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Allied Market Research published a report, titled, "Ultrasonic Sensor Market by Product Type (Proximity Detection and Range Measurement), Application (Level Monitoring, Anti-Collision Detection, Distance Measurement, Object Detection, Loop Control, Robotic Sensing, and Others), End User (Automotive, Industrial, Consumer Electronics, Healthcare, Food & Beverages, Aerospace & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2028."According to the report, the global ultrasonic sensor industry generated $4.90 billion in 2020, and is estimated to reach $10.43 billion by 2028, witnessing a CAGR of 11.1% from 2021 to 2028.
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The key players of the market focus on introducing technologically advanced products to remain competitive in the market. Partnership, product launch, acquisition, and expansion are expected to be the prominent strategies adopted by the market players.
Major Players: Balluff GmbH, Banner Engineering Corp., Baumer Group, Hans Turck GmbH & Co. KG (Turck), Honeywell International Inc., Murata Manufacturing Co., Ltd, OMRON Corporation, Pepperl+Fuchs SE, Rockwell Automation, Inc., and Sick AG.
Prime Determinants of Growth
Rise in adoption of robotics in industrial sectors, surge in usage in the healthcare industry, and adoption in the food & beverage sector drive the growth of the global ultrasonic sensor market. However, availability of substitute sensors hinders the market growth. On the other hand, adoption of surveillance drones and usage in smart applications present new opportunities in the coming years.
Key Benefits For Stakeholders
This study comprises analytical depiction of the global ultrasonic sensors market size along with the current trends and future estimations to depict the imminent investment pockets.
The overall ultrasonic sensor market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current ultrasonic sensors market forecast is quantitatively analyzed from 2020 to 2028 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and the ultrasonic sensor market share of key vendors.
The report includes the market trends and the market share of key vendors.
Get detailed COVID-19 impact analysis on the Ultrasonic Sensor Market: https://www.alliedmarketresearch.com/request-for-customization/11996?reqfor=covid
The range measurement segment to maintain its lead position during the forecast period
Based on product type, the range measurement segment held the highest share in 2020, accounting for more than half of the global ultrasonic sensor market, and is expected to maintain its lead position in terms of revenue during the forecast period. This is due to advantages of ultrasonic sensors over traditional sensors such as detection and measurement of moving objects and ability to detect small objects over long distances.
The level monitoring segment to maintain its leadership status during the forecast period
Based on application, the level monitoring segment accounted for the highest share in 2020, contributing to more than one-fifth of the global ultrasonic sensor market, and is estimated to maintain its leadership status during the forecast period. This is due to its advantages such as time and cost savings, real-time monitoring and instant alerts, and adaptability with changing industrial needs.
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Europe, followed by North America, to continue its dominant share by 2028
Based on region, Europe, followed by North America, accounted for the highest share in 2020, contributing to nearly one-third of the global ultrasonic sensor market, and is expected to continue its dominant share by 2028. This is due to rise in its demand from consumer electronics and technological advancements across the region.
Covid-19 Scenario
Businesses and manufacturing units in the electronics and semiconductor sector were closed due to lockdown imposed in many countries. Moreover, the supply chain was affected adversely.
The large-scale manufacturing interruption across Europe and disruption in exports of raw materials from China impacted the ultrasonic sensor industry.
The demand from end user industries such as automotive, industrial, consumer electronics, and aerospace & defense reduced significantly due to lack of business continuity during the lockdown. However, the demand is expected to rise steadily during the post-lockdown.
Read More at https://www.prnewswire.com/news-releases/ultrasonic-sensor-market-to-reach-10-43-bn-globally-by-2028-at-11-1-cagr-allied-market-research-301324172.html
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