Ultrasonic Sensors Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

Published Date : Jan 2021 | No. of Pages : 250 Pages | Category : Semiconductor and Electronic

The global Ultrasonic Sensors market size is expected to be worth around US$ 6.04 billion by 2028, according to a new report by Vision Research Reports.

The global Ultrasonic Sensors market size was valued at US$ 3.91 billion in 2020 and is anticipated to grow at a CAGR of 6.9% during forecast period 2021 to 2028.

Growth Factors

The increasing adoption of ultrasonic sensors in automobiles for applications such as parking assistance systems and Automated Driver Assistance Systems (ADAS) is expected to emerge as a major factor influencing the market growth. The increasing demand for ultrasonic sensors in factory automation is expected to provide lucrative opportunities to market players.

Ultrasonic sensors are extensively used in the Unusual Motion Detection (UMD) technology that continuously monitors a scene and detects and marks unusual events. Furthermore, vast advancements in ultrasonic sensors such as the usage of matched filters have made them more accurate and more suitable for use in flow measurement by utility companies. Rising demand across these applications is expected to drive market growth over the forecast period.

As these systems are sensitive to high-frequency sound, they are often used for detecting distinctive sounds in the upper ultrasonic range emitted from machine friction and stress. The mounting number of COVID-19 cases globally has put health-related sources under immense pressure; as surgeons try to avoid the risk of exposing patients to possible COVID-19 infection during hospitalization, there has been a notable decrease in the number of surgeries globally. As a result, the demand for these systems across surgical applications has significantly lowered.

Report Highlights

The obstacle detection segment accounted for over 10% of the market share in 2021 owing to the increasing usage of these systems in collision avoidance systems of automobiles. Stringent government policies and regulations related to the installation of vehicle safety features such as collision avoidance systems and airbags have further fueled the growth prospects of the segment. 

The level measurement segment is anticipated to register a promising CAGR owing to the increasing demand for level sensors for continuous level monitoring in oil and gas, food and beverage, and water and wastewater infrastructure. The rising usage of level sensors for monitoring storage units and downstream processing plants has positively impacted demand across the oil and gas sector. Moreover, an increase in shale gas exploration activities in countries such as China, Russia, and the U.S. further drives the growth prospects of the segment. The segment could also benefit from the increasing demand for level sensors in the food & beverage industry for use in level controllers in flour silos of large bakeries.

The automotive segment accounted for a 15% share of the market in 2021. In the automotive industry, ultrasonic sensors are widely used in applications such as parking assistance and collision avoidance. Moreover, several companies, such as Pepperl+Fuchs GmbH, Omron Corporation, and Texas Instruments Incorporated, are focusing on the development of interfaces for these systems specific to automotive applications. 

The healthcare segment is projected to register the highest CAGR over the forecast period, thanks to the rising demand for ultrasonography and ultrasonic scanning. Ultrasonic scanning uses ultrasonic waves to produce images of internal organs and tissues. Furthermore, there has been an increasing demand for ultrasonic sensors in Ultrasonic Surgical Instruments (USI), which is anticipated to provide lucrative opportunities to market players. 

In terms of technology, the retro-reflective segment accounted for the 40% market share in 2021. This can be attributed to the advantages provided by these sensors, including reduced maintenance costs, installation costs, and reliability in detecting transparent objects. Moreover, retro-reflective sensors offer simple optical axis adjustment and wiring, which makes them easy to deploy. 

The through-beam segment is anticipated to register a high CAGR over the forecast period. This can be attributed to the increasing usage of these sensors in fill-level measurement applications in transparent containers. Furthermore, these sensors are extensively used in water & wastewater treatment plants for measuring the turbidity of water. There has been an increase in the adoption of through-beam sensors in the food & beverage industry by food safety agencies for monitoring the purity of liquids.

Europe dominated the market with a 30% market share in 2121, owing to the increasing demand for minimally invasive surgeries in the region. In minimally invasive surgery, ultrasonic sensors enable surgeons to operate with high-precision. Furthermore, the rise in initiatives such as Factories of the Future and Logistics Initiative Bavaria has significantly boosted the growth prospects of the regional market. 

Key Players

  • Balluff Inc.

  • Banner Engineering Corp.

  • Baumer

  • Hans Turck GmbH & Co. KG

  • Ifm electronic GmbH

  • Murata Manufacturing Co., Ltd.

  • Pepperl+Fuchs GmbH

  • SICK AG

  • Siemens

Market Segmentation

  • Technology Outlook

    • Retro-reflective Sensor

    • Through-beam Sensor

    • Others

  • Type Outlook 

    • Level Measurement

    • Distance Measurement

    • Obstacle Detection

    • Others

  • End-use Outlook

    • Consumer Electronics

    • Automotive

    • Aerospace & Defense

    • Healthcare

    • Industrial

    • Others

  • Region Outlook

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

The Ultrasonic Sensors market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Ultrasonic Sensors market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Ultrasonic Sensors market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Ultrasonic Sensors market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Ultrasonic Sensors market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Ultrasonic Sensors capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Ultrasonic Sensors by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Ultrasonic Sensors market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Ultrasonic Sensors market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Ultrasonic Sensors market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Ultrasonic Sensors industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Ultrasonic Sensors market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Ultrasonic Sensors market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Ultrasonic Sensors market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Ultrasonic Sensors market. These factors have benefited the growth of the global market for Ultrasonic Sensors. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Ultrasonic Sensors. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Ultrasonic Sensors are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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