My 2010 X3 2.0i SE has a faulty parking sensor - what can I do?

My 2010 X3 2.0i SE has developed a faulty parking sensor and I'm seeking advice on what to do next. The warning light on the dashboard is on, indicating the issue, and I'd like to know if anyone else has experienced this problem with their vehicle. Are there any reliable repair options or can I replace it myself?