The ultrasonic sensors global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Ultrasonic Sensors Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The ultrasonic sensors market size has grown rapidly in recent years. It will grow from $4.94 billion in 2023 to $5.54 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to energy efficiency requirements, advancements in autonomous vehicles, industry 4.0 and smart manufacturing, emergence of wearable technology, medical imaging advancements.
The ultrasonic sensors market size is expected to see rapid growth in the next few years. It will grow to $8.25 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to advancements in wearable technology, environmental monitoring and sustainability, smart cities and IoT integration, rising demand in healthcare, expanding role in consumer electronics. Major trends in the forecast period include miniaturization and integration, healthcare applications, advanced gesture recognition, increased range and accuracy, smart home technologies.
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Scope Of Ultrasonic Sensors Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Ultrasonic Sensors Market Overview
Market Drivers –
The increasing popularity of autonomous vehicles is expected to propel the ultrasonic sensors market going forward. Autonomous vehicles are self-driving vehicles equipped with sensors and technology to navigate and operate without human intervention, revolutionizing transportation with advanced automation. The increasing popularity of autonomous vehicles is driven by their potential to enhance safety, efficiency, and convenience in transportation. In autonomous vehicles, ultrasonic sensors enable precise obstacle detection and proximity sensing, enhancing real-time decision-making for safe and efficient navigation. For instance, in December 2022, according to the National Highway Traffic Safety Administration (NHTSA), a US-based government agency, it is expected that there will be approximately 3.5 million autonomous vehicles on U.S. roads by 2025, which will reach 4.5 million by 2030. Therefore, the rising popularity of autonomous vehicles is driving the growth of the ultrasonic sensors market.
Market Trends –
Major companies operating in the ultrasonic sensors market are focused on developing innovative solutions, such as proximity detection sensors, to gain a competitive edge in the market. Proximity detection refers to the capability of identifying and measuring the closeness or distance of objects or devices to a reference point or each other. Proximity detection sensors are employed to identify the presence or absence of objects or devices nearby. For instance, in February 2022, Migatron Corporation, a US-based ultrasonic sensor manufacturer, launched two new sensor models, LCU-40APW and RPS-409A-IS3, aimed at proximity detection and displacement measurement tasks. The low-cost LCU-40APW is a self-contained sensor with an operational range from 100 mm to 1 meter. It includes an analogue output and a pulse width output, allowing use for either fixed, factory-calibrated 250 mV per inch measurement (analogue) or time-of-flight measurement to determine the distance. The RPS-409A-IS3 is a safe ultrasonic position sensor designed for measuring distances ranging from 100 mm to 5.5 meters, with four range options available. It features a 0–10 V DC output, providing a consistent analog volts per inch value relative to the sensor’s maximum range. Certified for application in hazardous gas or dust environments classified as Class I, II, or III, it requires approved intrinsic safety barriers for operation.
The ultrasonic sensors market covered in this report is segmented –
1) By Type: Ultrasonic Proximity Sensors, Ultrasonic Retro-Reflective Sensors, Ultrasonic Through Beam Sensors, Ultrasonic 2 Point Proximity Switches
2) By Technology: Bulk Piezoelectric Transducer, Micromachined Ultrasound Transducers
3) By Application: Liquid Level Measurement, Object Detection, Distance Measurement, Anti-Collision Detection, Pallet Detection, Other Applications
4) By End-use Industry: Automotive, Consumer Electronics, Power And Oil And Gas, Chemical, Agriculture, Construction, Pulp And Paper, Material Handling, Food And Beverage, Other End-use Industries
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Regional Insights –
North America was the largest region in the ultrasonic sensors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ultrasonic sensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the ultrasonic sensors market are Siemens AG, Honeywell International Inc., Eaton Corporation, Murata Manufacturing Co. Ltd., Rockwell Automation Inc., Keyence Corporation, Omron Corporation, Sick AG, IFM Electronic GmbH, Cognex Corporation, Pepperl+Fuchs, Balluff Inc., Valcom Inc., Telemecanique Sensors, Hans Turck GmbH & Co. KG, Gems Sensors & Controls, Baumer Group, Banner Engineering Corporation, MaxBotix Inc., Hokuyo Automatic Co. Ltd., Elobau Sensor Technology Inc., Senix Corporation, Carlo Gavazzi Holding AG, Contrinex AG, Banner Engineering Corporation, Massa Products Corporation, Migatron Corporation
Table of Contents
1. Executive Summary
2. Ultrasonic Sensors Market Report Structure
3. Ultrasonic Sensors Market Trends And Strategies
4. Ultrasonic Sensors Market – Macro Economic Scenario
5. Ultrasonic Sensors Market Size And Growth
…..
27. Ultrasonic Sensors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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