Global Vibration Sensor Market - Segmented by Product Type (Accelerometers, Electrodynamics Velocity Transducer, Non-contact Displacement Transducer), End-user Industry (Aerospace and Defense, Automotive, Machine Monitoring), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global vibration sensor market was valued at USD 32.65 billion in 2017, and is expected to reach a value of USD 47.64 billion by 2023, at a CAGR of 6.50%, during the forecast period (2018 - 2023).The scope of the report includes product type, like accelerometer, electrodynamics transducer, and non-contact displacement transducer, and end users are limited to aerospace & defense, automotive, consumer electronics, food & beverage, machine monitoring, and healthcare. While the region considered in the scope of the report include North America, Europe, Asia pacific, Middle East & Africa, and Latin America.
Rising Need for Machine Monitoring is One of the Major Drivers for the Vibration Sensors Market
The vibration sensors are facing extensive and remarkable change. Growing use of wireless sensors require the manufactures of vibration sensors to provide better performance, and at competitive costs. Vibration sensors have found greater adoption in manufacturing firms due to their ability to aid efficiency and productivity through constant monitoring. Vibration sensors that are used to identify the changes in vibration levels can determine if the machinery is tuned to operate in an energy efficient manner.
Automotive Industry has the Highest Market Share During the Forecast Period
Due to the increasing purchasing power of the millennial population, there is a continuous demand for passenger cars. According to OICA, global passenger was estimated to be 72.10 million units in 2016, and the demand is expected to continue during the forecast period.
For an average consumer, trucks are reliable options, as they have better fuel efficiency and safety features. These factors drive the growth of heavy weight vehicles. Premium vehicles and utilities continue to drive the sales of light vehicles, which cumulatively contribute to an increase in the demand for vibration sensors market, during the forecast period. Autonomous cars are expected to hit the commercial market by the end of 2018. Dynamics of this kind are influencing the vibration sensor market growth, globally. The future of vibration sensors growth is acute to rise of global car fleet. In addition, the automobile industry, globally, is flourishing, and it is expected that the total number of vehicles in the world could double to 2.5 billion by 2050.
Accelerometers has a Highest Market Share
Accelerometers drive and facilitate the efficiency front end, which helps in measuring vibrations, motion, shock, and acceleration for monitoring and controlling applications. As customer needs have risen in time, the retail industry is developing. It is being widely used in all manufacturing units, and research & development organizations, as it helps in all aspects, such as monitoring high vibration levels, evaluating proper performance, and various other features, and further improvement in these areas are increasing the demand for the accelerometers. Technological advancements have largely driven the demand for accelerometers in various sectors such as automotive, medicine, and consumer electronics. They have become an integral part of consumer electronics and automotive components (automatic collision detection systems and braking systems).
North America Holds the Major Market Share among Other Regions
United States is the leader in the oil & gas industry, as the United States is the world’s largest producer of oil & gas. Therefore, the demand for vibration sensors in United States is owed to the industries, such as automotive, oil & gas, etc. As the manufacturing sector in the United States is evolved, there is a rise in the need for machine monitoring. Further, with the increasing global competition, there is an urgent need to increase productivity. Vibration sensors are being used, in order to reduce the overall plant operational costs, maintenance costs, and for better performance. This is aiding in the growth of the market. Europe is increasing its foothold in vibration sensors, owing to the recent developments in certain European countries, such as Germany, the United Kingdom, and France. At present, the Asia-Pacific market is presented with a lot of opportunities and countries, such as Japan, India, and China are expected to drive the vibration sensors market.
Key Developments in the Market