Sound Sensor Market Segmentation by Type (Ultrasonic Sensors, and Acoustic Sensors); and by End-User (Industrial, Automotive, Security & Surveillance, Healthcare, IT & Telecom, Consumer Electronics, and Others) – Global Demand Analysis and Opportunity Outlook 2030
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
May 2021: Siemens Mobility announced the acquisition of the company RailTerm. This acquisition is aimed to enhance Siemens’ footprint in Canada by leveraging RailTerm’s familiarity across Canada’s rail spectrum
April 2021: Rockwell Automation, Inc. announced that it had joined forces with Comau, an industrial automation and robot manufacturing company. The jointly-developed robot control solutions by Rockwell and Comau will offer numerous benefits such as enhanced integration, more profound insights into machine performance, and product optimization.
The global sound sensor market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The growth in applications of sound sensors, along with the need to produce reliable sensor equipment, are expected to fuel the progress of this market in the future. Furthermore, cameras that have inbuilt sound sensing abilities can be of greater value to the safety system, which is another factor expected to drive market growth in the upcoming years. In addition, the growth of the market can also be attributed to factors such as the ease of use of sound sensors and the advancements in sensing technologies.
According to the data collected from the World Bank, the gross fixed capital formation (GFCF) of the global economy as a percentage of GDP was 23.62% in 2019. The increase in GFCF denotes the rise in investments on fixed assets such as plant, machinery, equipment and others, which is predicted to invariably raise the need for sound sensors to secure and complement the growing infrastructure with the help of its applications. This factor is projected to contribute significantly to the market growth.
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The market is segmented on the basis of type into ultrasonic sensors and acoustic sensors, out of which the ultrasonic sensors segment is anticipated to grab the largest share by the end of 2030 on account of the wide range of applications of these sensors. Ultrasonic sensors are extensively deployed to measure liquid level, distance and carry anti-collision detection. Their high usage in healthcare sector such as in soft tissue scans across the body, is also projected to contribute to the growth of the segment during the forecast period. Additionally, based on end-user, the automotive segment in the global sound sensor market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the growing necessity to ensure safety in vehicle manufacturing systems and increasing use of sound sensors in advanced driver assistance systems and automatic parking technology.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Geographically, the global sound sensor market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing presence of key market players in the emerging economies of the region and rising government expenditure for the advancement of technology. Furthermore, in 2030, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the high research and development investments in the IT sector in the region. Along with this, North America also leads in the early adoption of sound sensor technologies, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the market during the forecast period on account of its well-established automotive industry, which has substantial demand opportunities for sound sensors. Along with this, the rapidly surging demand for electric vehicles is also expected to boost the growth the market in the near future. As per the European Environment Agency, in 2019, the electric car registrations in Europe were around 550,000 units, increasing by 250,000 from the previous year.
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The global sound sensor market is further classified on the basis of region as follows:
Our in-depth analysis of the global sound sensor market includes the following segments:
Ans: Growing applications of sound sensors and the increasing need to produce reliable sensing equipment are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Ans: The advent of alternative sensor technologies is estimated to hamper market growth.
Ans: The market in Asia Pacific will provide ample growth opportunities owing to the increasing presence of key market players in the emerging economies of the region.
Ans: The major players dominating the sound sensor market are Rockwell Automation, Inc., BOSTON PIEZO-OPTICS INC., Siemens AG, and CTS Corporation, among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, end-user, and by region.
Ans: With respect to end-user, the automotive segment is anticipated to hold the largest market share owing to the growing necessity to ensure safety in vehicle manufacturing systems.
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