Sound Sensors Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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The Sound Sensors Market was valued at USD 1432.70 million in 2020 and is expected to reach USD 2055.43 million by 2026, at a CAGR of 6.2% over the forecast period 2021 - 2026. With emerging applications that have become potential markets for sound sensors, such as autonomous and semi-autonomous self-driving cars and AGVs, the demand for sound sensors is expected to gain momentum in the future.

- Essential drivers for the growth of this market are the expanding application base for sound sensors and rapid technological advancements. The rising demand for reliable and high performance sensors is another primary driver, which is responsible for the high growth rate of the sound sensors market.
- Investments by major players in the development of cost-effective and efficient sensors have led to the development of miniaturized sensors, which find major applications in the industry.
- A major limitation of this sector is the concern with respect to surface acoustic wave sensors being substituted with other sensors with a low mass sensitivity.

Key Market Trends

Healthcare is Expected to Hold a Significant ...
... Market Share

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- Acoustic sensors form an integral part of medical operations. Medical operations inclusive of the sensors are extremely sensitive functions and they require proper quality and reliability. The use of ultrasonic transducers for sonography is another very important function of the sound sensors in the medical sector.
- The evolution of connected medical services and the continued research in low power sound based sensors used in the monitoring of the critical vitals of the human body, have kept the application area for these solutions broadened, and this is expected to remain one of the significant factors driving the demand in this segment.
- Advancements in technologies have created an opportunity for manufacturers to capitalize on the need for the integration of sensors in different fields of the medical sector, considering its ability to fine tune and provide definite and clear results. A rapid penetration in the medical sector is plausible and can be observed in the near future, which, in turn, will contribute significantly to the growth of the sound sensors market.

North America is Expected to Hold a Major Market Share

- North America is expected to hold the majority of the market share, owing to its developed industrial segment and the astronomical difference in the security spending of the countries in that region, compared to others. The high spending indicates a developed and efficient implementation of sensors in different fronts, to establish a significant technological and intelligence advantage over others.
- The healthcare, defense, industrial, consumer electronics, and telecommunication related expenses in the United States are still among the highest in the world. The market has also been helped by the presence of a robust ecosystem that supports the fast adoption of new technology in the region. For instance, IIOT adoption has been fast in the region, as adopters of wireless communication, connected devices, and factory automation have helped the market, as the infrastructure necessary to maximize the utility of the acoustic sensors is already there.
- The development of advanced sound sensors is expected to create an opportunity for the vendors in the region. The demand for sound sensors in the region is expected to be driven by emerging domains, such as autonomous vehicles.

Competitive Landscape

The sound sensors market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. The manufacturers are trying to gain a competitive advantage by improving their expertise in the product. For instance, Siemens AG acquired Mentor Graphics Corporation, a world leader in the electronic hardware, providing products, consulting services, and award-winning support for the world's most successful electronic, semiconductor, and systems companies. This strategic move is aimed at gaining product definition.

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