Ultrasonic Sensor Market to Reach USD 8.25 Billion By 2026
Market Summary: The growth of the market is governed by various factors such as increasing demand for the increasing adoption of sensors in smart factories. Market Size – USD 4.16 Billion in 2018, Market Growth - CAGR of 3%, Market Trends- progressive increase in demand for Smart and medical wearable devices. The ultrasonic sensor market is expected to reach USD 8.25 Billion by 2026, according to a new report by Reports and Data. Ultrasonic sensors are broadly used in various industrial sectors, including medical & healthcare, petroleum, automotive, food, and beverage, manufacturing, and military & defense. Such sensors find extensive applicability in the manufacturing industry. For example, ultrasonic sensing devices are utilized for the detection of external objects in food quality inspection. Further key findings from the report suggest : • The ultrasonic sensor market is estimated to reach USD 8.25 Billion by 2026, at a CAGR of 8.9% during the forecast period. • The application in object detection accounted for the largest share of 29.7% of the market in 2018. • The automotive end user segment accounted for the largest share of 29.3% of the market in 2018. www.reportsanddata.com
Key participants : Branson Ultrasonic Corp., Honeywell International Inc., Toshiba America Medical Systems, Inc., OMRON Corporation, Murata Manufacturing Co., Ltd., APC International Ltd., Siemens Ag, Rockwell Automation, Inc., GE Healthcare, Ltd., and Pepperl+Fuchs GmbH. Segmentation: • Application Outlook (Volume, Thousand Units; and Revenue, USD Billion ; 2016-2026), Object Detection, Liquid Level Measurement, Distance Measurement, Anti-Collision Detection, Others • Type Outlook (Volume, Thousand Units; and Revenue, USD Billion ; 2016-2026), Proximity Detection, Ranging Measurement • End User Outlook (Volume, Thousand , Units; and Revenue, USD Billion ; 2016-2026), Automotive, Medical and Healthcare, Chemical, Construction, Others
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Regional Outlook for Ultrasonic Sensor Market analyzes the following geographies ◦ North America (United States, Canada, and Mexico) ◦ Europe (Germany, France, UK, Russia, and Italy) ◦ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia) ◦ South America (Brazil, Argentina, Colombia, etc.) ◦ Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa
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The report emphasizes the following key questions: ◦ Q.1. What are the most lucrative and promising growth prospects for the market? ◦ Q.2. Which sectors are expected to deliver a high growth rate and which industry aspects come into play in this advancement? ◦ Q.3. Which geographies are estimated to exhibit the highest growth and the underlying causes? ◦ Q.4. Which factors are impacting the future of the market and what are the driving factors? ◦ Q.5. What are the hurdles and challenges curtailing the industry’s growth in the forecast period?
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