Earthquake Sensor Market Display Significant Growth by 2028

From: Fact.MR
Published: Tue Aug 27 2019


Earthquake sensors are majorly used for the purpose of sensing the seismic waves generated by earthquake. The earthquake sensor identifies various types of seismic waves including compressional, transverse, love and Rayleigh. These sensors are widely used across civil and military purposes. Inertial seismometers and strainmeters are used majorly to detect any changes under the ground surface. The global Earthquake Sensor Market is expected to witness a single digit CAGR over the forecast period, 2018-2028. The advent of smart sensors has been identified as one of the key trends that is supplementing the global earthquake sensor market growth. Smart seismic sensors are gaining heavy attention in the earthquake sensor market.

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These sensors are directly incorporated into machinery and other heavy equipment as they tend to stop the running operations after detecting seismic vibration. Therefore, strong demand for smart sensors across military and commercial applications is positively influencing the earthquake sensor market growth. Moreover, high occurrences of earthquakes is increasing the instances of terrorism coupled with strong demand from military and technological advancements in the sensor technology, which are some of the factors providing traction to the earthquake sensor market growth.

Increasing occurrences across globe is foraying ahead of earthquake sensor market growth over forecast period

The earthquake sensors are increasingly being adopted owing to the surge in earthquake occurrences worldwide. As per USGS, Earthquake Hazards Program, the number of earthquakes in the magnitude of 5-5.9 globally were recorded to be around 1,574 in 2014, which further increased to 1,674 in 2018. Also, earthquakes in the magnitude of 6–6.9 were recorded to be 104 in 2017 that hiked up to 117 in 2018. Moreover, the estimated number of deaths due to all earthquakes across the globe were around 756 in 2014. These figures surged to 9,624 in 2015. Hence, such high instances of earthquakes continuously calls for the adoption of earthquake sensors that, in turn, drives the earthquake sensors market growth over the forecast period. Moreover, strong demand of seismic sensors from military sector is also fueling the earthquake sensors market growth till 2028.

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Earthquake sensor Market: Regional Outlook

The global Earthquake sensor market is segmented into seven regions: North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA. Among the above-mentioned regions, East Asia and South Asia are amongst the regions holding a majority of the market share under the global earthquake sensor market in 2018 owing to the fact that most of the countries here fall in active seismic area. In addition, advancements in the sensor systems coupled with presence of major key players also drives the East Asia and South Asia earthquake sensor market. Europe is projected to showcase moderate growth in the global earthquake sensor market. Moreover, East Asia and South Asia are expected to register lucrative growth till 2028 owing to increasing occurrences of earthquakes, strong demand from the militaries of India, China, Japan and others. Increasing construction activities coupled with significant instances of terrorism also positively supplements the regional growth till 2028.

Key players of Earthquake sensor Market

Prominent players in the global earthquake sensor market are QMI Manufacturing Inc., Exensor Technology, Northrop Grumman, Textron Systems, DJB Instruments, Colibrys SA, McQ Inc., Ferranti Technologies Ltd. etc. The earthquake sensor market consists of well-diversified global and regional players with global vendors ruling the market.

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