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According to the new research report published by The Insight Partners, titled “Industrial Ultrasonic Transducer Market - Global Analysis and Forecast to 2027”, the global industrial ultrasonic transducer market is expected to reach US$ 1,064.1 Mn in 2027, registering a CAGR of 6.7% during the forecast period 2019-2027.
In 2018, Asia-Pacific is estimated to grow at the fastest pace, garnering a CAGR of 8.2%. Australia, China, India, Japan, South Korea, and Rest of Asia Pacific are the major contributors to the Industrial ultrasonic transducer market in APAC. It has enormous growth potential, with fast-growing countries such as China and India and developed nations such as Japan. The growing economies of the region are leading to the growth in wide variety of sectors, such as manufacturing, technology, and various others. The region consists of many developing countries that are witnessing a high growth in their manufacturing sector. Among China’s evolution into a high-skilled manufacturing hub, other developing countries such as India, South Korea, Taiwan and Vietnam among others are attracting several businesses that are in quest to relocate their low to medium skilled manufacturing facilities to the countries offering lower labor costs.
Japan is a well-developed economy and is one of the most automated economies around the world. Also, the region has some of the significant manufacturers of robots and factory automation systems such as Fanuc, Mitsubishi Electric, and Omron Corp, among others. The Japanese companies are widely using robots and transducer solution to maintain their competitive position in the market. Therefore, the presence of a large number of industrial robots and automation solution manufacturers are fueling the demand for ultrasonic transducer in the region. Additionally, the oil & gas and metallurgy & engineering industries in countries such as China and India is robust, which also supports the growth of the ultrasonic transducer market in the region.
The industrial ultrasonic transducers are characterized by the reliability and outstanding versatility. Ultrasonic transducers can be used to solve even the most complex tasks involving object detection or level measurement with millimeter precision, because their measuring method works reliably under almost every situation. The growth of various sectors such as energy and power, pharmaceuticals, oil and gas, and others is opportunistic for the market growth. Along with growth of international trade due to trade liberalization, and development of overall infrastructure is expected to increase the demand of industrial ultrasonic transducers.
Key findings of the study:
The demand for ultrasonic transducer is growing substantially owing to the increasing automation and the use of technologically advanced components across various countries. The Asia-Pacific region is expected to witness the highest CAGR during the forecast period owing to the presence of highly automated countries such as Japan and South Korea and increasing the adoption of new technologies in countries such as India and China. The market for ultrasonic transducers is expected to grow at a significant rate owing to the strong oil & gas industry and government initiatives regarding the digitization of the industrial sector.
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