Ultrasonic Sensors Market Outlook and Forecast 2020 due to COVID-19 Impact

The increasing need for ultrasonic sensors from manufacturing industries is one of the biggest factors propelling the demand for these sensors across the world. In manufacturing industries, the ultrasonic sensors are used in a plethora of applications such as diameter measurement of roll, tank water level measurement, loop control, distance measurement, and height measurement. Owing to the soaring industrial production in developing nations, the demand for ultrasonic sensors will rise significantly especially in level measurement applications. For instance, it was recorded in September, 2019 that the industrial production in Turkey registered a year-on-year (YoY) growth rate of 3.4%.

The burgeoning utilization of ultrasonic sensors in automobiles is another factor pushing their demand across the world. These sensors are used in a wide array of applications in automobiles such as in object detection and identification, park assistant systems, and level sensing in fuel tanks. 

Due to the above-mentioned factors, the ultrasonic sensor market is expected to increase its value from $4.1 billion in 2019 to $12.1 billion by 2030, demonstrating a CAGR of 10.2% during the forecast period (2020—2030). Ultrasonic sensors are widely used in industrial, automotive, healthcare, food & beverage, and agricultural sectors. Amongst these, the automotive sector is expected to observe the fastest growth in the adoption of ultrasonic sensors during the forecast period, primarily due to the rising demand for these sensors for use in self-driving cars for obstacle detection.

Global Ultrasonic Sensor Market Segmentation

Market Segmentation by Type

• Range Measurement
  • Through beam sensor
  • Retro-reflective sensor
• Proximity Detection
  • Proximity sensor
  • 2 point proximity switch

Market Segmentation by Application

• Level Measurement
• Distance Measurement
• Object & Pallet Detection
• Loop Control
• Diameter Measurement
• Others (Height Measurement and Web Break Detection)

Market Segmentation by End User

• Food & Beverage
• Automotive
• Healthcare
• Agriculture
• Industrial
• Others (Marine and Aerospace & Defense)

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Globally, the Asia-Pacific (APAC) region recorded the highest usage of ultrasonic sensors in 2019. This region is also expected to witness the fastest growth in the adoption of ultrasonic sensors during the forecast period. This is mainly ascribed to the increasing need for these sensors for automation in industries. Additionally, the increasing population level and rising focus on smart agriculture in India and China, is considerably boosting the demand for ultrasonic sensors in APAC. The expansion of food & beverage, chemicals, and automotive manufacturing industries is also fuelling the rising demand for ultrasonic sensors in APAC.

Hence, it is clear that owing to the surging demand for ultrasonic sensors from the manufacturing industries, growing popularity of premium vehicles, and the increasing need for ultrasonic sensors for use in the advanced automotive systems of these vehicles, the demand for ultrasonic sensors will grow consistently over the next few years.

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How is COVID-19 Epidemic Impacting Respiratory Diagnostic and Monitoring Device Market?

Living without oxygen is not possible, but apart from merely having it all around, it is also important to have a good pair of lungs, to be able to take in the gas and convert it to energy. Since life isn’t fair and not everything is good, there are a horde of respiratory diseases which hamper with the functioning of the lungs. Among the most common are chronic obstructive pulmonary disease (COPD) and asthma, with the World Health Organization (WHO) putting their annual incidence at 251 million and 235 million cases, respectively.

Hence, with the increasing hospitalization rate, as a result of the rising prevalence of these and many other breathing-related diseases, the respiratory diagnostic and monitoring device market size is growing around the globe. In the present times, the COVID-19 epidemic is the world’s biggest problem, and since it is a respiratory disease, the demand for such devices is rapidly increasing with its growing hold. Since claiming its first victim in December 2019, the epidemic had resulted in 170,473 deaths and 2,482,343 cases till April 21, 2020. This virus has forced almost the entire world into an economic shutdown, and the only thing increasing apart from the case and death count, is the number of healthcare centers.

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On a geographical basis, the largest respiratory diagnostic and monitoring device market is currently North America, as it has a fast growing geriatric population. For instance, compared to 49.2 million in 2016, 98 million people would be in the age group of 65 and above, in the U.S., in 2060, as per government sources. Additionally, the country has been the worst struck by COVID-19, registering the highest worldwide death count of 42,518, as of April 21, 2020. Additionally, a range of new and improved devices are being launched in the continent, which would further help increase their uptake.

