According to the recent study the ultrasonic sensor market is projected to reach an estimated $3.9 billion by 2028 from $2.6 billion in 2023, at a CAGR of 8.5% from 2023 to 2028. Growth in this market is primarily driven by growing application of ultrasonic sensors in object detection, distance measurement, and pallet detection along with increasing incorporation of these sensors in automobiles to embrace advanced technologies, like collision avoidance and parking assistances.
A more than 150-page report is developed to understand trends, opportunities and forecast in ultrasonic sensor market by product type (proximity detection and ranging measurement), application (object detection, liquid level measurement, distance measurement, anti-collision detection, and others), end use industry (consumer electronics, automotive, aerospace & defense, healthcare, industrial, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Proximity detection market is expected to remain the largest segment during the forecast period.”
Based on product type, the ultrasonic sensor market is segmented into proximity detection and ranging measurement. Lucintel forecasts that the proximity detection market is expected to remain the largest segment due to the extensive usage of these sensors in the food and beverage industry and it also helps in counting hidden things and monitoring tank levels.
“Within the ultrasonic sensor market, the automotive segment is expected to remain the largest end use industry”
Based on end use industry the automotive segment is expected to witness the highest growth over the forecast period due to the increasing demand of autonomous vehicles and growing adoption of ultrasonic sensors in various applications, such as object detection, parking assistance, collision avoidance, safety alarm, and automatic braking systems.
“Asia pacific will dominate the ultrasonic sensor market in near future”
Asia Pacific will remain the largest region due to rapid expansion of manufacturing sector and growing automotive industry. This region is also experiencing growing demand for smart farming equipment and consumer electronics, particularly in India.
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Major players of ultrasonic sensor market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Keyence, Pepperl+Fuchs AG, Honeywell, Baumer, and Rockwell Automation are among the major ultrasonic sensor providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/ultrasonic-sensor-market.aspx or [email protected]