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(IT-NEWSWIRE.COM, July 25, 2017 ) According to the new market research report "Acoustic Wave Sensor Market by Type (Surface Acoustic Wave, Bulk Acoustic Wave), Device (Resonator, Delay Line), Sensing Parameter (Temperature, Pressure, Humidity), Vertical (Military, Automotive, Industrial) and Geography - Global Forecast to 2023", the acoustic wave sensor market was valued at USD 422.8 Million in 2016 and is expected to reach USD 868.3 Million by 2023, at a CAGR of 10.7% between 2017 and 2023.
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The acoustic wave sensor market is driven by factors such as the growing adoption of acoustic wave sensors by various industries and the increasing demand for acoustic wave sensors for security and surveillance in verticals such as industrial, automotive, military, and healthcare.
Resonator expected to hold largest size of market based on device during forecast period
The resonator segment is anticipated to hold the largest share in the acoustic wave sensor market. Surface acoustic wave (SAW) resonators are independent of the mass of the piezoelectric substrate and, therefore, are suitable for high-frequency applications. The vibrations generated in SAW resonators are mechanical and are not affected by the fluctuations in electricity supply or peripheral circuit voltage, which is the primary factor contributing to the growth of the market.
Automotive expected to hold largest size of market based on vertical by 2023
The automotive vertical is anticipated to hold the largest share of the acoustic wave sensor market. The microelectromechanical sensor (MEMS) technology is an example for automotive applications such as pressure sensing in tire-pressure monitoring system (TPMS), emission control sensors, torque sensors, and inertia sensors.
Market for torque sensing expected to grow at highest CAGR between 2017 and 2023
The acoustic wave sensor market for the torque sensing parameter is expected to grow at the highest CAGR during the forecast period. Growing trend toward electrical power steering and condition-based maintenance in vehicles is the main factor contributing to the high growth of the market for the torque sensing parameter in automobiles.
Market in APAC anticipated to grow at highest CAGR between 2017 and 2023
APAC is one of the largest manufacturing hubs in the world for the automobiles, and the growing integration of acoustic wave sensor systems in automobile applications is likely to boost the acoustic wave sensor market in this region. This market is expected to grow at the highest pace during the forecast period. Major players involved in the acoustic wave sensor market include Althen GmbH Mess- und Sensortechnik (Germany), Vectron International Inc. (US), Qualtre Inc. (US), SENSeOR SAS (France), NanoTemper Technologies GmbH (Germany), Transense Technologies plc (UK), Sensor Technology Ltd. (US), Pro-micron GmbH & Co. KG (Germany), Hawk Measurement Systems (Australia), and H. Heinz Meßwiderstände GmbH (Germany).
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