by The global Ultrasonic Sensors Market is estimated to be valued at US$ 5968.93 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ultrasonic sensors are used to measure the distance to target objects by using ultrasonic sound waves. They work on the principle of echo location. They emit ultrasonic sound waves and detect the echo waves that bounce back from the target object. Based on the time difference between the transmit and receive signals, they can very accurately calculate the distance to the target. Some key advantages of ultrasonic sensors include non-contact measurement, high accuracy and precision even at longer distances. They have wide applications in industries such as automotive, industrial manufacturing, food & beverage, healthcare and others for object detection, anti-collision systems, obstacle avoidance, distance measurement etc.
Market key trends:
One of the major trends driving the growth of ultrasonic sensors market is their increasing adoption in the automotive industry. With the rise of self-driving and advanced driver assistance systems (ADAS), automakers are increasingly integrating ultrasonic sensors for applications like parking assistance, blind spot detection and collision avoidance. For instance, ultrasonic sensors are an important part of Tesla’s autopilot system that helps in automatic braking to prevent potential collisions. Also, stringent safety regulations regarding parking sensors and object detection systems are compelling automakers to use more ultrasonic sensors. Another trend is the development of piezoelectric micromachined ultrasonic transducers or PMUTs that can potentially replace conventional transducers and enable miniaturization of ultrasonic sensors.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the ultrasonic sensors market is low to moderate as it requires significant R&D investments and established distribution networks to compete with existing players.
Bargaining power of buyers: The bargaining power of buyers in the ultrasonic sensors market is moderate. The presence of various manufacturers provides options to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of diverse component manufacturers.
Threat of new substitutes: The threat of substitutes is low as ultrasonic sensors provide unique non-contact level and proximity sensing capabilities.
Competitive rivalry: The competitive rivalry in the ultrasonic sensors market is high due to the presence of major global players.
Key Takeaways:
The Global Ultrasonic Sensors Market Demand is expected to witness high growth, exhibiting CAGR of 9.8% over the forecast period, due to increasing usage in industrial automation and growing adoption in autonomous vehicles.
Regionally, Asia Pacific is expected to dominate the global ultrasonic sensors market during the forecast period. This is attributed to increasing industrial and manufacturing activities in China, Japan, and India.
Key players operating in the ultrasonic sensors market are Keyence Corporation, Pepperl+Fuchs, Honeywell International Inc., Baumer Ltd., Rockwell Automation, Murata Manufacturing Co. Ltd., Omron Corporation, Sick AG, Banner Engineering, Baluff Inc., Robert Bosch GmbH, Qualcomm Incorporated, TDK Corporation, Sensata Technologies, and Denso Corporation. Key players are investing in R&D to develop advanced solutions and establishing partnerships with OEMs for new product developments.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
