The ultrasonic sensors are used for liquid level measurement, object detection, distance measurement, anti collision detection and pallet detection among others. Ultrasonic sensors are used to improve the operational efficiency and provide additional safety in manufacturing facilities. This is one of the major factors fueling the demand for ultrasonic sensors globally. The global market of ultrasonic sensors 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.

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The growing demand for vehicle safety across the globe is creating the need for parking assistance systems. Moreover, the changing government regulation in urban cities for smart traffic management is ensuring the demand for these systems. The growing need for parking assistance systems is bolstering the demand for ultrasonic sensors. Furthermore, the aging population is resulting in the diagnosis of chronic diseases and also leading to rising healthcare costs worldwide. Healthcare service providers are looking for cost effect ways of delivering healthcare services to patients. This has enabled the development of wearable medical devices for early detection and treatment of chronic diseases. Owing to these factors, ultrasonic sensors market is expected to experience stable growth throughout the forecast period.

By types, the market is divided into ultrasonic proximity sensors, ultrasonic retro-reflective sensor, ultrasonic through beam sensor, ultrasonic 2 point proximity switches. On the basis of application the ultrasonic sensors market segmented into liquid level measurement, object detection, distance measurement, anti collision detection, pallet detection and others. By industry the market is categorized into automotive, power and gas & oil, chemical, agriculture, construction, pulp and paper, material handling, food and beverage, medical and healthcare and aerospace and defense among others. Moreover, the report also provides cross sectional analysis of all the above segments across different countries within different regions such as North America, Asia Pacific, Europe and Rest of the World.

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In 2014, the liquid level measurement sensor accounted for the largest share in the market. The growing usage of liquid level measurement sensors for non-contact level measurement, level surface detection, and monitoring liquid level changes in tank has augmented the growth of this segment. The demand for ultrasonic sensors from the automotive industry is significantly high due to its applications in parking assistance and automated steering control.

The rising demand for production and operational efficiency across various industries has boosted the growth of the global ultrasonic sensors market. The market for ultrasonic sensors is expected to expand at a CAGR of 17.1% during the period between 2015 and 2023. The overall market was worth US$380.8 mn in 2014 and is estimated to be valued at US$1,670.7 mn by 2023.

The key players operating in the global ultrasonic sensors market are, Pepperl+Fuchs GmbH (Germany), Siemens AG (Germany), Murata Manufacturing Co., Ltd. (Japan), Rockwell Automation Inc. (U.S.), Microsonic GmbH (Germany), Baumer Group (Switzerland), MaxBotix Inc. (U.S.), OMRON Corporation (Japan), Honeywell International Inc. (U.S.), Branson Ultrasonics Corporation (U.S.), Gems Sensors & Controls (U.S.), Senix Corporation (U.S.) and Crest Ultrasonics Corp. (U.S.) among others.

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