The ultrasonic sensors market was valued at USD 3.63 billion in 2019 and is expected to reach a value of USD 6.90 billion by 2025, at a CAGR of 11.35%, during the forecast period (2020-2025). The ultrasonic sensor is an emerging technology with significant growth potential. Ultrasonic sensors rely on non-intrusive detection of target objects. They are primarily based on three principles - the Doppler shift, amplitude attenuation, and time of flight. Ultrasonic sensors are being widely used in the automotive, healthcare, industrial, food, and electronics sector.
- Ultrasonic sensors can effectively measure various parameters, such as distance, diameter, position, presence, and level of an object in a medium. The application of ultrasonic sensors can be broadly classified into - detection, measurement, and destruction of objects.
- Ultrasonic sensors can also be used for non-destructive evaluation of objects, including the inspection and quantitative testing of industrial structures and health monitoring of old buildings. They are particularly useful in complicated environments where optical sensors are unusable. They rely on non-contact methods of detection and measurement of objects in a medium.
- The growth drivers in this sector are - a steady increase in medical applications, reliability, cost-effectiveness, versatile functionality, and emerging solutions in diverse industrial implementations.
- Competition from other sensors such as lower response speed and accuracy in comparison with optical sensors and a dearth of manufacturing excellence hinder the market growth.
Scope of the Report
The basic working principle of ultrasonic sensors is based on echolocation. This involves the transmission of ultrasonic waves to the target object, which reflects it back to the source after receiving the initial wave. Ultrasonic sensors detect the exact position of the object by calculating the distance from the original source ÒechoÓ, generated by the object. Moreover, ultrasonic sensors are available in various types and technologies, which can cater to many end-user verticals according to their need.
Key Market Trends
Automotive Industry to Create Huge Demand for Ultrasonic Sensors
- Ultrasonic devices offer several applications in automotive sensors, like parking assistance, safety alarms, collision avoidance, object detection, and automatic braking system. They play an important role in shaping the future of the next-generation driver assistance and self-driving systems.
- On-board sensing systems are being offered in advanced cars for a 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 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 to Account for a Significant Share in the Market
- North 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 and the presence of several automotive and manufacturing giants is a very crucial growth factor.
- Among the countries of North America, the United States holds most of the market share, while the Canadian market is estimated to grow faster than the US market. The health expenditure per capita in the United States is very high, greater than its developed counterparts in Europe.
- Since ultrasonic sensors can visualize the internal condition of the human body without damaging it, 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.
The ultrasonic sensors market is highly concentrated, as ultrasonic sensors constitute only a fraction of the market share among the other variants of sensors. The rate of adoption for ultrasonic sensors is being affected by the presence of traditional types of sensors. Some of the key players in the market are Siemens AG, Pepperl+Fuchs, Honeywell International Inc., Baumer Ltd, Rockwell Automation, and Murata Manufacturing Co. Ltd.
- January 2019 - Pepperl+Fuchs released a low-temperature version of its popular L2 ultrasonic sensor, which is ready for use in cold storage and extremely cold regions of the world.
- November 2018 - New ultrasonic sensors from Baumer outperformed with robust housings and IO-link.The sensors for distance measurement and object detection are characterized by a particularly robust design. The sensors sealed with PEEK films easily withstand even the toughest conditions, such as the IP 69 impermeability test.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increased Demand for Ultrasonic Sensors in the Medical Industry
4.3.2 Offers Solutions for Diverse Industrial Applications
4.3.3 Reliability, Low Cost, and Versatility Driving the Market
4.4 Market Restraints
4.4.1 Dominance of Other Forms of Sensors Hindering the Market
4.4.2 Operational Issues Reported in Ultrasonic Sensors
4.4.3 Dearth of Manufacturing Excellence
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Ultrasonic Proximity Sensor
5.1.2 Ultrasonic Retro-reflective Sensor
5.1.3 Ultrasonic Through-beam Sensor
5.1.4 Other Types
5.2 By Technology
5.2.1 Ultrasonic Medical Technology
5.2.2 Ultrasonic Processing Technology
5.2.3 Ultrasonic Testing Technology
5.3 By End-user Vertical
5.3.2 Food and Beverage
5.3.3 Medical and Healthcare
5.3.4 Aerospace & Defense
5.3.6 Other End-user Verticals
5.4.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Siemens AG
6.1.3 Honeywell International Inc.
6.1.4 Baumer Ltd
6.1.5 Rockwell Automation
6.1.6 Murata Manufacturing Co. Ltd
6.1.7 Omron Corporation
6.1.8 Sick AG
6.1.9 Banner Engineering
6.1.10 Baluff Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
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The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
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