Business Impacts of COVID-19 on Ultrasonic Sensor Market | Strategies of Major Industry Competitors

    66

    Summary

    The ultrasonic sensor market will reach a value of $12.1 billion in 2030, with a CAGR of 10.2% from 2020 to 2030

    Press Release

    ​The growing requirement of automation in industrial operations is also expected to cause a huge spike in the demand for ultrasonic sensors”. Many manufacturing companies are increasingly incorporating these devices in their operations in order to enhance the efficiency and productivity of the manufacturing processes. Due to these factors, the global ultrasonic sensor market attained a valuation of $4.1 billion in 2019.

    Furthermore, P&S Intelligence, a market research company, predicts that the market will reach a value of $12.1 billion in 2030, with a CAGR of 10.2% from 2020 to 2030. Distance measurement, level measurement, diameter measurement, loop control, and object and pallet detection are the major application areas of ultrasonic sensors in industries, out of which, the level measurement application generated the highest demand for these devices in 2019. This trend will continue in the future years as well.

    Across the globe, “the Asia-Pacific (APAC) region observed the highest utilization of ultrasonic sensors in 2019”. This is ascribed to the adoption of automation in many industries. In addition to this, the huge popularity of smart agriculture and increasing population levels in many APAC countries such as India and China boosted the demand for ultrasonic sensors in the region in the last few years. In addition to this, the growing population levels in various APAC countries such as India and China will further boost the demand for ultrasonic sensors in the region in the years ahead.

    In the APAC region, China observed the highest utilization of ultrasonic sensors in the past, because of the presence of thriving automotive, chemicals, and food and beverages industries in the country. In the forthcoming years, the Asia-Pacific (APAC) ultrasonic sensor market will exhibit the fastest growth. This is primarily credited to the increasing requirement of automation in manufacturing operations and the rising popularity of smart agriculture in the region.