Ultrasonic Sensors Market Worth USD 1.62 billion by 2023
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A research study titled, “Ultrasonic Sensors Market by Type and Application - Global Industry Analysis and Forecast to 2023” published by Crystal Market Research, states that the Ultrasonic Sensors Market is projected to be around $1.62 billion by 2023.
The Ultrasonic Sensors Market was worth USD 0.42 billion in the year 2014 and is expected to reach approximately USD 1.62 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 16.12% during the forecast period.An Ultrasonic sensor is a device that can quantify the separation to a protest by making the use of sound waves. It helps to measure distance by sending a sound wave at a particular frequency and tuning in for that sound wave to rebound. By recording the time that has been elapsed between the sound wave being produced and the sound wave rebounding, it is conceivable to figure the separation between the sonar sensor and the object. Ultrasonic sensors are used globally, outdoors and indoors in the harshest environment, for a wide range of applications. However, certain factors, for example, target surface point, reflective surface roughness, and changes in temperature and humidity, can influence the operation of the sensors.
The developing demand for sensors technology in smart factories is considered as one of the major development factors for this market. The need for smart factories or automated factories has developedglobally and this trend is foreseen to grow throughout the upcoming years. Additionally, the developing usage of Zigbee, an ultrasonic technology that is used to make personal area networks with low-power and small digital radio will boost the growth of this industry section in the following years. Furthermore,it guarantees flexibility in the productionmethods. In addition, the vendorstend to computerize end-to-end procedures by making the use of robots, enterprise software, sensors, ultrasonic systems, and automation solutions, thereby increasing its demand.The ultrasonic sensors market in the United States is the largest marketglobally and the region is anticipated to maintain its market position in the following years. North America is the home to various major MNCs that are investing in process smart production and automation systems. This will be a major consideration boosting the development of the ultrasonic sensors market.
On the basis of product the market is segmented into Ultrasonic retro-reflective sensors,Ultrasonic proximity sensors and Ultrasonic through beam sensors. On the basis of applications the market is segmented into healthcare, food and beverages, military and defense, industrial manufacturing and petroleum. The leading players in the market are Rockwell Automation, Siemens, Precision Acoustics, Honeywell, Keyence and Baumer India Pvt. Ltd, Migatron. Geographically, the market is segmented into Asia Pacific, North America, Europe and Rest of the world.
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Key findings of the Ultrasonic Sensors market
- Europe represented the biggest share of ultrasonic sensors market, representing for over 35 percent market share in 2014. Developingusage of these sensors for blind spot detection,parking assistance and automated steering control along with others in automotive sector is boosting the requirement of ultrasonic sensors in Europe.
- The use of ultrasonic sensor enhances safety standardsand the operational efficiency. These are some of the key factors boosting the demand for ultrasonic sensors globally.
- North America is the home to various major MNCs that are investing in process smart production and automation systems. This will be a main factorboosting the development of the ultrasonic sensors market.
The ultrasonic sensors market is segmented as follows-
- Ultrasonic proximity sensors
- Ultrasonic retro-reflective sensors
- Ultrasonic through beam sensors
- Military and defense
- Industrial manufacturing
- Food and beverages
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- South Africa
- Saudi Arabia
- United Arab Emirates