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Ultrasonic Sensor Market Size, Growth, Key Manufacturer Analysis and Forecast to 2023

Ultrasonic Sensor Market Size, Growth, Key Manufacturer Analysis and Forecast to 2023

Ultrasonic Sensor Market Synopsis:

Global Ultrasonic Sensor Market will surpass a valuation of USD 600 Mn by the year 2023 up from USD 356.4 Mn in 2017, reflecting a CAGR of 12.3%. Ultrasonic sensor is viewed as a revolutionary electronic equipment, which is used for measuring distance between two stationary or moving objects. Ultrasonic waves are used for measuring, which is highly accurate. Distance is measured by shooting ultrasonic waves on the target which is then reflect from it.

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The growing popularity of ultrasonic sensor in various manufacturing verticals is one of major drivers of the market growth. These sensors a common in smart factories owing to their relevant and application specific features. These sensors are durable, accurate and credible.  They are used in a wide range of sensor applications including measurement, and water level sensing among others. Some of the common applications of ultrasonic sensors are obstacle detection, water level detection and distance measurement.

Global Ultrasonic Sensor Market: Competitive Landscape

MRFR in its report has profiled some of the prominent market players, which include Pepperl+Fuchs GmbH (Germany), Murata Manufacturing Co. Ltd (Japan), Robert Bosch GmbH (Germany), Schneider Electric SE (France), Omron Corporation (Japan), Siemens AG (Germany), Honeywell International, Inc (US), Baumer Ltd (Italy), Rockwell Automation, Inc (US), MaxBotix Inc (US), Hexamite LTD (US), IFM Efector, Inc (US), TE Connectivity Ltd (Switzerland), Addison Electric, Inc. (US), Simtech Process Systems (US), Optical Scientific, Inc (US), Migatron Corporation (US), BeStar Technologies, Inc (US), Nex Flow Air Products Corp (Canada), Endress+Hauser (Switzerland), Judd Communication (US) and Jamieson Equipment Co., Inc (US).

Global Ultrasonic Sensor Market: Segmental Analysis

MRFR’s report includes a detailed segmental analysis of the market based on application and product.

On the basis of product, the market has been segmented into ultrasonic retro-reflective sensor, ultrasonic proximity sensor and ultrasonic through beam sensor. On the basis of application, the market has been segmented into distance measurement, object detection, anti-collision detection and liquid level measurement.

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Global Ultrasonic Sensor Market: Regional Analysis

On the basis of region, the global ultrasonic sensor market has been segmented into Europe, Asia Pacific (APAC), North America and rest of the world (RoW) – the RoW section covers Africa, Latin America and the Middle East. For market players, Europe and Asia Pacific (APAC) has been highly attractive in revenue terms. Presence of a massive manufacturing sector in both the regions is one of the key factors driving the market growth. In Europe, Germany has a strong hold in ultrasonic sensor manufacturing while China remains the undisputed leader in ultrasonic sensor manufacturing in APAC. China accounts for a significant amount of the overall production of ultrasonic sensor worldwide. Demand for ultrasonic sensors has grown significantly in recent years owing to it growing application base. Ultrasonic sensor manufacturing in these countries is expected to remain strong during the forecast period, as manufacturers adopt advanced manufacturing technologies. In addition, integration of automation in facilities is gaining momentum, which is reflecting favourably on the ultrasonic manufacturing industry in these countries. Investment in upgrading manufacturing facilities and growing influence of manufacturing automation are some of trends governing the market development APAC and Europe. Apart from these two regions, the market is expected to witness a healthy growth in North America. The U.S. leads the market in North America in term of revenue. In addition, the market in North America is expected to witness a strong growth during the forecast period. Policy reforms and a renewed interest in domestic manufacturing is favouring the market growth in North America.

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