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The global ultrasonic sensor market was valued at $4.1 billion in 2019, and it is predicted to register a CAGR of 10.2% during the forecast period (2020–2030), reaching $12.1 billion by 2030. Among all the regions, Asia-Pacific (APAC) is expected to witness fastest growth in the ultrasonic sensor market during the forecast period. This can be attributed to the growing demand for automation in industries, rising population and increasing focus toward smart agriculture in the region, mainly in China and India, is further driving the ultrasonic sensor market in the region.
Factors Governing Ultrasonic Sensor Market
The key trend being observed in the ultrasonic sensor market is the increasing demand for autonomous mobile robots (AMRs). Due to increasing technological advancements coupled with rising focus toward increasing productivity, efficiency, and operational capacity in the manufacturing processes, demand for AMRs in industries including oil & gas, medical, automotive, and electronics is surging year-over-year (YoY). Ultrasonic sensors are used in AMRs for applications including detection of obstacles and in determining the distance between the two objects. For instance, in 2019, Toposens GmbH has launched ultrasonic sensor for the range perceptions in autonomous driving and robotics applications.
Growing demand for these sensors from manufacturing industries is a key factor driving the ultrasonic sensor market. Ultrasonic sensor is used in manufacturing industries for various applications such as tank water level measurement, diameter measurement of roll, height measurement, loop control, and distance measurement. Moreover, with growing industrial production in emerging economies, demand for these sensors, primarily in level measurement application, is increasing positively. For instance, it has been recorded that in September 2019, the industrial production in Turkey grew by around 3.4% year-on-year (YoY).
Surging demand for industrial automation is a key opportunity observed in the ultrasonic sensor market. Due to rising Industry 4.0 initiative in the manufacturing industry, demand for automation in various industrial processes is expected to increase in the forecast period. Further, manufacturers are increasingly implementing the automation in manufacturing processes to increase the productivity, efficiency, and increase their revenues. In industrial automation, sensors play a significant role for making the products automatic and intelligent. For instance, these sensors are used in level measurement and object detection.
Segmentation Analysis of Ultrasonic Sensor Market
In terms of type, proximity detection category held the larger share in the market in 2019. This is due to increasing use of ultrasonic proximity sensors in food & beverage processing applications.
On the basis of application, object & pallet detection category is expected to be the fastest growing category during the forecast period. This can be attributed to increasing demand for these sensors in driverless cars in detection of obstacles on roads. Moreover, due to rising packaging industry and growing demand for pallet detection in food & beverage industry, is driving the demand for these sensors in object & pallet detection application.
In 2019, through beam category in range measurement type held the largest share in the market. This is due to growing demand for these sensors in level monitoring of tanks as well as for counting of objects that are difficult to detect.
Geographical Analysis of Ultrasonic Sensor Market
Globally, APAC was the largest region in the ultrasonic sensor market and it is further expected to be the fastest growing category during the forecast period. Rising automobile production and industrial manufacturing sector, mainly in China, Thailand, and India, are the key factors driving the growth of market.
The demand for smart farming equipment is increasing due to large presence of arable land in the region, particularly in India Y-o-Y. For instance, companies like Microsoft Corporation, IBM Corporation, and Agstack Technologies Pvt. Ltd are leveraging AI-based technology in agricultural activities across the country. Smart farming equipment requires ultrasonic sensor for their proper functioning.
Recent Strategic Developments of Major Ultrasonic Sensor Market Players
The ultrasonic sensor market is fragmented with the presence of numerous players in the market. Some of the major players operating in the market are Pepperl+Fuchs AG, Siemens AG, Honeywell International Inc., OMRON Corporation, Rockwell Automation Inc., KEYENCE CORPORATION, SICK AG, Balluff GmbH, ifm electronic gmbh, Banner Engineering Corporation, and Baumer Holding AG. The key players in the market are focusing on product launches, mergers & acquisitions, and partnerships to increase their presence in the market.
For instance, in July 2019, Pepperl+Fuchs AG launched low temperature sensor that can operate in low temperature of -25° Celsius. This sensor can be used for cold storage applications and mobile equipment in outdoor applications.
Ultrasonic Sensor Market Size Breakdown by Segment
The ultrasonic sensor market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Application
Based on End User