Ultrasonic Sensor Market Size To Expand at a Notable CAGR Of 13.00% During 2023 - 2030

Pune, India, February 27, 2019, MRFR Press Release/- Market Research Future published a half-cooked research report on the global ultrasonic sensors market.

Market Highlights

The major application of ultrasonic sensors includes industries to identify hidden tracks, defects in metals and other materials, and water level detection. The factors contributing to the growth of ultrasonic sensors include the rising adoption of smart factories and industrial automation. Moreover, the reliability and high precision of ultrasonic sensors make them one of the widely adopted sensors.

Key Players

The key players in the ultrasonic sensor market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are— Siemens AG (Germany), Pepperl+Fuchs GmbH (Germany), Honeywell International, Inc (US)., Murata Manufacturing Co. Ltd (Japan), Rockwell Automation, Inc (US), Robert Bosch GmbH (Germany), Baumer Ltd (Italy), Schneider Electric SE (France), MaxBotix Inc (US), and Omron Corporation (Japan). These players contribute a major proportion towards market growth.

Apart from the top key players, the other players contribute nearly 30–35 % in the ultrasonic sensor market. These include Migatron Corporation (US), Hexamite LTD (US), Judd Communication (US), IFM Efector, Inc (US)., BeStar Technologies, Inc (US), TE Connectivity Ltd (Switzerland), Endress+Hauser (Switzerland), Addison Electric, Inc.(US), Jamieson Equipment Co., Inc (US), Simtech Process Systems (US), Nex Flow Air Products Corp (Canada), Optical Scientific, Inc (US). and others.

Regional Analysis

The market for ultrasonic sensors is estimated to grow at a significant rate during the forecast period from 2023 to 2030. The geographical analysis of ultrasonic sensors market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and South America).

Among the regions mentioned the ultrasonic sensor market is highly dominated by Asia-Pacific and is also expected to grow at the highest growth rate during the forecast period. As ultrasonic sensors have most of its applications in industries, aviation consumer electronics, automotive, and aerospace. Asia-Pacific region is highly occupied by these industries and verticals. In addition, the region holds most of the developing countries with emerging economies. It is highly supported by the initiatives of government in countries like India, China, Taiwan, and Singapore.

On the other hand, North America had occupied the market with the second largest market share. This is due to the rich concentration of manufacturers with greater industry expertise operating in the market.