industry to Boost Market Growth
The increasing application of ultrasonic sensors in various applications in the auto industry such as automatic braking system, object detection, collision avoidance, safety alarms, and parking assistance will bolster market growth in the forecast period. These play a pivotal part in the creation of technologies like self-driving systems and driver assistance. The advent of the self-driving vehicle & the collision detection system installation are also fuelling market growth.
Market Opportunities
Rise in Injuries and Chronic Illnesses to offer Lucrative Market Opportunities
The rising incidence of injuries and chronic illnesses related to internal organs, tendons, joints, and muscles will offer lucrative opportunities for the ultrasonic sensor market in the forecast period. Owing to these sensors lack of adverse effect and low cost, they are widely used time and again in various surgical procedures.
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Market Restraints and Challenges
Limited Detection Range to act as Market Restraint
The limited detection range and availability of substitutes may act as market restraints over the forecast period.
Market Segmentation
The global ultrasonic sensor market is bifurcated based on application and product.
By product, ultrasonic through beam sensor will lead the market over the forecast period.
By application, anti-collision detection will domineer the market over the forecast period.
COVID-19 Analysis of Ultrasonic Sensor Market
The COVID-19 epidemic had a mixed impact on the ultrasonic sensor market. On the one hand there was a disruption in the production of ultrasonic sensors due to the epidemic while on the other it was widely used for monitoring social distancing, contactless sanitization, for occupancy monitoring, and in ventilation control.
Regional Analysis
APAC to Command Ultrasonic Sensor Market
The APAC region will command the ultrasonic sensor market over the forecast period for the rapidly expanding auto industry and growing need for advanced security & safety in the industry. Besides, the growing need for such sensors in the industrial sector for level measurement and distance measurement is also propelling market growth. It is also widely used in the pharmaceutical and food & beverage industries. Furthermore, the rising investments in the R&D activities to develop advanced ultrasonic sensors coupled with the burgeoning need for eco-friendly & energy-efficient products are also adding to the market growth in the region.
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