According to a new market report published by Transparency Market Research Ultrasonic Sensors Market - Global Industry Analysis, Trend, Size, Share and Forecast 2015 - 2023”,the 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.

The ultrasonic sensor market is currently growing at a steady rate due to the increasing demand for production and operational efficiency. 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 widely used across manufacturing utilities. The usage of ultrasonic sensors improves operational efficiency and also improves safety standards. This is one of the major factors fueling the demand for ultrasonic sensors globally.

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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.

Among the different types of ultrasonic sensors, the ultrasonic proximity sensors segment held the largest market share in 2014. Surge in the demand of technologically advanced vehicle equipped with parking assistance, blind spot detection and automated steering control systems among others is expected to drive the market of ultrasonic sensors enormously. However, the ultrasonic through beam sensors segment is predicted to witness the fastest growing market from 2015 to 2023.

By geography, Europe held the largest market of ultrasonic sensors and accounted more than 35% market share in 2014. The dominance of this region is due to the increase in demand of ultrasonic sensors used for parking assistance, blind spot detection, automated steering control and others in automobiles. Asia Pacific occupied the second largest market share of the global ultrasonic sensor market.

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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.

The global ultrasonic sensors market can be segmented as follows;-

Global Ultrasonic Sensors Market, By Type

Ultrasonic Proximity Sensors
Ultrasonic Retro-Reflective Sensors
Ultrasonic Through Beam Sensors
Ultrasonic 2 Point Proximity Switches

Global Ultrasonic Sensors Market, By Application

Liquid Level Measurement
Object Detection
Distance Measurement
Anti Collision Detection
Pallet Detection
Others

Global Ultrasonic Sensors Market, By Industry

Automotive
Power and Oil & Gas
Chemical
Agriculture
Construction
Pulp & paper
Material Handling
Food and Beverage
Medical and Healthcare
Aerospace and Defense
Others (Metal working, Printing, Textile)

Global Ultrasonic Sensors Market, By Geography

North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
South Korea
Japan
Rest of Asia Pacific
Rest of the World (RoW)
Middle East
Africa
South America