Acoustic Wave Sensor Market | Immense growth opportunities in automotive industry

the acoustic wave sensor market to grow from USD 528 million in 2018 to USD 868 million by 2023, at a Compound Annual Growth Rate (CAGR) of 10.7% during the forecast period. The major factors that are expected to be driving the acoustic wave sensor market are high demand for surface acoustic wave (SAW) based temperature sensors among industrial end users and growing concern toward security and surveillance. The objective of the report is to define, describe, and forecast the Acoustic Wave Sensor market size based on type, device, sensing parameter, vertical and region.

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Opportunity: Immense growth opportunities in automotive industry

The automotive industry is well known for developing new application and development of sensor technologies for automotive safety systems. This system has become advanced, sophisticated and efficient over a period of time. Now a day’s automotive industry is more prone to the use of advanced new technologies for reducing number of accidents and decreases the impact of accidents. Acoustic wave sensors have played an important role in achieving these targets, where these systems have made vehicles safer for the occupants. The new awareness of the governments and consumers towards safety of vehicles is one of the major drivers for the acoustic wave sensor market. The increasing demand of micro electro-mechanical sensor (MEMS) technology that uses new sensor technologies for applications like pressure sensing in tire pressure monitoring system (TPMS). The MEMS technology plays an important role in automotive industry as it reduces cost and space as compared to other technologies. SAW sensors are mainly deployed in this industry to sense the modulation occurred in a physical phenomenon. These sensors have limited applications in automotive industry like for torque sensing in electronic power steering, TPMS, and the monitoring of combustion engine but with the increasing advancement in technology many applications is expected to emerge.

Acoustic wave sensor market in APAC to grow at highest CAGR during forecast period

The acoustic wave sensor market in APAC is expected to grow at the highest CAGR during the forecast period. The region’s huge population, high industrial growth in developing countries like China and Japan, government initiatives and extensive industrial base are the major factors that make APAC a dynamic region for acoustic wave sensor, with Japan and China being the major contributors.

Key players in the market include Althen GmbH (Germany), NanoTemper Technologies GmbH (Germany), H. Heinz Meßwiderstände GmbH (Germany), Transense Technologies plc (UK), Pro-micron (Germany), Vectron International Inc.  (US), Qualtre Inc. (US), Senseor SAS (FRANCE), Sensor Technology Ltd. (US), and Hawk Measurement (Australia). These players are increasingly undertaking product launches, mergers, and acquisitions to increase their market shares.

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