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Shock Sensor Global Market Report 2024 Market Report, Size, Share Report 2024-2033
Shock Sensor Global Market Size
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the shock sensor market are increasing their focus on developing terminal tracker system hardware to gain a competitive edge. Terminal tracker system hardware refers to the physical components and devices used in a system designed to track and monitor endpoints or terminals in various applications. For instance, in July 2023, Identec Solutions AG, an Austria-based company that provides wireless tracking solutions, upgraded its terminal tracker system with the shock sensor VSM400 hardware, which is designed to monitor shocks and bumps in vehicles and provide essential data for terminal operators to improve operational safety and process efficiency. The VSM400 hardware is built with more durable components and adjustable sensitivity, and it is compatible with Identec Solutions' older shock sensor, allowing for seamless retrofitting or expansion of existing systems. Additionally, the VSM400 can work as a compass, providing essential data to the vehicle monitoring service in a terminal tracker environment.
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Major Key Players of the Market:
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
Shock Sensor Market 2024 Key Insights:
• The shock sensor market is expected to grow to $2.43 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%.
• Impact Of Oil And Gas Exploration On The Growth Of The Shock Sensor Market
• Integration Of Shock Sensors In Terminal Tracker Systems
• North America was the largest region in the shock sensor market in 2023
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