LONDON, Feb. 28, 2012 /PRNewswire/ -- The economic downturn of 2008-2009 had a significant impact on the global noise, vibration, harshness (NVH) test equipment market revenues, with the market experiencing considerable decline in 2009.
The major contributor to this decline was the automotive market - the largest end-user for NVH test equipment. However, going forward, the automotive industry is once again anticipated to provide growth opportunities.
New analysis from Frost & Sullivan (http://www.testandmeasurement.frost.com), Analysis of the NVH Test Equipment Market, finds that the market earned revenues of $809.3 million in 2010 and estimates this to reach $1,053.8 million in 2015.
Environmental noise applications are expected to drive the market over the next 5 years.
"Limiting environmental noise has grown in importance over the past decade, especially in Europe," notes Frost & Sullivan Research Associate Nikhil Jain. "With extensive research published on the harmful effects of environmental noise on people, government agencies globally have introduced legislations regulating the amount of environmental noise, supporting continued growth in this segment."
Although the Asia Pacific NVH test equipment market is mature, it is relatively less mature than North America and Europe. There is still significant growth potential in this region. China and India accommodate the two largest populations in the world. Their expanding population has triggered demand for key consumer electronics such as mobile phones, washing machines and refrigerators, among others. It has also boosted demand for automobiles.
"This demand will translate into significant investment in R&D from consumer electronics and automotive industries to develop innovative products that capture the market," elaborates Nikhil. "These R&D projects require investment in NVH test equipment as well."
The biggest restraint to market expansion is expected to be the ever-increasing second-hand market for test equipment. This restraint is expected to have a significant impact on the global NVH test equipment market in the short-term.
"The second-hand test equipment market received a huge boost during the economic downturn as there were significant budget cuts and end users grew increasingly price conscious," explains Nikhil. "With NVH being a key test criterion in most product development lifecycles, end users invested in relatively low-priced second-hand equipment."
With advancement in technology and the projected reduction in the price of NVH test equipment over the long-term, this restraint will have a progressively lower impact.
"The advent of wireless NVH test solutions is set to change the outlook of the industry," concludes Nikhil. "The investment being made by NVH test solutions vendors to develop feasible wireless NVH test solutions is enormous and the adoption of these wireless solutions is set to offset the second-hand market."
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SOURCE Frost & Sullivan