Therefore, with the ongoing coronavirus pandemic and increasing geriatric population, the requirement for instruments to measure people’s lung function will continue rising.

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Business Continuity Management Market Growth Analysis, Post COVID-19 Impact | Potential Business Impacts for Key Players

A key trend in the BCM market is the growing adoption of business impact analysis (BIA), which is because BIA assists SMEs and large enterprises in identifying critical activities and processes, such as return of investment. Several aspects included under BIA are storage optimization, increased expenses, regulatory fines, contractual penalties, delay of new business plans, modern workload protection, lost/delayed sales and income, network security, and customer dissatisfaction. 

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The faster growth in demand for BCM services and solutions is expected to be witnessed by small and medium enterprises (SME) in the near future as compared to large enterprises. This is because, the SMEs are inclining toward expanding their organizations and streamlining their business structure. Moreover, these enterprises usually rely on limited resources for safeguarding their operations and solutions that generate revenue, which is further creating the requirement for BCM by SMEs. 

As per a research conducted by P&S Intelligence, the global BCM market reached a value of $359.2 million in 2018 and is projected to attain $875.7 million in 2024, advancing at a 15.4% CAGR in the coming years. Apart from risk management, the different solutions provided by BCM are government, risk, and compliance, crisis management and audit management. Furthermore, BCM also offers managed and professional services to the enterprises. 

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The operational risks in organizations, such as model risk, cybersecurity risk, conduct risk, and vendor risk, are on a rise owing to the stiff regulatory compliances and fines and increasing economic uncertainties. In order to deal with these, the enterprises are demanding real-time risk assessment, robust risk mitigation, and greater risk accountability from business and management lines. 

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Product Analytics Market Growth Analysis, Post COVID-19 Impact | Potential Business Impacts for Key Players

A key driving factor of the product analytics market is the advancements in cognitive technologies. The cognitive technologies, which include deep learning technologies, such as convolutional neural networks, are based on the human brain’s ability to learn through inference and decomposition. These technologies are projected to become the standard approach for the processing of complex data streams produced for offering active insurance products to the customers as per their individual activities and behaviour.

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The global product analytics market is projected to generate a revenue of $38,049.5 million in 2024, advancing at a 18.8% CAGR during the forecast period (2019–2024). The key driving factors of the market include the surging adoption of smartphones, rising focus of product teams to offer personalized services and products to their customers, shift from web-based internet surfing to mobile-based internet surfing, and advancements in cognitive technologies. In terms of service type, the market is divided into professional and managed services.

The professional services category dominated the product analytics market in 2018 due to the increasing demand for expert training and insights into the deployment and usage of advanced analytics solutions and growing requirement for consultancy. In terms of deployment type, the market is classified into cloud-based and on-premises. The cloud-based classification held the larger share of the market in 2018 and is further projected to grow at the fastest pace during the forecast period. The reason for this is that the cloud-based deployment allows fast data access to product teams, which improve customers’ behavior tracking to gain competitive edge, and flexible storage.


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When industry is taken into consideration, the banking, financial services, and insurance (BFSI) category is expected to account for the largest share of the product analytics market during the forecast period. This is attributed majorly to the shift in preference from conventional banking to digital banking, rising demand for personalized banking services, improved customer service experience, and growing preference of customers toward digital channels. The enterprises are increasingly adopting intelligent analytics in order to enhance their interactions with the customers, which leads to the business’s sustainability, growth, and profitability.

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WiGig Market Share, Strategies, Emerging Technologies, Growth Rate Analysis, Trends and Forecast

The major factors aiding in the swift growth of the WiGig market are the rising sale of portable consumer electronics and surging demand for high-speed internet connectivity. From ,078.7 million in 2018, the market is projected to grow to ,386.1 million in 2024, at a 27.9% CAGR during the forecast period (2019–2024). Developed by Wireless Gigabit Alliance, WiGig is a set of 60 GHz connectivity protocols, allowing data transfer at speeds of up to 7 Gbps. As it has a range of only 10 meters, a router must be placed near the device to offer seamless connectivity.

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Under the product segment, the categories of the market are consumer electronics, network devices, and others, which includes video conferencing systems, convenient public kiosks, and smart antennas. Among these, consumer electronics was the leading category during the historical period (2014–2018). This was a result of the rising demand for high internet speeds in tablets, TVs, smartphones, and laptops. The growing popularity of portable consumer electronics is also among the significant factors driving the WiGig market growth.

On the basis of technology, the WiGig market is bifurcated into integrated circuit (IC) and system-on-chip (SoC). Of these, the SoC category dominated the market in 2018 because of the growing penetration of smartphones in India and China. Therefore, semiconductors manufacturing firms are entering the smartphone SoC niche, owing to the easy integration of WiGig on SoCs, which allows for faster internet services. Even during the forecast period, the SoC technology will generate higher revenue in the market, compared to IC.

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Apart from helping make calls, several portable consumer electronics feature messing service, media applications, and Wi-Fi port. Among the primary reasons for their surging adoption is the launch of improved devices and increasing disposable income, which gives people more spending power. Further, due to the availability of the 802.11ad band of WiGig, which enables fast data transfer, consumer electronics manufacturers are integrating the technology in their devices. For example, in 2017, the Asus ZenFone 4 Pro, which has both gigabit LTE and 802.11ad Wi-Fi features, was launched by ASUSTek Computer Inc.

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What are Key Factors Fuelling the Surge of Indian Advanced Driver Assistance Systems Market?

One of the biggest factors propelling the demand for advanced driver assistance systems (ADAS) in India is the rising incidence of road accidents in the country. Since the last few years, there has been a massive surge in the prevalence of road accidents and fatalities in the country, which have consequently boosted the need for the installation of ADAS in vehicles in order to improve vehicular safety. The Government of India (GOI) intends to make the integration of ADAS in passenger vehicles mandatory by 2022, in order to reduce the incidence of road accidents in the country.

The other important factors responsible for the surge in the demand for ADAS in India are the soaring disposable income of people and the increasing demand for vehicles equipped with automated artificial intelligence (AI)-driven systems. 

Nowadays, people are preferring vehicles equipped with various types of advanced systems, mainly on account of their higher purchasing capability and the rapid technological advancements in the automotive sector. Driven by these factors, the Indian advanced driver assistance systems market size is predicted to witness rapid growth during the forecast period (2020–2030).

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The biggest trend currently being observed in the Indian ADAS market is the increasing number of technical collaborations amongst the major automobile and ADAS manufacturing companies. These collaborations are being formed mainly in order to meet the surging technology demands in the country. 

Moreover, the rapid technological advancements are significantly boosting the need for enhanced safety and comfort features in vehicles, which is in turn, propelling the demand for vehicles equipped with ADAS, in the country. For instance, Mando Corp. signed a contract for the supply of ADAS, with Mahindra & Mahindra Ltd. in April 2019.

Hence, it is clear that owing to the increasing prevalence of road accidents in the country and the rising disposable income of the people, the demand for ADAS is expected to shoot-up in India over the next few years.

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5G RF Transceivers Market to Witness 30.4% CAGR during 2020–2030

Due to the rapidly growing consumer electronics industry, Asia-Pacific has emerged as the largest 5G RF transceiver market instead of North America. the growing adoption of wireless communication devices, emergent of the internet of things technology, rising demand for video streaming, and rapid digitization in the region are also resulting in the growing demand for 5G RF transceivers.

The devices are further being integrated in building security systems, smart utility meters, smart farming, home automation, and commercial satellite imaging applications.

In addition to this, due to advanced long-term evolution-unlicensed capabilities, complex antenna architecture, expanded carrier aggregation, and higher-order modulation, the RFFE design of advanced smartphones is complex. Thus, 5G transceivers are being utilized in base stations for supporting higher frequency bands in RFFE designs and faster mobile broadband speeds. 

A number of industries make use of 5G RF transceivers, such as healthcare, consumer electronics, military &defense, telecommunications, aerospace, and cable/broadcasting. In the coming years, the consumer electronics industry is projected to make considerable use of 5G RF transceivers. Owing to the launching of 5G services by telecom services, RF transceivers are increasingly being integrated in smartphones and other consumer electronics.  

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In conclusion, the surging adoption of smart phones and growing penetration of internet are leading to the rising need for 5G RF transceivers.

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