Ultrasonic Sensor Market Size, Share to Grow USD US$ 9.09 Bn by 2027.

The ultrasonic sensor market accounted to US$ 4.43 Bn in 2018 and is expected to grow at a CAGR of 8.4% during the forecast period 2019 – 2027, to account to US$ 9.09 Bn by 2027.

According to the new research report published by The Insight Partners, titled “Ultrasonic Sensor Market — Global Analysis and Forecasts to 2027”, the global ultrasonic sensor market is expected to reach US$ 9.09 Bn in 2027, by registering a CAGR of 8.4% during the forecast period 2019-2027.

In 2018, Europe was estimated to hold the largest market share and APAC is expected to be fastest region with a CAGR of 9.9% during 2019 to 2027.

Growth in the manufacturing and automotive industries would support the players of the respective industry to reap maximum profits. The demand for industrial automation and industry 4.0 is flourishing with huge demand due to the development of ground-breaking technologies. As leading companies in this market continue to broaden its addressable market, by expanding their current product portfolio, diversifying its client base, and developing new applications and markets, all the prominent players face an increasing level of competition, both from regional players as well as the leading global companies across the world.

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Europe holds the dominant share in the ultrasonic sensor market, and APAC is expected to be the fastest growing region across the globe. Policies in the Europe region are beneficial for the growth of varied businesses, which is one of the reasons behind the development of the automotive FB industry in Europe. In Asia pacific, the Government of India has started the “Make in India” initiative to boost the growth of automobiles, textiles, construction, and manufacturing, among others. The Indian Government is launching Make in India 2.0, which is the next round of make in India, and this initiative will focus on turning India into a global manufacturing hub. China led the ultrasonic sensor market. China is the world's largest automobile manufacturer. China is the largest manufacturer in the world, with the presence of several diverse industries. Also, the country has a robust automotive sector and is the largest producer of automobile vehicles around the globe. The demand for ultrasonic sensors is high in the automotive sector due to the application of ultrasonic sensors in vehicles and production lines. Therefore, the presence of a strong automotive industry is expected to support the growth of the ultrasonic sensor market in China.

Key findings of the study:

Asia Pacific is the fastest growing region in the ultrasonic sensor market. The growth of the ultrasonic sensor market in this region is attributed to the ultrasonic sensors have a wide range of application in the automotive sector, the presence of the strong automotive industry in the region creates significant opportunities for the companies operating in the ultrasonic sensor market to gain a strong customer base. The presence of a large number of industrial robots and automation solution manufacturers are fueling the demand for ultrasonic sensors in the region. Aforesaid factors supports the high growth of ultrasonic sensor in the Asia Pacific region.

The global ultrasonic sensor market is anticipated to witness impressive growth during the forecast period owing to availability of growing manufacturing industries across the globe and integration of industry 4.0 in factories is driving the market during the forecast period. On the contrary, factors such as availability of substitute products might hinder the growth of ultrasonic sensor market. During the forecast period of 2019 to 2027, production line held the largest market share and will continue its dominance in the market. Industrial by industry vertical in 2018 led the ultrasonic sensor market and is expected to be the fastest-growing industry vertical during the forecast period 2019-2027 growing at a high CAGR value.

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