According to a new market report published by Transparency Market Research Ultrasonic Sensors Market – Global Industry Analysis, Trend, Size, Share and Forecast 2015 – 2023”,the global ultrasonic sensors market was valued at USD 380.8 million in 2014 and is expected to reach USD 1,670.7 million by 2023, growing at a CAGR of 17.1% from 2015 to 2023.
The ultrasonic sensor market is currently growing at a steady rate due to the increasing demand for production and operational efficiency. Ultrasonic sensors are used for liquid level measurement, object detection, distance measurement, anti collision detection, and pallet detection among others.
Reflective sensors, ultrasonic through beam sensors, and ultrasonic 2 point proximity switches are the various types of ultrasonic sensors widely used across manufacturing utilities. The usage of ultrasonic sensors improves operational efficiency and also improves safety standards. This is one of the major factors fueling the demand for ultrasonic sensors globally.
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The growing demand for vehicle safety across the globe is creating the need for parking assistance systems. Moreover, the changing government regulation in urban cities for smart traffic management is ensuring the demand for these systems. The growing need for parking assistance systems is bolstering the demand for ultrasonic sensors.
Furthermore, the aging population is resulting in the diagnosis of chronic diseases and also leading to rising healthcare costs worldwide. Healthcare service providers are looking for cost effect ways of delivering healthcare services to patients. This has enabled the development of wearable medical devices for early detection and treatment of chronic diseases. Owing to these factors, ultrasonic sensors market is expected to experience stable growth throughout the forecast period.