Global Ultrasonic Sensor Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1493 million by 2024 from $406 million in 2016, growing at a CAGR of 17.7% from 2016 to 2024. By geography, Asia Pacific and North America are expected to grow at a CAGR of 19.3% and 17.5%, respectively, during the forecast period.
The global ultrasonic sensor market is majorly driven by need for advanced features in vehicles coupled with increasing applications of ultrasonic sensor especially in healthcare and pulp & paper. Furthermore, increasing popularity of wearable medical devices and high need for automation across various industries is also boosting the growth of the market. However, ability to absorb sound by low-density materials and presence of other technologies may hinder the growth of the market. Furthermore, entry of new players to focus on emerging economies and increased R&D for improve product offering to various end-users would provide growth opportunities in the coming years.
The global ultrasonic sensor market is bifurcated into type, application, and industry. By type, the global ultrasonic sensor market is further segmented into ultrasonic through beam sensors, ultrasonic proximity sensors, ultrasonic reflective sensors and ultrasonic 2 point proximity switches. In 2016, by type, ultrasonic proximity sensors accounted for the largest market share in 2016, whereas ultrasonic through beam sensors is expected to dominate the market with highest CAGR during the forecast period 2016-2024. Application segment includes distance measurement, anti-collision detection, liquid level measurement, object detection, pallet detection and others. Liquid level measurement accounted for the highest market share in 2016. Moreover, Industry is further categorized into food & beverages, automotive, healthcare, aerospace & defense, oil & gas, chemicals, agriculture, pulp & paper, material handling, construction and others. Pulp and paper is expected to dominate the industry segment during the forecast period 2016-2024, owing to its ability to analyze their mechanical properties to determine the quality of paper.
Geographically, the ultrasonic sensor market is categorized into North America, Europe, Asia-Pacific and Rest of the world (RoW). In 2016, Europe accounted for the largest market share, owing to the rising need for intelligent parking assist systems and enhancement of new car safety assessment standard. Asia Pacific is anticipated to dominate the market with fastest CAGR during the forecast period, owing to the increase in production, automation and decreasing prices of sensor components.
Market players have used various strategies to increase their market share and global presence. For instance, in November 2016, Boston Children’s Hospital and GE Healthcare collaborated to develop and commercialize digital solutions to advance the diagnosis and treatment of specific childhood disease. The players in the market include Honeywell International Inc., Branson Ultrasonic Corp., Toshiba America Medical Systems, Inc., OMRON Corporation, Murata Manufacturing Co., Ltd., APC International Ltd., Siemens Ag, Rockwell Automation, Inc., GE Healthcare, Ltd., and Pepperl+Fuchs GmbH.