ULTRASONIC SENSORS MARKET ANALYSIS
The global ultrasonic sensors market size was valued at USD 5,434.2 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 9.84% from 2023 to 2030. The ultrasonic sensors market has witnessed a substantial growth over the years owing to the emergence of advanced technologies in these devices. Moreover, the increase in the number of accidents and injuries is also fueling the growth of this market. The increased focus on safety is also encouraging the manufacturers to invest in ultrasonic sensors and other advanced technology.
Global Ultrasonic Sensors Market Trends:
Changing dynamics in the ultrasonic sensors is an upward trend in the market
The ultrasonic sensors market is witnessing changing dynamics, as technological advancement continues to increase across various industries. There are various IIoT bearing monitoring systems in the market, such as the On-Trak, a remote Industrial Internet of Things technology based monitoring system for bearings and other mechanical assets using several sensors. This On-Trak system consists of 16 sensors and a central processor, which can connect to the network through Wi-Fi, cellular data, or Ethernet. Such changing dynamics in the market is a growing trend, which is likely to accelerate the market growth in the near future.
Increasing growth of automotive industry is a growing trend
The sales and production of automobiles along with rise in customer expenditures, is driving the automobile industry. This in turn is likely to boost the demand for ultrasonic sensors in this industry. For instance, according to Coherent Market Insights, the number of motor vehicles manufactured increased from 78 million in 2020 to 80 million in 2021, all over the world. Ultrasonic sensors are used in several applications in this industry, as they are important in developing technologies such as autonomous vehicles, and driver assistance. Thus, increasing growth of automotive industry is likely to drive the demand for ultrasonic sensors in the coming future.
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