Ultrasonic Sensors Market Size is Expected to Reach USD 11.790 billion by 2030, growing at a CAGR of 10.5%

­Widespread usage of ultrasonic sensors for non-contact detection of solid and liquid substances. These sensors work at frequencies exceeding 20 kHz, which is outside the hearing range for humans. The operation of these sensors is based on echolocation, which involves the transmission of ultrasonic waves to the target object. The key benefit of these sensors is their measuring speed; they can swiftly detect target objects (for sound to travel 1 m, it takes around 6 m). Due to the emergence of enhanced applications in high-growth industries, such as healthcare, automotive, and machine handling, as well as the fingerprint-based application that is gaining traction in consumer products, the outlook for the studied market is positive, and it is expected to grow significantly. Utilizing economies of scale, these sensors provide a superior price-to-performance ratio than other types of sensors.

Ultrasound Technology Coupled with IoT to Drive the Global Ultrasonic Sensors Market

When a robust and adaptable technology such as ultrasound is integrated with the Internet of Things, innovative solutions emerge that will elevate asset condition monitoring to a new level. The development of ultrasonic sensors and their integration with data-gathering sites is anticipated to be disruptive to the continuous and remote monitoring of industrial assets.

Suppliers can construct robust monitoring solutions using ultrasonic sensors attached to network-enabled devices by combining the technology with the internet's capabilities. Ultrasonic handheld devices continue to play an essential role. The sensors take dB measurements from the assets and transmit them to central devices that process the data. This presents a significant opportunity for maintenance and reliability program enhancements. Using technology, customers can set up alarms, notifications, and asset condition trends.

Already available on the market are simple-to-implement solutions combining ultrasound technology with sensors and network-connected devices, enabling continuous and remote monitoring. On-Trak, a remote IIoT monitoring system for bearings and other mechanical assets, is available. It comprises sixteen sensors and a central processor that may connect to the network by Wi-Fi, ethernet, or cellular data. On any laptop, tablet, or smartphone, the sensor data is readily accessible. During the projected period, the market for ultrasonic sensors is anticipated to have an increasing trend attributable to the shifting mentioned above market dynamics.

Increasing Research Projects to Provide Opportunities for the Global Ultrasonic Sensors Market

The ultrasonic sensors are utilized in various applications across numerous industrial sectors. In the medical profession, they are used for ultrasonography. In the automobile industry, they are utilized for gesture recognition and parking assistant systems. In the consumer market, they are employed in fingerprint sensors, smart homes, and smart robots. The use of ultrasonic sensors is anticipated to increase due to these large application areas in various industries.

By employing sophisticated sensors and cell management technologies, "Spartacus" hopes to shorten battery charging times by up to 20% without affecting battery dependability or service life. The European Union funds Spartacus as part of the Battery 2030+ research initiative. The Spartacus sensor technology should recognize errors and adverse effects on battery life and performance early. The cell and battery management system can control the charging and discharging operations based on sensor data to prevent premature battery aging and eliminate as many negative influences as feasible. Such improvements drive segment expansion.

Key Highlights

• By technology, the global ultrasonic sensors market is segmented into Bulk Piezoelectric Transducer and Micromachined Ultrasound Transducers (MUT). The Bulk Piezoelectric Transducer accounted for the largest market share and is estimated to grow at a CAGR of 8.7% during the forecast period. 
• By end-user vertical, the global ultrasonic sensors market is segmented into automotive, consumer, industrial, medical, and other end-user verticals. The industrial segment accounted for the largest market share and is estimated to grow at a CAGR of 7.8% during the forecast period. 

Regional Insights

By region, the global ultrasonic sensors market is segmented into North America, Europe, Asia Pacific, Rest of the World.

Asia Pacific accounted for the largest market share and is estimated to grow at a CAGR of 10.7% during the forecast period. China's 13th Five-Year Plan for Smart Manufacturing calls for establishing its intelligent manufacturing system and completing the transformation of major industries by 2025. In addition to doubling down on its Made in China 2025 and China Standards 2035 projects, the CCP said during the 2020 National People's Congress that it might spend around USD 1.4 trillion on a digital infrastructure public spending program. China's New Infrastructure Project gives global businesses new potential. It is anticipated that the number of industries, such as automotive, industrial, etc., adopting ultrasonic sensors will increase, boosting the regional market's expansion.

Europe is the second largest market. It is estimated to reach an expected value of USD 2160 million by 2030, registering a CAGR of 9.1%. The area is one of the largest markets for nondestructive testing (NDT) equipment, particularly for the oil and gas, aerospace, medical, and automotive industries. Consequently, numerous local ultrasonic sensor manufacturers target these applications. In addition, the presence of some of the leading manufacturers of NDT Equipment, such as NDT Equipment Supplies Limited and NDT Consultants Ltd, contributes to the expansion of the ultrasonic sensor market in the region. For instance, NDT Equipment Supplies Limited is Europe's most extensive ultrasonic standard and particular block and test piece maker. In addition, the region is experiencing an increase in investment due to its enormous potential, particularly in the aerospace industry, which is continually expanding. In June 2019, London-based Elements Material technology invested $3 million in CR equipment to extend its NDT testing capabilities in the aerospace industry. Numerous institutions and government organizations in the United Kingdom are increasingly investing in developing ultrasonic sensor technologies, building a startup ecosystem in the country, and delivering innovation to the worldwide market.

North America is the third largest region. The United States maintains a significant proportion of the worldwide ultrasonic sensor market and is among the most technologically advanced nations. In addition, the country is home to many multinational corporations that make huge investments in process automation and smart production techniques, which is a significant factor driving the expansion of the ultrasonic sensors market. Since the United States has more substantial health spending per capita than other developed nations, the rising need for better surgical procedures by health-conscious residents is boosting the ultrasonic sensor market in the region.