Global ultrasonic sensors market was valued at USD 380.8 million in 2014 and is expected to reach USD 1,670.7 million by 2023, growing at a CAGR of 17.1% from 2015 to 2023.
Albany, NY -- (SBWIRE) -- 12/07/2016 -- The global market for ultrasonic sensors has been covered under the scope of this report. The ultrasonic sensors are used for liquid level measurement, object detection, distance measurement, anti collision detection and pallet detection among others. Reflective sensors, ultrasonic through beam sensors and ultrasonic 2 point proximity switches are the various types of ultrasonic sensors. The usage of ultrasonic sensor improves operational efficiency and the safety standards. These are some of the major factors fueling the demand for ultrasonic sensors globally.
The ultrasonic sensors market is anticipated to experience a stable growth during the forecast period from 2015 to 2023. For better understanding of the market, the global ultrasonic sensors market has been categorized by type, application, and industry. By types, the market has been segmented into ultrasonic proximity sensor, ultrasonic through beam sensor, ultrasonic retro reflective sensor, and ultrasonic 2 point proximity switches. The application segment includes liquid level measurement, object detection, distance measurement, anti collisions detection and pallet detection among others.
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On the basis of industry, the global ultrasonic sensors market can be bifurcated into automotive, power and oil & gas, chemical, agriculture, construction, pulp and paper, material handling, food and beverage, aerospace and defense, medical and healthcare, and others. In addition, this report also provides the cross sectional analysis of all the above segments across different countries within the various regions such as North America, Asia Pacific, Europe and Rest of the World (RoW).
This report focuses on the current position of the global ultrasonic sensor market and provides a forecast from the period of 2015 to 2023. Furthermore, the report also highlights the current market synopsis and the driving factors that are predicted to have an impact on the future demand of ultrasonic sensor globally. In addition, the various micro economic and macro-economic factors that are anticipated to affect the growth of global ultrasonic sensor market are also provided in this report.
Among the various types of ultrasonic sensors, the ultrasonic proximity sensors segment held the largest market with more than 40% market share in terms of revenue in 2014. The ultrasonic through beam sensors segment is predicted to be the fastest growing market during the forecast period. Among the various industrial applications of global ultrasonic sensors, the power and oil & gas industry contribute the largest market share in 2014.
Globally, Europe occupied the largest market share of ultrasonic sensors market, accounting for more than 35% market share in 2014. Increasing application of these sensors for parking assistance, blind spot detection and automated steering control among others in automotive industry is boosting the demand of ultrasonic sensors in Europe. The ultrasonic sensors market of Europe is followed by Asia Pacific.
However, this region is anticipated to be the fastest growing market due to extensive use of ultrasonic sensors across various application segments such as automotive and power and oil & gas industry.
The key players operating in the global ultrasonic sensors market are, Pepperl+Fuchs GmbH, Siemens AG, Murata Manufacturing Co., Ltd., Rockwell Automation Inc. and OMRON Corporation among others.