Press release
Surface Acoustic Wave Sensors: Filters to Surface as Most Valued Product by 2024
Hitherto, the leading players in this market have been concentrating on mergers, acquisitions, and partnerships with other companies, functioning in the same line of business in order to expand their business operations. However, over the forthcoming years, they are likely to shift their focus towards product innovation in a bid to gain competitive advantage over their competitors, reports the study.
According to the research report, the worldwide SAW devices market stood at US$1.9 bn in 2015. Progressing at a CAGR of 6.90% during the period from 2016 to 2024, the opportunity in this market is likely to reach a value of US$3.4 bn by the end of the forecast period.
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The demand for filters is much higher than other products in this market and is expected to remain so over the forthcoming years, thanks to their increasing application in keyless entry systems, satellite broadcasting, wireless communication modules, and cellular phones.
Asia Pacific to Continue Witnessing High Demand for SAW Devices
A geographical analysis of the global SAW devices market has also been presented in this market report. Asia Pacific, North America, South America, Europe, and the Middle East and Africa have been considered as the prime regional market for SAW devices in this research study. Asia Pacific, among these, has acquired the dominant position in the worldwide market and is anticipated to remain in this position over the period of forecast.
Apart from this, the high concentration of the production facilities of telecommunication and consumer electronics enterprises in Asia Pacific, thanks to the availability of cheap labor and raw materials, has increased the demand for SAW devices in this region, which, analysts expect to remain so throughout the period of forecast.
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Extensive Application of SAW Devices in Various Industries to Drive Growth
“The application of surface acoustic wave devices in various industries is expected to drive the market over the forthcoming years,” states an analyst at TMR. The increasing usage of these devices in communication, safety monitoring, and defense application is likely to boost the sales of these devices across the world in the near future.
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