PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515592
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515592
Surface Acoustic Wave Market size was valued at USD 998.12 Million in 2023, expanding at a CAGR of 10.5% from 2024 to 2032.
A surface acoustic wave (SAW) is an acoustic wave traveling along the surface of a material exhibiting elasticity. The growing demand for high-performance filters in telecommunications and consumer electronics sectors, advancements in wireless technology, and the surge in the adoption of IoT devices are the major driving factors for the surface acoustic wave sensors market. However, compatibility and installation issues and limitations in liquid sensing are some of the restraints hindering the market growth. The increasing need for accurate and precise sensing solutions in various end-use industries, such as automotive, aerospace and defense, consumer electronics, healthcare, and industrial, is creating lucrative opportunities for the surface acoustic wave sensors market.
Surface Acoustic Wave Market- Market Dynamics
Surging IoT Adoption Fuels Growth in the Surface Acoustic Wave Sensor Market
The surging adoption of IoT (Internet of Things) devices is significantly boosting the surface acoustic wave (SAW) sensor market. These sensors are integral to IoT systems, facilitating precise and reliable sensing capabilities in various applications such as industrial monitoring, healthcare devices, and automotive sensors. Government initiatives promoting smart infrastructure and connected technologies further propel market growth. For instance, the European Union's initiatives like Horizon 2020 aim to enhance IoT deployment across sectors, thereby increasing demand for SAW sensors. In parallel, industries like manufacturing and healthcare are increasingly leveraging IoT for process automation and patient monitoring, driving up the need for advanced sensor technologies. This trend underscores a robust growth trajectory for SAW sensors in the foreseeable future.
Surface Acoustic Wave Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.5% over the forecast period (2024-2032)
Based on Device Type segmentation, Filters were predicted to show maximum market share in the year 2023
Based on Frequency Range segmentation, 1 GHz to 5 GHz was the leading type in 2023
Based on Material segmentation, Quartz was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Surface Acoustic Wave Market is segmented based on Device Type, Frequency Range, Material, Application, and Region.
The market is divided into three categories based on Device Type: Filters, Resonators, and Oscillators. Filters dominate with their widespread use in telecommunications and consumer electronics. Resonators follow, primarily employed in frequency control applications, while oscillators play a critical role in generating stable frequencies for various electronic systems.
The market is divided into three categories based on Frequency Range: Less than 1 GHz, 1 GHz to 5 GHz, and Above 5 GHz. The 1 GHz to 5 GHz category holds the highest prominence, catering to diverse applications in telecommunications and radar systems. Above 5 GHz follows, serving specialized high-frequency applications, while sensors operating at less than 1 GHz are utilized in broader industrial and consumer electronics applications.
Surface Acoustic Wave Market- Geographical Insights
North America leads the market due to extensive research and development activities in sensor technologies, bolstered by significant investments in IoT infrastructure across industries like healthcare and automotive. In Europe, stringent regulations promoting environmental monitoring and industrial automation are driving SAW sensor deployment. The Asia-Pacific region is witnessing rapid growth fueled by expanding manufacturing sectors in countries like China and India, coupled with increasing adoption of IoT-enabled smart devices. Meanwhile, Latin America and the Middle East & Africa regions are emerging markets, showing potential for growth in SAW sensors as IoT adoption continues to expand across various applications.
Companies like API Technologies Corp., Vectron International, and Transense Technologies PLC are prominent players known for their expertise in developing advanced SAW sensor technologies. These companies focus on continuous innovation to enhance sensor performance, reliability, and integration capabilities with IoT platforms. Additionally, strategic partnerships and collaborations with technology providers and end-users are common strategies to expand market presence and application reach. The market also sees participation from emerging players leveraging niche applications such as healthcare and environmental monitoring, further diversifying the competitive ecosystem.
In May 2024, Researchers developed a new surface acoustic wave (SAW) sensor that can detect hydrogen gas with high sensitivity and selectivity at room temperature, enabling applications in safety monitoring for hydrogen fuel cells and industrial processes.
In August 2022, McLaren Applied introduced an advanced torque system utilizing Transense's SAW technology to a key motorsport client, set for universal deployment across all entries. The new sensor, compact and wireless, ensures precise, durable, non-contact torque measurement.
GLOBAL SURFACE ACOUSTIC WAVE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Abracon LLC
API Technologies Corp.
Broadcom Inc.
CTS Corporation
IQD Frequency Products Ltd.
Kyocera Corporation
Mercury United Electronics, Inc.
Murata Manufacturing Co., Ltd.
NXP Semiconductors N.V.
ON Semiconductor Corporation
Panasonic Corporation
Qorvo, Inc.
Rakon Limited
TDK Corporation
Texas Instruments Incorporated
Vectron International (Knowles Corporation)
Others