Ultrasonic Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Ultrasonic Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Ultrasonic Sensors Market was valued at USD 4,350.7 million in 2020 and is expected to reach a value of USD 8085.7 million by 2026, at a CAGR of 10.31%, during the forecast period (2021-2026). During the COVID-19 pandemic, offices and factories are required to create an environment in which social distancing between workers and safe work practices are ensured to reduce the spread of the virus. Multiple solutions based on ultrasonic sensor technology are attracting attention to accurately measure distances between workers. Ultrasonic sensors are poised the wireless technology best suited to enabling contact tracing and social distancing due to the high accuracy compared to other ranging technologies such as Bluetooth and Ultra Wide Band (UWB).

• The ultrasonic sensor is an emerging technology with significant growth potential. Ultrasonic sensors rely on non-intrusive detection of target objects. They are primarily based on three principles - the Doppler shift, amplitude attenuation, and time of flight. Ultrasonic sensors are widely used in the automotive, healthcare, industrial, food, and electronics sectors.
• Ultrasonic sensors can effectively measure various parameters, such as distance, diameter, position, presence, and level of an object in a medium. The application of ultrasonic sensors can be broadly classified into - detection, measurement, and destruction of objects.
• Ultrasonic sensors can also be used for the non-destructive evaluation of objects, including the inspection and quantitative testing of industrial structures and health monitoring of old buildings. They are particularly useful in complicated environments where optical sensors are unusable. They rely on non-contact methods of detection and measurement of objects in a medium.
• Ultrasonic sensors are also employed in water treatment plants to monitor the level of sewage and treated water in containers. New-age ultrasonic sensors are also used to monitor the crop height in the agricultural sector and detect the presence of chemicals, dust, and required water levels for irrigation. Further, they find applications in hazardous locations to detect high-pressure or liquid leaks that emit ultrasonic sound. Ultrasonic sensors are also used to manufacture burglar alarms, manufacturing obstacle avoidance, and speed control units in robots.
• Competition from other sensors, such as lower response speed and accuracy than optical sensors and a dearth of manufacturing excellence, hinder the market growth.

• Ultrasonic Sensors offer several applications in automotive sensors, like parking assistance, safety alarms, collision avoidance, object detection, and automatic braking system. Ultrasonic Sensors play an important role in the upcoming developing technologies such as driver assistance and self-driving systems.
• Ultrasonic sensors are also used to measure the distance of objects. These sensors with long-range radar capabilities are now being integrated with the cruise control systems of automobiles to avoid collisions between vehicles. Sensors are also used at the rear end for detecting distances, parking assistance, and braking control in automobiles.
• These ultrasonic sensors are being used on onboard sensing systems in cars with autonomous and advanced features. These systems rely on ultrasonic sensors for measuring relative distances of objects from the car. Long-range radar capabilities are being integrated with cruise control systems to avoid collisions between vehicles. These sensors are also being used to detect distances on the rear end of automobiles for parking assistance and braking control.
• Additionally, sensor vendors have been offering several ultrasonic sensors with increased capabilities like open structures, waterproofing, and external casing to reduce damage. Thus, with the expected hike in ADAS systems in the future, ultrasonic sensors will witness a proportional rise.

• The Asia Pacific region has been a major manufacturer and consumer in the ultrasonic sensors market due to several factors. Market penetration is relatively high in this sector, and several automotive and manufacturing giants in the region are crucial growth factors.
• According to the 13th Five-Year Plan of Smart Manufacturing, China aims to establish its intelligent manufacturing system and complete the key industries' transformation by 2025. At the 2020 National People's Congress, the CCP announced that in addition to doubling down on its Made in China 2025 and China Standards 2035 initiatives, it might spend approximately USD 1.4 trillion on a digital infrastructure public spending program. China's New Infrastructure initiative presents exciting opportunities for global companies. Due to this, the number of ultrasonic sensors adopters in different sectors, such as automotive, industrial, etc., is expected to grow, thus, providing a boost to the growth of the market in the region. ​​
• Players in the region are focusing on product innovation. For instance, a Xiamen, Fujian Province, China-based company, Ursalink, has developed an IoT level measurement solution working with its MB7380 (5m) and MB7383 (10m) ultrasonic sensors. Ursalink offers ultrasonic level sensors.
• The presence of multiple automobile manufacturers and the electronic product manufacturing industry makes Japan a significant region for the market studied. The increasing focus of governments on deploying autonomous vehicles is also expected to create scope for the market. The Japanese government announced plans to begin testing an autonomous car system on public roads in 2018, with the goal of launching a self-driving car service. The government may then try to commercialize this system as early as 2022.​
• The 'Make in India' program places India on the world map as a manufacturing hub and gives global recognition to the Indian economy. Moreover, India's government aims for a USD 5 trillion economy by 2025, of which manufacturing may be worth USD 1 trillion. The convergence of flagship programs, such as Make in India with Skill India and Digital India, may be key to achieving this goal, thereby driving the country's market growth.​
• The other countries considered in the Asia-Pacific region in this study are South Korea, Indonesia, and Taiwan. The significant presence in the semiconductor industry and South Korea's efforts to increase semiconductor, electronics, and components manufacturing are predicted to contribute to the country's market share of ultrasonic sensors.

The ultrasonic sensors market is highly competitive, as ultrasonic sensors constitute only a fraction of the market share among the other variants of sensors. The players in the market are engaging in research in order to achieve a competitive edge by offering innovative products. Some of the key players in the market are Siemens AG, Pepperl+Fuchs, Honeywell International Inc., Baumer Ltd, Rockwell Automation, and Murata Manufacturing Co. Ltd.

• January 2021 - Qualcomm launched a second-generation 3D Sonic Sensor with several improvements over gen-1. The 3D Sonic Sensor is an ultrasonic fingerprint reader that uses sound waves to scan a fingerprint and is mostly used as an in-display security solution. This sensor is also compatible with flexible panels that are used in foldable devices.
• November 2020 - Pepperl+Fuchs, according to its growth strategy, has expanded its factory automation portfolio by acquiring USi ultrasonic safety sensor from Mayser GmbH & Co. KG, a supplier of products and system solutions. This ultrasonic sensor with safety certification in accordance with EN ISO 13849 category 3 PL d reinforces Pepperl+Fuchs' position in the ultrasonic sensors and safety applications market.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support