Rising Adoption in Industrial Automation of Ultrasonic Sensors |...

Rising Adoption in Industrial Automation of Ultrasonic Sensors

Posté 2023-12-06 09:37:58

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The 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.

SWOT Analysis:

Strength: Ultrasonic sensors have high accuracy and are non-contact in nature. They can operate in harsh environments like dust, dirt, and moisture. These sensors provide affordable solutions for various industrial applications.

Weakness: Ultrasonic sensors have a limited detection range and are affected by surface properties of target materials. Calibration is required for different materials which increases complexity.

Opportunity: Rising adoption of Industry 4.0 technologies and implementation of advanced automation solutions across industries is driving the demand. Growing deployment in the automotive sector for advanced driver-assistance systems also presents opportunities.

Threats: Advancements in other competing technologies like LiDAR sensors pose a threat. Regulations regarding use of ultrasonic sensors in autonomous vehicles can negatively impact the market.

Key Takeaways:

The Global Ultrasonic Sensors Market Growth is expected to witness high, exhibiting CAGR of 9.8% over the forecast period, due to increasing demand from the automotive and industrial automation sectors. Ultrasonic sensors find wide application in automated guided vehicles, parking assist systems, and collision avoidance systems.

Regional analysis

The Asia Pacific region dominated the global market in 2023, accounting for around 35% of the overall shares. Rapid industrialization and increasing manufacturing activities in countries like China and India are driving the demand. Europe is also a major regional market supported by strong automotive manufacturing base in Germany.

Key players

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.