Published Date: 3-Feb-2021
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According to a new report Global Ultrasonic Sensors Market, published by KBV research, The Global Ultrasonic Sensors Market size is expected to reach $5.9 billion by 2026, rising at a market growth of 9.5% CAGR during the forecast period.
The level measurement category is estimated to record a significant CAGR during the forecast period, due to the rising demand for level sensors for continuous level supervising in food and beverage, oil and gas, and water and wastewater infrastructure. The increasing use of level sensors for observing storage units and downstream processing plants has positively affected the demand in the oil and gas sector. Furthermore, the rising in shale gas exploration activities in countries like Russia, China, and the U.S. further boosts the growth of the segment. This segment gets the benefit from the rising demand for level sensors in the food & beverage industry for utilizing the level controllers in flour silos of big bakeries.
The automotive category is attributed to a notable share in the market in 2019. In the automotive industry, ultrasonic sensors are broadly utilized in the applications like parking assistance and collision avoidance. Furthermore, various companies like Pepperl+Fuchs GmbH, Omron Corporation, and Texas Instruments Incorporated, are aiming for the development of interfaces for these systems, especially in automotive applications.
The through-beam category is estimated to record a higher CAGR during the forecast period. This will contribute to the rising utilization of these sensors in fill-level measurement applications in transparent containers. Moreover, these sensors are majorly utilized in water & wastewater treatment plants for recording the turbidity of water. There is rising adoption of through-beam sensors in the food & beverage industry by food safety authorities for measuring the purity of liquids.
Europe held the largest market share in 2019, due to the rising demand for minimally invasive surgeries in the region. In minimally invasive surgery, ultrasonic sensors allow the surgeons to serve with high-precision. Moreover, the rising initiatives like Factories of the Future and Logistics Initiative Bavaria have propelled the growth of the regional market. The Asia Pacific market is estimated to grow at a CAGR of 10% during (2020 - 2026). Additionally, The North America market would showcase a CAGR of 9.3% during (2020 - 2026).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Honeywell International, Inc., Murata Manufacturing Co., Ltd., Rockwell Automation, Inc., Sick AG, Siemens AG, Baumer Holding AG, Balluff GmbH, IFM Electronics GmbH, Hans Turck GmbH & Co. KG, and Pepperl+Fuchs Group.
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