Ultrasonic Sensors Market 2020: Global Industry Overview by Market Size & Growth, Development, Revenue, Top Key Players Analysis and Growth Factors up to 2023
Global “Ultrasonic Sensors Market 2020-2023” has been providing up and changing the worldwide economy as far as growth rate, revenue, deal, market proposition, and scope. The Global Ultrasonic Sensors market Consumption market report is an extensive analysis of this corporate field, which has been established to be one of the most profitable business verticals in futures. The Report specifies the complete estimate of Global Ultrasonic Sensors market business terms, in addition to presenting a brief segmentation of the industry, the expansion opportunities, as well as Key region.
Top-Listed Players in Ultrasonic Sensors Market Research Report 2020-2023
- Siemens AG
- Pepperl+Fuchs
- Honeywell International Inc.
- Cambridge Ultrasonics
- Hielscher Inc.
- Baumer Ltd.
- Crest Ultrasonics Corp.
- Branson Ultrasonic Corp.
- Rockwell Automation
- Murata Manufacturing Co.
- Ltd.
- Balluff GmbH
- Senix Corporation
- Toposens GmbH
- Migatron Corp.
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Overview of Ultrasonic Sensors Market:
The global ultrasonic sensors market was valued at USD 2.94 billion in 2017, and is expected to reach a value of USD 5.5 billion by 2023, at a CAGR of 10.96%, during the forecast period (2020 - 2023). The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.The basic working principle of these sensors is based on echolocation, which involves transmission of ultrasonic waves to the target object, which reflects it back to the source after receiving the initial wave. The ultrasonic sensors detect the exact position of the object by calculating the distance from the original source “echo”, generated by the object. Ultrasonic sensors are being widely used in automotive, healthcare, industrial, food and electronics sector. The conventional ultrasonic devices are being commercialized to be used in multiple industries; these devices possess the capability of being able to search inside objects in a non-destructive manner. Owing to their advantageous properties, such as sensors higher measurement range, high frequency, high sensitivity, and high penetrating power makes the detection process more efficient. The higher accuracy is attained because of the ultrasonic sensor’s processing on high frequency and shorter wavelengths, resulting into high-resolution images and accurate distance measurements. However, competition from other sensors such as lower response speed and accuracy in comparison with optical sensors and dearth of manufacturing excellence hinder the market growth.Increased Demand for Ultrasonic Sensors in Medical IndustryUltrasonic sensors have been at the forefront of technological advancements in the medical applications industry. These applications have been offering cutting-edge innovative solutions for enhancing the quality of life and ensuring greater diagnostic capabilities in this sector. The use of ultrasonic sensors in medical industry can be studied under two distinct labels, namely detection and measurement. These sensors are available in multiple shapes and sizes, and may be used on the surface of the body or can be inserted into a specific part, depending on the nature of the medical examination. Ultrasonic sensors can be used to send ultrasonic waves through the human body for generating visual images. The foetuses of pregnant women are pictured using these sensors. This is a risk-free alternative to radiography solutions. Ultrasonic sensors also offer a cost-effective alternative to piezoelectric sensors, and they operate in a wider range of conditions. These sensors can be used for diagnosis of abdominal conditions, thyroid glands, cardiological problems, and vascular and transrectal system. Multiple sensors may be used for detection of physical ailments. Thus, the demand for better health care facilities is set to drive growth in the ultrasonic sensors market.Automotive Industry to Create Huge Demand for Ultrasonic SensorsUltrasonic devices offer several applications in the automotive sensors, like parking assistance, safety alarms, collision avoidance, object detection and automatic braking system. They play an important role in shaping up the future of the next generation driver assistance and self-driving systems. On-board sensing systems are being offered in advanced cars for premium process. These systems rely on ultrasonic sensors for measuring relative distances of objects from the car. Long-range radar capabilities are being integrated with cruise control systems in order to avoid collisions between vehicles. These sensors are also being used for detection of distances on the rear end of the automobiles for parking assistance and braking control. Additionally, sensor vendors have been offering several variants of ultrasonic sensors with increased capabilities like open-structures, waterproofing and external casing for reducing damage. Thus, with the expected hike in ADAS systems in the future, ultrasonic sensors will witness a proportional rise.North America is Expected to Account for a Significant Share in the MarketNorth America has been a traditional leader in the ultrasonic sensors market due to a number of factors. Market penetration is quite high in this sector; the presence of several automotive and manufacturing giants is a very crucial growth factor. Among the countries of North America, US holds most of the market share, while Canadian market is estimated to grow faster than the US. The health expenditure per capita in US is very high, greater than the developed counterparts of Europe. Since ultrasonic sensors can visualize the internal condition of the human body without damaging them, they are widely used in various medical inspections, including prenatal examinations to which radiography cannot be applied. Moreover, the rising demand for better surgical procedures by health conscious citizens is driving the market for ultrasonic sensors in this region.Furthermore, automotive industry in North America is also on rise with vehicle production increasing rapidly from 10 billion units in 2010 to 16 billion units in 2016, according to OICA. Thus, with the propelling industries in the region, North America is expected to account for a significant share in the market.
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Key Highlights from Ultrasonic Sensors Market Report 2020.
Revenue and Sales Estimation — Historical Revenue and sales volume is presented and further data is triangulated with top-down and bottom-up approaches to forecast complete market size and to estimate forecast numbers for key regions covered in the report along with classified and well recognized Types and end-use industry. Additionally, macroeconomic factor and regulatory policies are as curtained in Ultrasonic Sensors industry evolution and predictive analysis.
Manufacturing Analysis —the report is currently analyzed concerning various product type and application. The Ultrasonic Sensors Market provides a chapter highlighting manufacturing process analysis validated via primary information collected through Industry and Key officials of profiled companies.
Competition — Leading players have been analyzed depending on their company profile, product portfolio, capacity, product/service price, sales, and cost/profit.
Demand & Supply and Effectiveness — Ultrasonic Sensors Market report additionally provides distribution, Production, Consumption for the complete industry.
Ultrasonic Sensors Market Top Regions (regional analysis covers):-
- North America (the USA, Canada, and Mexico)
- Europe (Germany, France, UK, Russia, and Italy)
- Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
- South America, Middle East, and Africa
Reasons to Purchase this Report
- Impact of factors driving and challenging the growth of ultrasonic sensors market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Regional analysis of the market
- Identifying the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in Excel)
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Ultrasonic Sensors Market 2020 Report Brief:-
- The report covers forecast and analysis for the Ultrasonic Sensors market on a global and regional level
- The report includes the drivers and the restraints that affect the growth of the market
- Detailed information about the market opportunities are discussed
- The key target audience for the market has been determined in the report
- The revenue generated by the prominent industry players has been analyzed in the report
- The market numbers have been calculated using top-down and the bottom-up approaches
- The market is segmented on the basis of product, technology, ownership, and end-user industry which in turn is bifurcated on the regional level as well
- All the segments have been evaluated based on the present and the future trends
- The report deals with the in-depth quantitative and qualitative analyses of the Ultrasonic Sensors market
- The report includes detailed company profiles of the prominent market players
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