Ultrasonic Sensors Market Size to Grow by $ 707.89 mn During 2020-2024
Technavio has been monitoring the ultrasonic sensors market and it is expected to grow by $ 707.89 mn, accelerating at a CAGR of almost 12% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report
Ultrasonic Sensors Market: North America to lead market growth during the forecast period
Ultrasonic Sensors Market: Key Competitors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Baumer Holding AG, Honeywell International Inc., Keyence Corp., Murata Manufacturing Co. Ltd., OMRON Corp., Pepperl+Fuchs AG, Robert Bosch GmbH, Rockwell Automation Inc., SICK AG, and Siemens AG are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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Ultrasonic Sensors Market: Key Highlights of the Report for 2020-2024
Technavio has been monitoring the global ultrasonic sensors market and it is expected to grow by USD 707.89 million accelerating at a CAGR of over 12% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report
Ultrasonic Sensors Market: Segmentation by Product
During 2019, the Ultrasonic through beam sensors accounted for the major share of the Ultrasonic Sensors Market. In these sensors, the transmitter and receiver are mounted on opposite sides. Ultrasonic through-beam sensors offer the shortest response time in comparison to other ultrasonic sensor-based products. Factors such as growing demand for sensor technology in smart factories, increasing use of ultrasonic sensors in automobiles for vehicle parking, and growing demand for smart/intelligent ultrasonic sensors will offer immense growth opportunities. However, poor flexibility in detection coupled with the problem of heightened sensitivity, effect of temperature on sensors, and lengthy design phase increasing time-to-market may impede market growth.
Ultrasonic Sensors Market: Segmentation by Geography
North America will offer several growth opportunities to market vendors during the forecast period. 35% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for ultrasonic sensors in the region.
Ultrasonic Sensors Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Baumer Holding AG, Honeywell International Inc. and Keyence Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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