Global Acoustic Sensors Market - Segmented by Type (Wired, Wireless), Wave Type (Surface Wave, Bulk Wave), Sensing Parameter (Temperature, Pressure, Mass), Application (Automotive, Aerospace and Defense, Consumer Electronics), and Region - Growth, Trends, and Forecast (2018 - 2023)
The acoustic sensors market was valued at USD 5.1 billion in 2017 and is projected to reach USD 11.6 billion by the end of 2023, growing at a CAGR of 14.8% over the forecast period of 2018-2023. The scope of the report is limited to the type of sensors, its sensing parameters, and its application. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Technological advancements, low manufacturing cost, and growth of the telecommunications market are the major drivers for the lucrative growth of the acoustic sensors market.
Telecommunications Industry - A Key Growth Driver
The telecommunications industry is the largest consumer of acoustic sensors, primarily driven by smartphones and base stations. With telecom companies setting up more and more towers to support the ever-increasing customer base, base stations are increasing. Moreover, people, especially in developing countries, are buying smartphones owing to the increase in disposable incomes and low-budget smartphones.
Owing to the increasing usage of smartphones, tablets, and other electronic devices in the developed and developing economies such as the United States, China, South Korea, Japan, and India, acoustic sensors are expected to witness growth during the forecast period.
Wireless sensors need no power to be separately applied to the sensor, as it gets energy from interrogating radio frequency (RF) pulse to excite the acoustic sensor and transmits its response. The wireless nature provides them the ability to measure parameters, such as torque, pressure, and temperature on rotating components with simplicity.
Moreover, acoustic sensors are well protected from electromagnetic interference that often occurs near industrial equipment, such as motors and high-voltage lines. Thus, acoustic sensors are safer and more reliable and are suitable for power equipment.
Key Developments in the Market