The global vibration sensor market size was valued at USD 3833.7 million in 2020 and estimated to grow at a robust CAGR during the forecast period, 2021-2028. The growth of market is attributed to increasing industrial market focus on production of smart tools and administering the conditions of the components.
The advance development of technology and innovative methodology led to better functionality and improved the production yield of machine thus maintenance of machine itself plays a vital role in enhancing the machines’ performance.
However the vibrating sensor segment have observed a surge in demand from the last few years but still compatibility is always a main concern especially when it comes to old equipment.
Although there are some factors that helps the market to flourish such as wireless monitoring system to administer the machines condition, rapid adoption of monitoring system for development of smart industries, and growing demand of sensors from emerging applications.
With COVID-19 outbreak the global supply chain and numerous products have witnessed a massive disruption, China being considered as one of the biggest production hub and the origin of virus outbreak from the same place production has temporarily been halted resulting multiple industries to witness shortage of supply of various products.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing competitive market and production of smart tools is expected to surge the market during the forecast period.
- Increasing demand for electricity, need for energy efficiency, and optimal maintenance of electric supply machinery is estimated to drive the market in the coming years.
- Growing adoption of automated monitoring technology for infrastructure development of smart factories is anticipated to boost the market during the projected period.
- R&D and technological advancement resulting in better functioning and high productivity offers lucrative opportunities to the key players of the market.
- Rising adoption of digitization and IoT is anticipated to spur the market in the coming years.
- Lack of knowledge about the sensors and its compatible equipment act as one of the factor that can hamper the growth of the market in the coming years.
Scope of the market
The report on the global vibration sensor market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Vibration sensor market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Products (Velocity Sensors, Non-Contact Displacement Transducers, Accelerometers, Other Products), End-user Verticals (Aerospace and Defense, Oil and Gas, Consumer Electronics, Healthcare, Automotive, Other End-user Verticals)
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Regional Scope
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North America, Europe, Latin America, Asia Pacific, and Middle East and Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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SKF GmbH; Honeywell International Inc; Emerson Electric Corporation; Texas Instruments Inc; Bosch Sensortec GmbH; National Instruments Corporations.
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Market Segment Insights
The accelerometer segment is expected to hold key share of the market
Based on the products, the market is segregated into velocity sensors, non-contact displacement transducers, accelerometers, and others. The accelerometer segment is expected to hold key share of the market during the forecast period owing to extensive usage in collecting vibration monitoring data, appropriately used for wide band frequencies varying from very low to extremely high and are also available in specific designs for types of application.
The aerospace & defense segment is anticipated to exhibit high CAGR
On the basis of end users, the market is fragmented into aerospace & defense, oil & gas, consumer electronics, healthcare, automotive, and others. The aerospace & defense segment is anticipated to exhibit high CAGR in the coming years due to cost-effective maintenance, optimum utilization of asset, increasing commuter traffic has escalated the growth in aviation segment, and enhancement in PHM systems are some factors most likely to impact the growth of the market.
The United Kingdom is estimated to dominate the market
In the term of regions, the market is categorized into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa. The United Kingdom is estimated to dominate the market during the projected period owing to the UK being the major hub of aerospace industry, the sensors capability to combat with the harsh climatic changes, and the growing demand for consumer electronics in the country has taken a massive leap which is being used with the appliances.
Segments
The global vibration sensor market has been bifurcated on the basis of
Product
- Velocity Sensors
- Non-contact Displacement Transducers
- Accelerometers
- Other Products
End-users
- Aerospace and Defense
- Oil and Gas
- Consumer Electronics
- Healthcare
- Automotive
- Other End-user Verticals
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East and Africa
Key Players
Competitive Landscape
Key players competing in global vibration sensor market include SKF GmbH; Honeywell International Inc.; Emerson Electric Corporation; Texas Instruments Inc.; Bosch Sensortec GmbH; National Instruments Corporations.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance
In June 2020, National Instruments Corporations announced and updated brand identity including visual identity, new logo, all new digital experience and a brand campaign, National Instruments Corporations is modernizing the measurement and test industry with enhanced software and new cloud learning capabilities.
In April 2020, Emerson Electric Corporation acquired American Governor Company the leader of in hydroelectric turbine control with the capabilities and expertise in renewable and power industry.
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