December 26, 2023 07:27 ET | Source: Emergen Research Emergen Research
Vancouver, Dec. 26, 2023 (GLOBE NEWSWIRE) -- The global ultrasonic sensor market size was USD 17.45 Billion in 2032 and is expected to register a steady revenue CAGR of 11.1% during the forecast period, according to latest analysis by Emergen Research. Increasing adoption of robotics in industrial sectors and use of ultrasonic sensors in the Food & Beverage (F&B) sector and rising demand of ultrasonic sensors for vehicle parking are key factors driving market revenue growth. Ultrasonic sensor is used to calculate the distance of any object through emitting ultrasonic sound waves and converts the reflected sound into an electrical signal. Ultrasonic Tank Level Monitor
These sensors are used in many applications and industries, such as F&B, to calculate liquid level in bottles. Technological developments in ultrasound sensors have resulted in improved imaging quality, quicker exam times, and more accuracy. In addition, the development of portable ultrasound sensors has improved access to medical treatment by enabling the use of ultrasound technology in underdeveloped and remote places. Ultrasonic sensors are frequently used in robotics and automation to measure distance, locate objects, and identify objects.
Moreover, increasing need for automation and robotics across several industries, including automotive, aerospace, and industrial is another key factor driving revenue growth of the market. The Food and Drug Administration's (FDA) approval of the use of ultrasound technology for breast cancer diagnostics in the U.S. is expected to increase the need for ultrasonic sensors in the medical business.
In industrial automation, ultrasonic sensors are used for item detection, liquid level monitoring, and distance measurement. The need for ultrasonic sensors is rising as automation and robotics become more prevalent in the industrial sector. Furthermore, rising adoption of Internet of Things (IoT) technologies is another factor driving market revenue growth.
However, high cost of these devices and lack of experienced labor are key factors, which could restrain market revenue growth. In addition, availability of substitutes, such as Computed Tomography (CT) scans and Magnetic Resonance Imaging (MRI), is another factor, which could restrain market revenue growth.
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Major Companies and Competitive Landscape
The global ultrasonic sensor market is moderately fragmented, with many large and medium-sized players accounting for most of the market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective ultrasonic sensor solutions. Some major players included in the global ultrasonic sensor market report are:
On 20 February 2020, Panasonic Corporation announced the launch of a new range of ultrasonic sensors for automotive applications. The sensors' precise distance measurements and object recognition are intended to support autonomous driving and advanced driver assistance systems.
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Some Key Highlights From the Report
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For the purpose of this report, Emergen Research has segmented the global ultrasonic sensor market on the basis of type, application, end-use industry, and region:
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