The European ultrasonic sensor market is anticipated to register a 10% CAGR through the report’s study period. Rapidly increasing penetration of numerous IoT and smart home device in developing nations is expected to create a momentous impetus that would elevate the demand for ultrasonic sensor technologies. These sensors can help reduce the overall power consumption of an electronic device and can also enhance connected device performance.
Rising implementation of ultrasonic sensors across a plethora of industrial applications such as robot sensing, counting substances in conveyor belts, box sorting schemes, and liquid level control, among others, will outline the growth of the industry. The sensors are also gaining immense traction from AMRs (autonomous mobile robots) to determine vehicle distance from the object and for detecting obstacles. The ultrasonic sensor market is projected to hit USD 5.0 billion by 2027.
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An ultrasonic sensor is an electronic component that can measure the distance of a target object by emanating ultrasonic sound waves and changes the reflected sound into an electrical signal. Ultrasonic sensors have two main components; the transmitter, and the receiver. These sensors are regularly utilized in an extensive range of non-contact-based distance computing applications. One of the most common instance where these components are used is storage tanks, where they monitor the level of liquids or solid materials in the tanks.
Major players operating in the market include names such as Banner Engineering Corp., Pepperl+Fuchs AG, TE Connectivity Ltd, TDK Corporation, Rockwell Automation Inc., Murata Manufacturing Co. Ltd, among others. Market players are constantly focusing on various growth strategies like partnerships and acquisitions for staying competitive in the market.
For instance, in February 2018, TDK Corporation announced the acquisition of Chirp Microsystems, a leading enterprise engaged in delivering high-performance ultrasonic sensing-related solutions. This acquisition is expected to help the firm expedite its market position when it comes to ultrasonic sensors, allowing it to cater to high demand from various industries such as healthcare, consumer, automotive, and industrial.
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The Europe ultrasonic sensor market is forecast to show lucrative growth in the coming years, majorly driven by the supportive government initiatives that are looking to fast-track the manufacturing sector in the region. In fact, in September 2020, the UK government announced a funding initiative of around USD 356.6 million, with a sole focus on boosting the country’s manufacturing sector.
Such initiatives will attract and create multiple growth opportunities for foreign manufacturers to invest and establish new manufacturing facilities in the region. These efforts are anticipated to stimulate the growth of the ultrasonic sensor market over the estimated period.
The healthcare application segment held a market share of around 12.5% in 2020 and is projected to grow at 13% CAGR through the forecast timeframe. The segment growth is owed to the budding applications of ultrasonic sensors in point-of-care devices and medical imaging. The component is capable of finding out the source of disease, enabling early diagnosis as well as treatment of target diseases, effectively warranting the intensifying need for ultrasonic sensors in sector.
The industry players are constantly emphasizing developing ultrasonic medical devices by integrating IoT and AI technologies, adding growth opportunities. For instance, in January 2020, Siemens Healthcare Private Limited developed ‘ACUSON Redwood’ ultrasound system, which is integrated with AI-powered tools and advanced medical imaging applications.
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