Ultrasonic Sensor Market revenue to cross USD 5 Bn by 2028: Global Market Insights Inc.
Europe ultrasonic sensor market is predicted to reach USD 1 billion by 2028 due to the rising automotive production in the region.
SELBYVILLE, Del., March 10, 2022 /PRNewswire/ -- The ultrasonic sensor market size is expected to record a valuation of USD 5 billion by 2028, according to the most recent study by Global Market Insights Inc. The growth is attributed to the rising usage of automated devices for the identification of potential threats in defense applications. These devices consist of surveillance drones, cruise missiles, submarines, and tactical aerial weapons. These military and defense equipment require frequent maintenance, repair, and installation, further leveraging the market players to develop ultrasonic sensors for Non-Destructive Testing (NDT) services in the aerospace & defense sector.
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The COVID-19 pandemic had a significant impact on the ultrasonic sensor market development with decreased demand in the automotive and industrial sectors. However, in the advent of the COVID-19 outbreak, numerous manufacturing plants are moving toward the use of factory automation and robotics to increase their production capacity. This will increase the development potential of ultrasonic sensor companies.
The others segment is projected to register 9% growth rate through 2028 impelled by the growing utilization of ultrasonic proximity sensors in production & process control applications. These sensors can monitor a wide range of products irrespective of surface or material qualities, thus improving adoption in food packaging and processing applications. In addition, several government measures to accelerate the food industry's manufacturing and supply chain will fuel the market growth.
The obstacle detection segment captured more than 15% of ultrasonic sensor market share in 2021 led by the increasing deployment of automatic safety technologies in vehicles such as parking assistance, obstacle identification, and accident avoidance. An ultrasonic sensor identifies surrounding obstacles and assists in avoiding collisions with them. Major automakers including Tesla and Audi are focusing on incorporating technologically advanced ultrasonic sensors to address the growing safety demand in the automobile market.
The ultrasonic sensor market for consumer electronic segment accounted USD 500 million in 2021. Growing government efforts and financial initiatives to promote consumer electronics manufacturing & distribution are supporting the market expansion. For instance, in June 2021, the Indian government stated that it will extend its Production Linked Incentive (PLI) program until 2026. The government aims to provide USD 23 billion under this scheme to encourage the establishment of production facilities for consumer durables and electronic goods in the country.
Europe ultrasonic sensor market is anticipated to exceed USD 1 billion by 2028 owing to the rising automotive production in the region. According to the OICA report 2021, the total production of automotive vehicles in Europe region increased by 5% over the previous year. In the FY2021, the region produced 11 million units, which is the third highest globally. Moreover, the increasing acceptance of automated driving technologies, such as lane assist, parking assist, obstacle detection, and collision avoidance, will create additional growth opportunities for the market in the coming years.
Some of the major participants operating in the ultrasonic sensor market are Pepperl+Fuchs AG, Murata Manufacturing Co., Ltd., Rockwell Automation Inc., Banner Engineering Corp., TE Connectivity Ltd., TDK Corporation. These companies are extensively focusing on continuous research & development activities and new product launches to stay competitive in the market
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The following are some of the key findings of the market report:
- The increasing penetration of home automation and IoT devices in developing countries will open competitive growth potential for ultrasonic sensor manufacturers. These sensors decrease power consumption and increase the performance of connected devices, thus growing the market value.
- Ultrasonic sensors are witnessing demand from level monitoring applications in oil & gas storage facilities, pharmaceuticals, and the food & beverage market.
- The growing utilization of ultrasonic sensors in ADAS applications such as collision avoidance, parking assistance, and blind-spot detection will enhance the industry growth. Rising government measures to include safety systems in automobiles will stimulate the market progression.
Table of Contents (ToC) of the report:
Chapter 3 Ultrasonic Sensor Market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic on market
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material and component suppliers
3.3.2 Manufacturers
3.3.3 Distribution channel
3.3.4 End-user
3.3.5 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Comparison of ultrasonic sensors with other sensors
3.4.2 3D ultrasonic sensor
3.4.3 USi-safety Ultrasonic Sensor System (Pepperl+Fuchs)
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Growth potential analysis
3.8 Porter's analysis
3.9 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/ultrasonic-sensors-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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SOURCE Global Market Insights Inc.
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