Huge Revenue Explosion Expected in Global Ultrasonic Sensor Market Between 2020 and 2030

 


Due to the rising requirement for ultrasonic sensors in the manufacturing industry and the growing usage of these sensors in vehicles, the sales of these sensors are predicted to rise steeply in the coming years. This will, in turn, cause the surge of the global ultrasonic sensor market in the near future. The market is expected to grow, in value, from $4.1 billion to $12.1 billion from 2019 to 2030, exhibiting a CAGR of 10.2% between 2020 and 2030.

The ballooning usage of ultrasonic sensors in manufacturing industries is a major factor fueling the advancement of the market. In these industries, these sensors are used for a plethora of applications such as the measurement of tank water level, diameter measurement of roll, height measurement, loop control, and distance measurement. The utilization of these sensors would rise enormously in the developing nations in the future years, because of the increasing industrial production in these countries.

Browse detailed - Ultrasonic Sensor Market Revenue Estimation and Growth Forecast Report

Ultrasonic sensors would be extensively used in level measurement applications in developing countries in the near future. For example, as per many reports published in September 2019, the total industrial production grew in Turkey by nearly 3.4% YoY (year-on-year). Apart from being required in manufacturing industries, these sensors are also widely used in automobiles in numerous applications such as object detection and identification, level sensing in fuel tanks, and park assistant systems. 

Moreover, with the increasing manufacturing of vehicles, especially in the emerging economies such as Thailand, Indonesia, and China, the demand for ultrasonic sensors is set to push-up in the forthcoming years. The ultrasonic sensor market is categorized, on the basis of application, into object and pallet detection, loop control, level measurement, diameter measurement, and distance measurement. The object and pallet detection category would exhibit rapid expansion in the market in the upcoming years.


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