Ultrasonic sensor market in Europe is expected to grow from US$ 1.44 Bn in 2018 to US$ 2.78 Bn by the year 2027. This represents a CAGR of 7.6% from the year 2019 to 2027.
The rising adoption of automation in diverse industries is one of the major drivers for the growth of the ultrasonic sensor market. However, the adoption of substitute sensors with higher efficiency might hinder the growth of ultrasonic sensor market. Despite of this, the increasing popularity of autonomous vehicles is anticipated to be opportunistic for the ultrasonic sensor market. The penetration of industrial automation is now gaining pace in these industries. With the increasing functionality of equipment such as industrial robots, this adoption is further anticipated to accelerate in the years to come. The overall growth of the industrial sector is attributed to the growing necessity of modernization and transformation in these markets. The emergence of industry 4.0 is also stimulating the growth of the Europe ultrasonic sensors market. Within industries, there is a prompt need accurately to monitor production processes, and sensors assist the plant operators in the same. Pepperl+Fuchs provides "Sensorik4.0 for industrial applications, this in turn has led to increased adoption of ultrasonic sensors in various industries.
The ultrasonic sensor market is fragmented in nature due to the presence of several end-users, and the competitive dynamics in the market are anticipated to change during the coming years. In addition to this, various initiatives are undertaken by governmental bodies to accelerate the ultrasonic sensor market further. EU initiatives for automotive industry such as European Green vehciles initiative and programs on "road Transport", "ICT for smart mobility", "Factories of the Future" and "Logistics" might support the growing demand for ultrasonic sensors in the region.
The ultrasonic sensor market by type is segmented into the proximity sensors, retro- reflective sensors, through beam sensors, others. The through beam sensors segment holds a significant share of the ultrasonic sensor market and is anticipated to continue its dominance during the forecast period. The ultrasonic through beam sensor exhibits the feature of a powerful acoustic beam. This sensor provides a large detection range within a compact housing dimensions. Contrasting with diffuse and retro-reflective models, the through beam sensors doesn't switch between transmission and reception modes continuously, instead it waits for an echo signal to come. Therefore, their response time is comparatively faster, which results in high switching frequencies.
The overall Europe ultrasonic sensor market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Europe ultrasonic sensor market. It also provides an overview and forecast for the Europe ultrasonic sensor market based on all the segmentation provided with respect to the Europe region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe ultrasonic sensor industry. Some of the players present in the ultrasonic sensor market are Balluff Inc., Baumer Group, Honeywell International, Inc., Keyence Corporation, Migatron Corporation, Murata Manufacturing Co. Ltd, Omron Corporation, Pepperl+Fuchs AG, Rockwell Automation, Inc., Siemens AG, among others.