PS Intelligence credits the increasing focus on road safety as a key factor to propel the ultrasonic sensor market size from $4.1 billion in 2019 to $12.1 billion by 2030, at a healthy 10.2% CAGR during 2020–2030 (forecast period). This is because parking assist and objection detection ADASs emit ultrasound, or ultrasonic waves, which is sound with a frequency higher than 20 kilohertz (kHz), and then wait for the sensor to detect the waves, as they rebound from nearby objects.
The time difference between the emission of the wave and its detection by the ultrasonic sensor gives an idea of the distance between two objects. Under the application segment, the ultrasonic sensor market is categorized into distance measurement, level measurement, loop control, object pallet detection, diameter measurement, and others. Moreover, the demand for smart farming equipment is growing on account of the booming regional population.
Asia-Pacific (APAC) dominated the ultrasonic sensor market during the historical period (2014–2019), and it is expected to keep doing so throughout the forecast period. This is attributed to the increasing industrial and automotive production in the region, coupled with factory automation measures, which are both driving the usage of these instruments. Numerous artificial intelligence (AI)-based farming systems, which are being provided by IBM Corporation, Microsoft Corporation, and Agstack Technologies Pvt. Ltd., have ultrasonic sensors.
Hence, owing to the increasing demand for smart factories and safer vehicles and roads, the integration of ultrasonic sensors is rising around the world.
