According to the research report titled ‘Global Ultrasonic Positioning Sensor Market Size study with COVID Impact, by Type (Proximity, Retro-Reflective, Through Beam and others) by Application (Industrial, Healthcare, Food & Beverage, Automotive and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global ultrasonic positioning sensor market accounted for USD 3.63 billion in the year 2019 and is expected to grow with a CAGR of 11.35% during 2020-2027.
 

For the record, an ultrasonic positioning sensor works as non-intrusive target object identification. The sensor is primarily based on principles including flight time, amplitude attenuation and doppler shift.
 

Focus by manufacturers towards detailed inspection & accurate assessment along with rising adoption of position sensors in the aerospace sector are prime factors fueling the growth of global ultrasonic positioning sensor industry. Rising integration of position sensors in modern automobiles is further stimulating the market size.
 

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In September 2018, for instance, MTS Systems acquired purchase requisition of worth USD 187 million from the U.S. Department of Defense for the technologically advanced sensors. Similarly, TE Connectivity introduced a magneto-resistive position sensor KMXP in December 2018, which allows for contactless point assessment through TTI Inc., a prominent electronic component distributor.
 

Advancements in technology have enabled the development of robotics solutions, which in turn is augmenting the product demand. However, low precision and reaction speeds of ultrasonic positioning sensor may act as a restraining factor to the overall market growth.
 

As per type, the market is segmented into through beam, retro-reflective, proximity, and others. Based on application spectrum, the industry is bifurcated into automotive, food & beverage, healthcare, industrial, and others.
 

Considering the geographical landscape, Asia-Pacific ultrasonic positioning sensor market is estimated to grow substantially during the estimated timespan. Growing demand for highly efficient and cost-effective position sensors from packaging, medical, manufacturing, automotive, and electronics sectors are favoring the market outlook in Asia-Pacific.
 

Baumer Holding AG, Eaton Corp., Balluff GmbH, ifm Electronic GmbH, Rockwell Automation Inc., Sick AG, Microsonic Inc., Schneider Electric, and Pepperl+Fuchs are the major companies in worldwide ultrasonic positioning sensor market.