LOS ANGELES, March 18, 2019 (GLOBE NEWSWIRE) -- The global acoustic sensor market size is anticipated to around USD 2,345.3 Million by 2026, this market is anticipated to grow with 17.4% CAGR during the forecast time period. The rise in demand for acoustic sensors in the consumer electronics industry is expected to drive the growth of the global acoustic sensor market.
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Increase in government initiatives, the rise in number of acoustic-based micro electrical mechanical system (MEMS) devices, and technological advancements are the major factors boosting the growth of acoustic sensor market. However, the high cost of acoustic sensor systems hampers the market growth. Moreover, increased investment in R&D is expected to provide new opportunities for market growth. Attracted by the rapid growth of the acoustic sensor market and essential latent demand, many players are focused on investing in acoustic sensor products and services. Right from display panel manufacturers to device manufacturers, many companies across end-user industries are strengthening their foothold in the global acoustic sensor market. The manufacturers are expanding their business by product launches and strategic partnerships in the global acoustic sensor market. Also, the players are focusing on end-use industries such as consumer electronics and automotive as they are expected to dominate the market in the coming years. In terms of demand, the sensing variable segments such as temperature, humidity, and pressure are expected to witness growth in the forecast period. This growth is attributable to further growth in adoption by end users as well as the decline in product prices. Some of the factors such as integration of acoustic-wave-based devices and electronics, fabrication of thin, and piezoelectric films are the growth enablers of the global acoustic sensor market.
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The acoustic-based MEMS technology has been identified as one of the most promising technologies that have the potential to revolutionize both industrial and consumer products by linking silicon-based microelectronics with advanced technology. The advanced acoustic-wave-based MEMS devices are expected to cater to a wide range of applications owing to their high sensitivity and competency to operate wirelessly. The extensive usage of acoustic-based MEMS for various applications due to its high sensitivity and capability to operate wirelessly can be one of the major factors boosting the growth of acoustic sensor market. The key vendors in this market are strategically focused on expanding their business by continuous product innovation and product launch strategy.
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The global acoustic sensor market is segmented into wave type, sensing parameter, end-use industry, and region. On the basis of wave type, the global acoustic sensor market is segmented into surface wave and bulk wave. The surface wave segment is further bifurcated into FPW Sensors, STW Sensors, and Rayleigh surface wave sensors. Also, the bulk wave segment is further segmented into SH-APM sensor and TSM sensor. On the basis of sensing parameter, the global acoustic sensor market is segmented into pressure, humidity, temperature, weight, viscosity, torque, and others. On the basis of the end-use industry, the global acoustic sensor market is segmented into consumer electronics, aerospace, automotive, defense, industrial, healthcare, and others. On the basis of region, the global acoustic sensor market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Asia Pacific region is projected to lead the global acoustic sensor market followed by North America and Europe region. The dominance in the Asia Pacific region is due to the increase in the application of acoustic sensor in smartphones and smartwatch in the consumer electronics sector. Moreover, China holds the largest share of acoustic sensor market in the Asia Pacific owing to extensive usage of consumer electronics. Extensive adoption of the acoustic sensor in various end-use industries including automotive, defense, and industrial sectors may be attributed to high penetration in this region. The bulk wave segment is expected to hold the maximum share in the global market which is expected to drive the market growth in the upcoming years.
Some of the prominent players in the global acoustic sensor market are Siemens Process Instrumentation, Boston Piezo-optics Inc., Pro-Micron GmbH & Co. Kg, Hubbell Lighting, Transense Technologies PLC, Panasonic Corporation, Vectron, Murata Manufacturing Co., KYOCERA Corporation, Honeywell International Inc., and others. Important strategic initiatives undertaken by global companies include partnerships, new product launch, acquisitions, and mergers. The R&D investments coupled with advanced sensor technologies to offer innovative products are anticipated to offer lucrative opportunities for industry participants.
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