North America Ultrasonic Sensor Market size exceeded USD 400 million in 2020 and is estimated to witness 13% CAGR from 2021 to 2027. The market growth is driven by the rising adoption of home automation and IoT devices in the region.
The ultrasonic sensors help to improve performance and convenience while consuming low energy, accelerating their use in smart home devices and monitoring applications. According to a report published by the GSMA in 2021, the total IoT connection in North America was 2.9 billion in FY2020 and is expected to reach 5.1 billion by 2025. Furthermore, ultrasonic sensors are adopted by companies to develop the ranging and object detection capabilities of automated robots such as self-guiding vacuum cleaners.
The retro-reflective sensor segment will observe around 12.5% growth rate during the forecast period. The market growth is credited to the several advantages such as user-friendly optical axis, ease of deployment, low maintenance, and reduced installation costs. These characteristics have prompted automakers to use retro reflecting sensors in parking assist systems.
Companies are extensively focusing on expanding their product portfolio through new launches and developments. For instance, in January 2021, Balluf announced the availability of a new family of red-light sensors with unique configurations for industry-specific applications. The new product portfolio includes the BOS027M, a retro-reflective sensor integrated with IO-Link that can provide real-time diagnostics.
Canada ultrasonic sensor market is set to grow at a CAGR of 10.5% through 2027, attributed to the rising adoption of ultrasonic sensors in industrial automation and robotics applications.
The growing government investments to support the development in new robotics technology will further support the market expansion. For instance, in December 2020, the government of Canada contributed USD 26.2 million to Attabotics, Inc., a developer of robotic supply chain. With this investment, the government is aiming to develop & innovate robotic technology for warehouse management and strengthen its transformative technologies such as digital industries and clean technology.
Prominent players dominating the market include Balluff, Inc., Baumer Group, Honeywell International, Inc., Murata Manufacturing Co. Ltd., and Pepperl+Fuchs AG, among others.
These companies are focusing on development and innovative solutions through mergers & acquisitions to gain a competitive edge in the market. For instance, in August 2021, Baumer Group and APS entered into a nationwide distribution agreement to increase their distribution network in the country. APS will help in expanding its sales channel for encoders, sensors, and other devices.