According to a new research report on the acoustic sensor market, published by Transparency Market Research), the global acoustic sensor market is expected to reach US$ 2,019.31 Mn by 2026, expanding at a CAGR of 17.19% from 2018 to 2026. According to the report, the global market is likely to continue to be influenced by a range of macroeconomic and market-specific factors during the forecast period. In terms of demand, Asia Pacific is projected to continue to lead the global market, with the market in the region expanding at a CAGR of more than 18% between 2018 and 2026. The acoustic sensor market is expected to witness significant growth during the forecast period, due to continuously increasing usage of acoustic sensors in consumer electronics, underwater applications, and the telecommunication industry across the globe.
Rising Number of Acoustic-based Micro Electrical Mechanical System (MEMS) Devices Driving the Global Acoustic Sensor Market
Micro electrical mechanical system (MEMS) has been identified as one of the most promising technologies of the 21st century and it has potential to revolutionize both industrial and consumer products by combining silicon-based microelectronics with the micromachining technology. New, acoustic-wave-based MEMS devices are offering a promising technology platform for a wide range of applications due to their high sensitivity and capability to operate wirelessly. Acoustic-wave-based biosensors are film bulk acoustic-wave resonators (FBAR), SAW resonators, and delay lines.
There has been increasing attention toward development of miniature, portable, and low-cost biosensors fabricated by using the MEMS technology over the last few years. For biological applications, the acoustic wave device is integrated in a microfluidic system and the sensing area is coated with a bio-specific layer. Recent technological advancements in MEMS processes have facilitated fabrication of thin, piezoelectric films and integration of acoustic wave-based devices and electronics on a common silicon substrate.
Global Acoustic Sensor Market: Scope of Report
The global acoustic sensor market has been broadly segmented based on wave type, sensing parameter, and end-use industry. According to the research study, among wave types, the bulk wave segment held the maximum market share and the trend is anticipated to continue during the forecast period. The segment is anticipated to register a CAGR of more than 19% from 2018 to 2026. In bulk acoustic wave (BAW) sensors, the acoustic wave travels through the interior (or ‘bulk’) of the piezoelectric substrate. The bulk wave segment has been sub-classified into: thickness shear mode (TSM) sensors and shear-horizontal acoustic plate mode (SH-APM) sensors.
On the other hand, recent technological advancements in MEMS processes have allowed fabrication of thin piezoelectric films and integration of acoustic-wave-based devices and electronics on a common silicon substrate. Hence, the segment is anticipated to expand at the maximum CAGR during the forecast period. The surface wave (SAW) segment is expected to register a CAGR more than 12% during the forecast period. As per TMR analysis, the consumer electronics end-use segment of the market held the maximum market share in 2017 and the trend is expected to continue during the forecast period.
In terms of revenue, Asia Pacific held the leading share of the global acoustic sensor market in 2017. The market in the region is anticipated to expand at a remarkable CAGR of 18.08% during the forecast period. Rising application of acoustic sensors in smartphone devices and smart watches is anticipated to drive the market in Asia Pacific from 2018 to 2026. The market in Asia Pacific is anticipated to continue to register the maximum growth rate during the forecast period. In 2017, China held a major share of the Asia Pacific acoustic sensor market, in terms of revenue, followed by Japan. However, in terms of revenue generation, the market in India is anticipated to expand at a significant CAGR during the forecast period. Increasing smartphone sales across the country are likely to make India a lucrative market for acoustic sensors in the near future.
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Global Acoustic Sensor Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global acoustic sensor market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Some of the key players operating in the acoustic sensor market are Siemens Process Instrumentation, Hubbell Lighting, Boston Piezo-optics Inc., Transense Technologies PLC, and Pro-Micron GmbH & Co. Kg. Various business strategies are being adopted by market leaders. Companies are focusing on expanding their business by forming strategic partnerships and offering innovative solutions.