Ultrasonic Sensors Market to Advance at CAGR of 9.3% During 2022-2031; Finds TMR Study
- Rising incorporation of ultrasonic sensors for USVs (unmanned surface vessels) and UASs (unmanned aerial systems) expanding revenue potential in aerospace and defense industries
- Extensive utilization of IoT and V2X Tech for connected cars catalyzing ultrasonic sensors market growth; Demand for wide range of applications in agriculture and construction underpins vast profitable avenues in Asia Pacific
ALBANY, N.Y., May 9, 2022 /PRNewswire/ -- Extensive utilization of ultrasonic sensors in autonomous vehicles and wide spectrum of industrial robotics applications have been prominent adoption trends in the ultrasonic sensors market. Sizable demand for ultrasonic sensors in Advanced Driver Assistance Systems (ADAS) has reinforced abundant avenues for market players. The global valuation of the ultrasonic sensors market is projected to exceed US$ 7.9 Bn by 2031.
Companies are witnessing new revenue streams by broadening product portfolio for civilian and public domain applications. New technologies for data fusions among next-gen radars, cameras, and ultrasonic systems will pave the way to new opportunity for ultrasonic sensors, assert the TMR study assessing dynamics that will shape the future of ultrasonic sensors market.
Rise in consumer preference for connected cars is enriching the revenue prospects of various automotive companies in the ultrasonic sensors market. Growing awareness about the technical specifications of newer assortment of ultrasonic sensors will help make the technology an inexpensive one and with versatile use. Indeed, the growing applications in the architecture, engineering and construction (AEC) industry especially in emerging economies is expanding profitable avenues for key vendors in ultrasonic sensors market to capitalize on.
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Key Findings of Ultrasonic Sensors Market Study
- Civilian and Public Domain Applications to Unlock Massive Revenue Streams: Advancements in USVs (Unmanned Surface Vessels) have led to proliferation in demand for ultrasonic sensors in the aerospace and defense industries. Of note, an in-depth study analyzing the marketing strategy for ultrasonic sensors found that military applications have greatly expanded the size of the ultrasonic sensors market. However, the authors of the study opine that UASs (Unmanned Aerial Systems) will gain traction in civilian applications. On the other hand, increasing trend of cobots in healthcare industries is propelling civilian applications, and is likely to set the tone for new revenue streams. The wide range of applications where healthcare robotics have been commercialized in recent years have also enriched the value chain of the ultrasonic sensors market.
- Use in Array of ADAS Applications Expanding Opportunity for Ultrasonic Sensors: Technologies in the ultrasonic sensors market have evolved to meet complex ADAS functions in the automotive industry, observed the study on the ultrasonic sensors market. Ultrasonics have been massively commercialized in ADAS sensor technologies, particularly where short-range operating range is required such as in automated parking systems. With a few automotive heavyweights pouring in dollars on autonomous vehicles, the next few years will see ultrasonic sensors with incredible opportunities, especially in Asia Pacific. In part this has been ascribed to the fact that several economies of the region have been prominent automotive manufacturing hubs. The growing popularity of automotive IoT and V2X (vehicle-toe-everything) tech for connected cars will open new opportunity for vendors of ultrasonic sensors. Advancements in automotive electronics for these are catalyzing the sales of products in the ultrasonic sensors market.
- Increasing Trend of Adoption of Robotics in Numerous Industry Verticals Determines Marketing Strategy for Ultrasonic Sensors Manufacturers: The TMR study observed that marketing strategy for ultrasonic sensors will be greatly influenced in coming years on the back of rise in industrial automation with robotics. Various industry verticals will see innovative applications of robotics. A case in point is the use of ultrasonic agriculture sensors for precision farming.
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Ultrasonic Sensors Market: Key Drivers
- Increasing trend of industrial automation has spurred businesses across industries to adopt low-cost sensor technologies in wide range of industrial robotics. This is fueling the commercialization of products in ultrasonic sensors market. Recent trends in the ultrasonic sensors market indicate that the proliferation of service robots has been expanding the avenues.
- Growing R&D in autonomous vehicles and self-driving cars is a key underpinning for the expansion of lucrative avenues for various automotive and tech companies in the ultrasonic sensors market
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Ultrasonic Sensors Market: Key Players
Some of the key players in the ultrasonic sensors market are:
- Rockwell Automation Inc.
- OMRON Corporation
- Murata Manufacturing Co., Ltd
- Microsonic GmbH
- MaxBotix Inc.
- Honeywell International Inc.
- Gems Sensors & Controls
- Crest Ultrasonics Corp
- Branson Ultrasonics Corporation
- Baumer Group
- Qualcomm
- Pepperl+Fuchs GmbH
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Global Ultrasonic Sensors Market: Segmentation
Ultrasonic Sensors Market, by Type
- Ultrasonic Proximity Sensors
- Ultrasonic Retro-Reflective Sensors
- Ultrasonic Through Beam Sensors
- Ultrasonic 2 Point Proximity Switches
Ultrasonic Sensors Market, by Application
- Liquid Level Measurement
- Object Detection
- Distance Measurement
- Anti-collision Detection
- Pallet Detection
- Others
Ultrasonic Sensors Market, by End-use Industry
- Automotive
- Consumer Electronics
- Power and Oil & Gas
- Chemical
- Agriculture
- Construction
- Pulp & Paper
- Material Handling
- Food & Beverage
- Medical & Healthcare
- Aerospace & Defense
- Others (Metal Working, Printing, Textile, etc.)
Ultrasonic Sensors Market, by Region
- North America
- U.S.
- Canada
- Rest of America
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- Japan
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
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