.jpg)
Sound Sensor Market size was valued at USD 1.53 billion in 2023 and is set to cross USD 3.03 billion by 2036, registering more than 5.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of sound sensor is evaluated at USD 1.6 billion. 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 sound sensor 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 sound sensor market growth.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024–2036 |
|
CAGR |
5.4% |
|
Base Year Market Size (2023) |
USD 1.53 billion |
|
Forecast Year Market Size (2036) |
USD 3.03 billion |
|
Regional Scope |
|
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.
Our in-depth analysis of the global market includes the following segments:
|
By Type |
|
|
By End-User |
|
Geographically, the 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 expected to hold largest revenue share by 2036, owing to 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 sound sensor 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.
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.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?