Acoustic Wave Sensor Market Share, Demand, Growth, Key Opportunities, Key Players and Industry Analysis By 2023
February 25, 2020 by Market-NewsFlash
Acoustic wave sensors are mainly used for the detection mechanism in various sectors such as telecommunications, automotive, and the defense. In automotive these sensors are used to measure the torque and tire pressure. In medical applications, acoustic wave sensors are used to detect chemical components. These sensors are useful to detect vapor, humidity, temperature, and mass in industrial and commercial applications.
Owing to several of the emerging applications across the industries, acoustic wave sensors perceive a huge demand. capable of being passively and wirelessly interrogated acoustic wave sensors are competitively priced, inherently rugged, very sensitive, and intrinsically reliable. As a result, the acoustic wave sensor market witnesses significant traction across the globe.
According to a study report recently published by Market Research Future (MRFR), the global acoustic wave sensor market is projected to grow over USD 895 MN by 2023, registering approximately 11 % CAGR throughout the forecast period (2017–2023). Increasing integration of these sensors in several applications in many burgeoning industries defines the market landscape for the acoustic wave sensor.
Additional factors boosting the market gains include the high demand for saw-based temperature sensors across the end-user verticals and the growing concern towards security & surveillance and the high implementation of these sensors.
Moreover, technological advancements alongside the increasing urbanization and industrialization drive the market growth to an extent. Improving economic conditions provide impetus to the growth of the acoustic wave sensor market, increasing the purchasing power and access to the quality of life of consumers.
On the other hand, factors such as the computational cost and technical issues associated with energy consumption, and sensitivity are impeding the growth of the global acoustic wave sensor market. Nevertheless, the growing demand from end-users for smarter systems is expected to support the market growth, growing steadily over the forecast period.
Global Acoustic Wave Sensor Market — Segmentation
The MRFR analysis is segmented into four key dynamics for the convenience of understanding;
By Type : Bulk Acoustic Wave Sensor, Surface Acoustic Wave Sensor, and others.
By Device : Resonator, Delay Line, Holographic Television, and Holographic Tele presence among others.
By Vertical : Defense, Automotive Healthcare, Industrial, Food & Beverages, and Environment
By Regions : North America, Europe, APAC and the Rest-of-the-World.
Global Acoustic Wave Sensor Market — Regional Analysis
The acoustic wave sensor markets in Europe and North America account for the leading markets, globally. Some of the dominant factors leading the market growth include rapid technological development, growing demand for high-end technology solutions, and the increasing usages of acoustic sensors in the aerospace and defense sector.
Moreover, the increasing R&D activities alongside the stable economic conditions provide impetus to the growth of the market. Furthermore, factors such as the stringent government regulations on vehicles’ safety, the strong increase in vehicle production and sales along with continued demand for safety and comfort features drive the market growth in these regions.
About Market Research Future: