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Albany, New York, Feb. 26, 2019 (GLOBE NEWSWIRE) -- The landscape of the global ultrasonic sensors market is exhibited by a competitive rivalry among the top players, finds Transparency Market Research. Top players consider adapting a multitude of strategies to get an edge over others in the market. In particular, some of these players have made considerable investments in research and development activities. The research and development activity is helping shape frontiers of tomorrow as it is often aimed on developing innovative products. This is a noteworthy factor which has raised the bar for new entrants in the global ultrasonic sensors market. Nevertheless, relatively small players are taking giant strides of their own to announce their arrival to the large companies.
Some major players operating in the global artificial intelligence market include Siemens AG, Pepperl+Fuchs GmbH, Rockwell Automation Inc., Murata Manufacturing Co., Ltd., Baumer Group, and Microsonic GmbH.
The global ultrasonic sensors market stood 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.
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The ultrasonic through beam sensors are predicted to grow at the fastest CAGR between 2015 to 2023. The growing demand for technologically advanced vehicles equipped with blind spot detection, parking assistance, and computerized steering control is expected to drive the ultrasonic sensors market.
In 2014, Europe held the largest share of the global ultrasonic sensors market. It occupied 35% of the total market share and it is expected to continue its dominance during the forecast period. Asia Pacific is expected to witness significant growth and emerge as the second biggest market in the global ultrasonic sensors market.
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Growing Demand in the Food & Beverage Industry to Drive Growth
Ultrasonic sensors provide ways to detect liquid levels, object detection, and pallet detection. The technology is expanding in the use in food & beverage industry. Growing healthcare based regulations and awareness regarding food hygiene is driving growth of the ultrasonic sensors market in these sector. Additionally, the sensors offer various applications including material processing, handling, and guiding vehicles during transportation of perishable food items. The increasing adoption of ultrasonic sensors in automobiles is also expected to further fuel market growth. Improvement in accuracy by ultrasonic sensor is expected to become the next frontier of opportunities as there is a growing demand in both the above mentioned industries for the same.
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Healthcare Industry Offers New Opportunities for Growth
Ultrasonic sensors measure echoes emitted in the form of radio and sound waves. The sensors detect these waves to calculate the various attributes of the subject. These method of operation open up important opportunities in the healthcare sector. The healthcare sector is looking out for more real-time visualization. Real-time visualizations are critically important in biopsy sampling and therapeutics. During these medical procedures, sensors can help detect target organ, diagnose internal organs and monitor health growth of pregnant women. The technological advancements in ultrasonic sensors and new opportunities in healthcare are expected to drive the ultrasonic sensors market during 2015 to 2023.
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The study presented here is based on a report by Transparency Market Research (TMR) titled Ultrasonic Sensors Market By Types (Ultrasonic proximity sensors, Ultrasonic retro-reflective sensor, Ultrasonic through beam sensor, Ultrasonic 2 point proximity switches), By Application (Liquid level measurement, Object detection, Distance measurement, Anti-collision detection, Pallet detection and Others) By Industry (Automotive, Power and gas & oil, Chemical, Agriculture, Construction, Pulp and paper, Material handling, Food and beverage, Medical and healthcare and Aerospace and defense and Others) - Global Industry Analysis, Trend, Size, Share and Forecast 2015 – 2023.”
The global artificial intelligence market is segmented based on:
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