According to a recent report published by Research Dive, titled, “Ultrasonic Displacement Sensor Market by Type, Component, Transducer Type, and End-users: Global Opportunity Analysis and Industry Forecast, 2019-2025,” the global Ultrasonic Displacement Sensor market size was valued at $ 2,627.65 Million in 2018, and is projected to reach $ 4,736.67 Million by 2025, registering a CAGR of 8.86% from 2019 to 2025.
North America dominates the market, followed by Europe, Asia-Pacific, and LAMEA. U.S. dominated the global Ultrasonic Displacement Sensor market share in 2018, whereas Canada is expected to grow at a significant rate in the U.S. during the forecast period.
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Ultrasonic displacement sensors are basically used to detect objects and measure distance in industrial applications in which versatility and reliability are the key factors. For instance, Pepperl+Fuchs offers a wide variety of ultrasonic sensors which feature benefits such as large measuring ranges of up to 10 m, adjustable sound beams, and minimal dead bands, among others in wide range of housing designs. This automatically helps to offer reliable and efficient solutions. Furthermore, the ultrasonic displacement sensors offer impressive functionality, measurements by transmitting high-frequency sound pulses which are completely inaudible to humans. The sensors operate according to a time-of-flight measurement, by which they measure the time between transmitting the sound waves and receiving the object reflection. The devices help objects to be detected and their distance from the sensor to be measured. Pepperl+Fuchs ultrasonic sensors are equipped with integrated temperature compensation for reliable and accurate measurement. Hence, these ultrasonic displacement sensors are used drastically in industrial applications.
Furthermore, the smart healthcare systems use ultrasonic sensor and IR proximity sensors in the hospitals and in other healthcare systems. Both these sensors are used for two different purposes and also to perform different functions as well. The healthcare system uses Arduino Uno for the connection of the sensors and the overall implementation of the system. The data gathered by the two sensors is sent to the server immediately. Therefore, the increasing development in the technologies related to Internet of things (IoT) is helping to make possible by connecting and communicating of various smart devices together using the Internet and these sensors. Ultrasonic displacement sensors are used drastically for gathering information regarding the patient.
With the changing society and lifestyle, humans are facing other problems such as increased lifestyle-related diseases and accelerating aging. For instance, a movement for reliable health care is gaining ground in society, trying to determine the variations in your body occurring in your daily life and preventing diseases on a routine basis. The ultrasonic sensors can be used to change an individual’s’ physical condition by applying the sensor to the body and turning the obtained biological information into visual images. The growing demand of such sensors are expected to boost the growth of the ultrasonic displacement sensors market.
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North American region is the market leader in the ultrasonic displacement sensors market due to various reasons. The market penetration is quite high in this region due to presence of several healthcare giants is a very crucial growth factor. Among the countries of North America, the United States holds most of the market share, while the Canadian market is estimated to grow faster than the US market. Also, the health expenditure per capita in the U.S. is higher compared to other countries. The rising demand for better surgical procedures by health-conscious citizens is driving the market for ultrasonic displacement sensors in this region.
Factors such as Increasing demand from the industrial sector is driving the growth of ultrasonic displacement sensors market. In addition, the growing need for ultrasonic displacement sensors in the healthcare segment is anticipated boost the growth of the market over the forecast period. However, dominance of other form of sensors in the market and operational issues are expected to hinder the growth of the Ultrasonic displacement sensors.
Key Findings of The Study
- Based on type, the contact type segment generated the highest revenue in 2018.
- Based on component, the transducer segment was the highest revenue contributor in 2018.
- Based on end-users, Healthcare segment is anticipated to exhibit the highest CAGR during the forecast period.
- Based on region, North America contributed the highest market revenue in 2018, followed by Europe, Asia-Pacific, and LAMEA.
The key players analyzed in the Ultrasonic Displacement Sensor market include ABB, Siemens AG, Pepperl+Fuchs, Honeywell International Inc., Baumer Ltd, Rockwell Automation, Murata Manufacturing Co. Ltd, Omron Corporation, Sick AG, Banner Engineering and others.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and a strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, and decades of trade data, and technical white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting their major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major Market aficionado that further offers its research an edge.
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