The ultrasonic sensors market is expected to grow by USD 707.89 million, progressing at a CAGR of over 12% during the forecast period.
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Technavio has announced its latest market research report titled Global Ultrasonic Sensors Market 2020-2024 (Graphic: Business Wire)
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The growing demand for sensor technology in smart factories is one of the major factors propelling market growth. Industrial operators across the world are automating their existing factories to attain flexibility, enhance communication, and achieve precision in manufacturing operations. This is increasing the demand for smart factories backed with technologies such as ultrasonic sensors, which is driving the market. However, factors such as poor flexibility in detection coupled with the problem of heightened sensitivity will hamper growth.
Ultrasonic Sensors Market: Product Landscape
Based on the product, the market generated maximum revenue in the ultrasonic through-beam sensors segment. Ultrasonic through-beam sensors offer the shortest response time in comparison to other ultrasonic sensor-based products, which has increased their use in applications such as electrical meters, ultrasonic light switches, traffic management systems, and many other industrial applications that involve ultrasonic data transfer. This is one of the major factors driving the growth of the segment. The market growth in the segment will be significant over the forecast period.
Ultrasonic Sensors Market: Geographic Landscape
By geography, North America is going to witness lucrative growth during the forecast period. About 35% of the market's overall growth is expected to originate from North America. The region is witnessing increased investments in process automation and smart production techniques to increase productivity by major MNCs. Also, governments in the region are making significant investments in the development of new weapons and defense systems. These factors are fostering the growth of the ultrasonic sensors market in North America.
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Companies Covered:
- Baumer Holding AG
- Honeywell International Inc.
- Keyence Corp.
- Murata Manufacturing Co. Ltd.
- OMRON Corp.
- Pepperl+Fuchs AG
- Robert Bosch GmbH
- Rockwell Automation Inc.
- SICK AG
- Siemens AG
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What our reports offer:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2019, 2020, until 2024
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
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Key Topics Covered:
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 2024
Five Forces Analysis
- Five force summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Ultrasonic through beam sensors Market size and forecast 2019-2024
- Ultrasonic proximity sensors Market size and forecast 2019-2024
- Ultrasonic retro reflective sensors Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by Application
- Market segments
- Comparison by Application
- Industrial manufacturing Market size and forecast 2019-2024
- Healthcare Market size and forecast 2019-2024
- Food and beverage Market size and forecast 2019-2024
- Automotive Market size and forecast 2019-2024
- Petroleum Market size and forecast 2019-2024
- Military and defense Market size and forecast 2019-2024
- Market opportunity by Application
Customer Landscape
- Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America Market size and forecast 2019-2024
- Europe Market size and forecast 2019-2024
- APAC Market size and forecast 2019-2024
- South America Market size and forecast 2019-2024
- MEA Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Baumer Holding AG
- Honeywell International Inc.
- Keyence Corp.
- Murata Manufacturing Co. Ltd.
- OMRON Corp.
- Pepperl+Fuchs AG
- Robert Bosch GmbH
- Rockwell Automation Inc.
- SICK AG
- Siemens AG
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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