March 23, 2022 06:00 ET | Source: Market Study Report Market Study Report
Pune, India, March 23, 2022 (GLOBE NEWSWIRE) -- According to MarketStudyReport, Asia Pacific ultrasonic sensor market size is projected to amass a valuation of USD 2.5 billion by the year 2027, mainly due to robust expansion in automotive and electronic applications, and innovations in industrial sectors.
Proceeding further, the research literature studies the various industry segments, followed by a comprehensive investigation of the competitive landscape through in-depth profiles of leading companies. Additionally, the document encompasses a detailed assessment of the COVID-19 impact to help stakeholders draft robust strategies for the ensuing years.
In particular, the regional industry share from consumer electronics vertical segment is anticipated to surge in the coming years, as several players like Samsung and Xiaomi are extensively using sensors for fingerprint detection, biometrics, and facial recognition in their products.
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For the uninitiated, ultrasonic sensor is an electronic device that measures the distance of any object by emitting ultrasonic sound waves through a transmitter and converts the reflected waves into an electric signal with a receiver component.
Ultrasonic sensor market in Europe is touted to reach USD 800 million by the forecast period-end. Strong presence of players contributes substantially to regional market development. Moreover, the through-beam sensors sub-market in this area is anticipated to exhibit a strong CAGR of 13.5% over the review timeframe. Europe ultrasonic sensor market holds vast scope for expansion and growth through 2027. Ultrasonic sensors are a versatile instrument with a wide range of applications, including industrial automation, healthcare, cars, any many more. However, these sectors form only a small portion of their capabilities. Ultrasonic sensors not only have practical applications in flow monitoring, maintenance, and detection, but they also show promise in other areas. Moving forward into 2022 and the following decade, this sort of technology will continue to demonstrate its worth in other areas, delivering on the promise of its attractive features. Europe ultrasonic sensor industry share from the level measurement segment expects 10% CAGR through 2027. Ultrasonic sensors are widely employed in different industrial and production facilities for level measuring applications. They aid in determining the precise level of raw materials in order to enhance and maintain manufacturing quality.
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North America ultrasonic sensor market is also a promising avenue for businesses, with an expected valuation of USD 1 billion by 2027. Increasing penetration of autonomous cars serves as a major growth propeller for this business sphere and consequently boosted the demand for retro-reflective sensors for parking assistance systems. North America ultrasonic sensor industry share from healthcare is gaining pace and will command over a significant share in up to 2027. Ultrasonic sensors are frequently utilized in medical applications because they can examine the inner state of the human body without causing any harm to the patient. They are used for a variety of medical inspections, including the diagnosis of internal body organs such as the kidneys, liver, and gallbladder, as well as following the growth and health of a fetus. Because ultrasonic sensors can visualize in real time, they are employed for tissue biopsy sampling while finding the target organ. Canada ultrasonic sensor industry size is expected to grow with a CAGR of 10.5% through 2027, owing to the increasing use of ultrasonic sensors in robotics applications and industrial automation. The regional government is providing funding to assist the development of new technologies. For example, in December 2020, the Canadian government gave USD 26.2 million to Attabotics, Inc., a robotic supply chain developer. The government intends to use this funding to develop and create robotic technology for warehouse management, as well as to boost disruptive technologies such as digital industries and clean technology.
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Major contenders in Asia Pacific ultrasonic sensor business sphere are Omron Corporation, Murata Manufacturing Co. Ltd., Migatron Corporation, Keyence Corporation, Ifm Electronic GmbH, Hans Turck GmbH & Co. KG, Gems Sensors Inc., Datalogic S.p.A., Baumer Holding AG, Banner Engineering Corporation, and Balluff GmbH among others.
Product innovations, partnerships, and acquisitions are anticipated to help companies expand their foothold in this domain. For instance, in April 2020, BOE Technology Group announced a collaboration with Qualcomm Technologies to develop a new ultrasonic sensor for in-display fingerprint readers and advance its smart IoT systems offerings.
Asia Pacific Ultrasonic Sensor Market, by Type (Value, USD, 2016-2027)
Asia Pacific Ultrasonic Sensor Market, by Application (Value, USD, 2016-2027)
Asia Pacific Ultrasonic Sensor Market, by Industry Vertical (Value, USD, 2016-2027)
Asia Pacific Ultrasonic Sensor Market, by Geography (Value, USD, 2016-2027)
Asia Pacific Ultrasonic Sensor Market Company Profiles (Value, USD, 2016-2027)
Vibration Sensor Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028
The vibration sensor market is anticipated to witness robust growth by 2028 owing to prevalent adoption of wireless sensor technology across varied industry verticals. Even though wireless networks have been in use for decades, they have only recently witnessed a significant surge in application on the factory floor due to breakthroughs in low power technology and resilience to strong RF interference. During the COVID-19 pandemic, key industries, including healthcare, chemicals, food & beverage, and energy & power, have seen a spike in the requirement for vibration sensors to guarantee safe and efficient machinery operations. From the regional point of view, the Latin America vibration sensor market is anticipated to witness robust growth by 2028, registering a CAGR of more than 4.5% through the review timeline on account of growing adoption of condition-based asset monitoring equipment in the regional manufacturing sector.
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