Press release
Shock Sensor Market Growth 2024: Technological Advancements and Product Innovations
Shock Sensor
The Business Research Company presents an extensive market research report on the Shock Sensor Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The shock sensor market size has grown exponentially in recent years. It will grow from $0.91 billion in 2023 to $1.12 billion in 2024 at a compound annual growth rate (CAGR) of 23.7%. The growth in the historic period can be attributed to rise in security concerns, automotive safety applications, consumer electronics protection, industrial equipment monitoring, increase in transportation security.
The shock sensor market size is expected to see exponential growth in the next few years. It will grow to $2.43 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to rapid growth in iot devices, increasing demand for home automation, focus on workplace safety, growth in e-commerce, development of smart cities. Major trends in the forecast period include expansion of wearable technology, technological advancements, advancements in mems technology, rising demand in consumer electronics, incorporation into industrial machinery.
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Key Market Players:
Major companies operating in the shock sensor market report are Honeywell International Inc., TE Connectivity, STMicroelectronics N.V., Murata Manufacturing Co., Ltd., Emerson Electric Co., Analog Devices Inc., Omron Corporation, Meggitt SA, Silicon Laboratories Inc., MTS System Corp., Kistler Group, LORD MicroStrain, MEMSIC Inc, Bosch Sensortec, Spotsee, MEMSIC Inc., Kionix Inc., Dytran Instruments Inc, FlexEnable Limited , PCB Piezotronics Inc, Interlink Electronics, Inc., Mobitron AB, DJB Instruments UK Ltd., Tekscan Inc., SignalQuest LLC
Market Drivers:
The increasing exploration of oil and gas is expected to propel the growth of the shock sensor market going forward. Oil and gas exploration refers to searching for and discovering potential reservoirs of crude oil and natural gas beneath the Earth's surface. Shock sensors are utilized in oil and gas exploration to monitor and detect seismic vibrations, providing crucial data for assessing subsurface structures and identifying potential hydrocarbon reservoirs. For instance, in May 2023, according to the Energy Information Administration, a US-based government agency, U.S. crude oil production grew 5.6%, or 0.6 million barrels per day (b/d), in 2022 compared with 2021, averaging 11.9 million b/d. Therefore, the increasing exploration of oil and gas is driving the growth of the shock sensor market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/shock-sensor-global-market-report
The shock sensor market covered in this report is segmented -
1) By Type: Piezoelectric, Piezoresistive, Capacitors, Strain Gage, Other types
2) By Application: Tap Detection, Shipping And Handling, Automotive Security Systems, General Tamper-Proofing, Other Applications
3) By End Use: Automotive, Aerospace, Industrial, Consumer Electronics, Other end users
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