Published on : Mar 11, 2016
Ultrasonic sensors generate high frequency sound waves which are inaudible to humans, but are used to evaluate the echo which is received back. Ultrasonic sensors have found its applications in a variety of areas or fields such as distance measurement, food inspection, collision detection, eye inspection, destroying cancer cells, embedded in wearable medical devices, and for sonography. The multiplicity of its applications spanning across several industries has led to the increase in the demand for ultrasonic sensors, ultimately becoming the growth factor for the ultrasonic sensors market.
According to a market study report published by Transparency Market Research, the ultrasonic sensors market which was evaluated at US$380.8 mn in 2014, is likely to reach US$ 1670.7 mn by 2023, anticipated to display a massive growth of 17.1% CAGR from 2015 to 2023.
Use of Ultrasonic Sensors to Implement Driver’s Safety, Boosts Market
Accidents are becoming increasingly common and therefore the automobile industry has found a way to combat them by using ultrasonic sensors. Automobile industries are making use of antilock braking systems due to rising safety concerns. Ultrasonic sensors are used in vehicles for controlling the steering, braking, blind spot detection, and acceleration of the vehicle. Ultrasonic sensors are also used for parking vehicles and gathering information regarding the location of the vehicle. The growing use of ultrasonic sensors in automobiles has boosted the ultrasonic sensors market to a large extent.
Liquid Level Measurement Sensors Held the Largest Market Share in 2014
Liquid level measurement sensors are ultrasonic sensors that have a unique ability of detecting uneven surfaces and returning precise data regarding distance. These sensors are therefore used extensively for detecting the level of a liquid or a fluid. Since liquid level measurement or monitoring the liquid level changes is an important part of industries such as food and beverages, chemical, water treatment, and power generation, the market for liquid level measurement sensors was the largest in 2014.
Europe held the Largest Market for Ultrasonic Sensors in 2014
Due to an increasing demand of ultrasonic sensors for parking assistance, automated steering control, and blind spot detection from European countries, this region held the largest market for ultrasonic sensors in 2014, accounting for 35% of the total market share.