Selbyville, Delaware, Feb. 15, 2022 (GLOBE NEWSWIRE) --
The vibration sensors market size is anticipated to record a valuation of USD 5 billion by 2028, according to the most recent study by Global Market Insights Inc. The market growth can be credited to the rising adoption of perimeter intrusion detection systems in defense and military facilities. These detection systems use accelerometers to detect intruders and alert authorities by identifying vibrations on the perimeter. They also provide several benefits such as increased immunity, improved maintainability, and a low false alarm rate, contributing to the market expansion. Several market participants are concentrating their efforts on developing vibration-sensor-integrated defense monitoring solutions.
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The velocity sensor product type accounted for 15% of the market share in 2021 and is projected to witness 6% growth rate through 2028. This growth can be attributed to a variety of high-end features such as low to mid-frequency range sensing, durability in hazardous areas, and high-speed vibration measurements. It is widely used in automotive applications such as climate control, defrost testing, and engine chassis Computational Fluid Dynamics (CFD) analysis. Market leaders are also innovating advanced sensing technologies to gain a competitive edge in the industry.
The chemical segment in the vibration sensors market held 15% of revenue share in 2021 and is estimated to attain a CAGR of 8.5% till 2028. The industry growth is due to the growing acceptance of vibration monitoring equipment in chemical plants. These machines have vibration sensors, allowing users to improve maintenance efficiency, increase profitability, provide safety warnings, and reduce chemical plant operating costs. Several government-funded initiatives to promote the petrochemical sector are propelling the industry expansion.
Europe vibration sensors market is poised to expand at more than 6% CAGR during 2022 to 2028 led by the rising automotive production in the region. According to the OICA report 2021, the annual production of all automotive vehicles in Europe increased by 5% over the previous year. The region produced 11 million units in 2021, which is the third-highest around the globe. Moreover, increasing use of high-power engine and transmission systems in heavy-duty vehicles necessitates the use of a long-lasting vibration sensors to monitor engine health conditions.
Some of the major companies operating in the vibration sensors market are Robert Bosch GmbH, NXP Semiconductors, Rockwell Automation, Inc., OMRON Corporation, Dytran Instruments Incorporated, National Instruments Corp., Keyence Corporation, and Fluke Corporation. Several market participants are focusing on inorganic strategies, such as new product launches, partnerships, and acquisitions to expand their product offerings and meet the market’s high demand.
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Some of the major findings of the vibration sensors market report include:
- The growing use of condition-based asset monitoring systems in industries, such as oil & gas, manufacturing, and healthcare, has increased the demand for vibration sensors. This sensor has high linearity, high accuracy, reliability, and a quick response time, thereby supporting the market demand in the coming years.
- Increased international standards and government regulations mandating the usage of air bags and other security systems in the automotive sector are driving the market value. The rising demand for engine health monitoring systems in vehicles is prompting OEMs to develop advanced vibration sensors, which will further support the segment growth.
- The COVID-19 pandemic has had a major influence on the market, leading to supply chain problems, international trade obstacles, and the closure of multiple plants. However, in FY2021, manufacturers adopted automation technologies to increase production and implement machine health monitoring equipment to ensure productivity.
- The Asia Pacific vibration sensors market is showcasing a significant growth due to rising government initiatives and funding activities to support the production of consumer electronics including smartphones and tablets. Additionally, increasing adoption of smart city trends and IoT technologies as security appliances in North America will fuel the industry revenue in the coming years
Table of Contents (ToC) of the report:
Chapter 3 Vibration Sensors Market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic on market
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Supplier
3.3.2 Manufacturers
3.3.3 Distribution channel
3.3.4 End-user
3.3.5 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Piezoresistive based vibration sensor
3.4.2 Tri-axis accelerometer
3.4.3 Fiber optic vibration sensor
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
