Ultrasonic Technology Market Report 2023 - Global Forecast Covering Market Size, Major Drivers, Trends And Top Segments, By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, June 1, 2023 /PRNewswire/ -- As per The Business Research Company's Ultrasonic Technology Global Market Report 2023, the global ultrasonic technology market size will grow from $1.8 billion in 2022 to $2.1 billion in 2023 at a compound annual growth rate (CAGR) of 13%. The ultrasonic technology market size is then expected to grow to $3.3 billion in 2027 at a CAGR of 12%. Going forward, the increasing prevalence of chronic illness, rise in geriatric population, growth in the retail sector and the rising public concerns related to optimal food safety and quality will drive the ultrasonic technology market growth.
The global ultrasonic technology market is moderately fragmented, with a large number of small players in the market. Emerson Electric was the largest competitor with 13.7% ultrasonic technology market share, followed by Siemens AG, Koninklijke Philips N.V., Olympus Corporation, General Electric Company, Crest Ultrasonics Corp., Honeywell International Inc., Rockwell Automation Inc., Pepperl+Fuchs AG and Omron Corporation.
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Major companies operating in the ultrasonic technology market are focusing on 3D ultrasound technology solutions to grow in the market. For example, in November 2021, Toposens, a Germany-based electronics manufacturer, launched a new ultrasonic 3D sensor featuring Infineon's XENSIV™ MEMS microphone to realize 3D obstacle detection and collision avoidance in autonomous systems. It leverages sound, machine vision, and advanced algorithms to enable robust, cost-effective and accurate 3D vision for applications such as robotics, autonomous driving and consumer electronics. The easy-to-integrate 3D ultrasonic sensor enables safe collision avoidance through precise 3D obstacle detection.
In addition, the use of artificial intelligence is another key trend gaining popularity in the ultrasound technology market. Artificial intelligence transforms medical images into high-throughput mineable data. For example, in February 2023, Samsung, a South Korea- based manufacturing conglomerate, launched a new women's health ultrasound system, the Hera W10 Elite, which offers visualization features, artificial intelligence (AI)-aided tools and clinical applications for Obstetrics and Gynecology. It provides 2D and 3D visualizations of microcirculatory and slow blood. It features an Advanced MV (microvascular)-Flow feature and a larger organic light-emitting diode (OLED) display that provides an improved characterization of diverse ultrasound images.
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As per the ultrasonic technology market analysis, Asia Pacific was the largest region in the ultrasonic technology market and was worth $718.2 million in 2022.
The ultrasonic technology market in Asia Pacific is supported by the focus on vehicle safety and by the new product innovations. For example, in February 2023, Panasonic, a Japan-based Industrial conglomerate corporation, launched a new GB-L1CMH1A ultrasonic meter to measure hydrogen flow that can operate without changing the state of the fuel cell. It says it can also measure a wide range of hydrogen flow rates and concentrations. Ultrasonic flow meters use ultrasound to measure the velocity of fluids in a range of fluid applications. Compared to conventional meters, such devices can provide more accurate gas flow measurements by calculating the time difference ratios between ultrasonic paths in a pipe.
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