Global Ultrasonic Positioning Sensor Market is valued approximately USD 3.63 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 11.35 % over the forecast period 2020-2027. The ultrasonic sensor is an emerging technology with significant potential for growth. Ultrasonic sensors depend on non-intrusive target object detection. They are mainly based on three principles-doppler shift, amplitude attenuation, and flight time. Major factors driving the growth of this market involve increasing manufacturers' focus on accurate assessment and detailed inspection, increasing adoption of position sensors in the aviation and aerospace industry, and increasing demand for position sensors to be deployed in modern automobiles. For instance, In September 2018, MTS Systems (US) received purchase requisition for the delivery of technologically advanced sensors to be used in U.S. systems. Department of Defense. The total value of this order is approximately USD 187 million. In December 2018, TE Connectivity (Switzerland) launched KMXP, a magneto-resistive position sensor that enables contactless point measurement via its leading electronic component specialty distributor, TTI, Inc. Lower reaction speed as well as precision in comparison with optical sensors is the restraining factor. Advancement in technology like robotics is an opportunity factor.
The regional analysis of global Ultrasonic Positioning Sensor market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Ongoing demand for cost-effective and highly efficient position sensors from the electronics, automotive, manufacturing, medical and packaging industries is expected to drive the growth of APAC 's position sensor market in the coming years. As per The Diplomat, the existing population trend is seriously concerning for the Asia-Pacific region, which already has more than four billion people, or nearly 60 per cent of the world 's population. This figure is projected to grow to five billion by 2050. This will positively impact the growth in Asia Pacific region.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Food & Beverage
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year ñ 2017, 2018
Base year ñ 2019
Forecast period ñ 2020 to 2027
Target Audience of the Global Ultrasonic Positioning Sensor Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers