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.
By type, the surface acoustic wave sensor segment is expected to grow at the highest growth rate during the forecast period
Among the type segment, the surface acoustic wave sensor segment is expected to grow at the highest CAGR during the forecast period. Surface acoustic wave (SAW) sensors are used to sense the occurrence of any change in frequency of various parameters such as temperature, pressure, torque, chemical vapors, and so on. When the acoustic wave created due to these parameters are subjected to pass parallel to the piezoelectric substrate of SAW sensor from one electrode to another electrode. The variation in their frequency, velocity and attenuation of the SAW is sensed by the molecules present in the substrate coating. Therefore, SAW sensors are used to sense and indicate the change in the concentration of a specific chemical in the environment.
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By devices, the resonator holds the largest share of the market
The resonator segment is expected to hold the largest market share. Acoustic wave resonator uses the vibration of piezoelectric material and it employs acoustic waves generated to high frequency circuit. These resonators have applications such as automotive keyless entry, tire pressure monitoring, and many more.
North America to account for the largest market size during the forecast period.
North America is expected to hold the largest market size in the acoustic wave sensor market during the forecast period, followed by the APAC region. Technological advancements, low manufacturing cost, and wireless and passive nature of the products are the major drivers of the lucrative growth of acoustic wave sensors. The use of acoustic wave sensors in military segment is a major factor responsible for the growth of the region. The US military runs laboratories to provide superior technologies to its militants. The labs include the U.S. Army Medical Research Unit in Nairobi, Kenya; the Armed Forces Research Institute of Medical Sciences in Bangkok; the U.S. Naval Medical Research Unit 3 in Cairo; NAMRU-6 in Lima, Peru; and NAMRU-2 Pacific, temporarily headquartered at Pearl Harbor, Hawaii and several others. The automotive industry is a major growth driver of the acoustic wave sensor in North American region. The National Highway Traffic Safety Administration (NHTSA) has mandated from 2008 that all newly manufactured or imported US cars will be fitted with tire pressure monitoring systems (TPMS), which has further assisted the growth of the acoustic wave sensor market in the North American region. The target of a TPMS is avoiding traffic accidents, poor fuel economy, and increased tire wear due to under-inflated tires through early recognition of a hazardous state of the tires.
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