ALBANY, New York, Feb. 4, 2020 /PRNewswire/ -- A vivid range of factors such as massive applications in manufacturing, ceramic, automotive, and aviation industries are influencing the growth of global vibration sensor market says a recent report by Transparency Market Research. As per the report, the market is expected to pursue a sustained 5% CAGR during the tenure of 2019 to 2027 and is also projected to reach to the value of US$ 4.5 Bn by the end of this duration. Moreover, the report also states that the players of global vibration sensor market have a massive growth potential since, the market stood at US$ 2.8 Bn in 2018.
"Massive return on investments, and promising growth potential is attracting new players to enter the global vibration sensor market. Also, the rising application of the sensors in manufacturing and automotive industry is further opening the doors of opportunities for the players between 2019 and 2027" – Transparency Market Research.
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Key Findings of Vibration Sensor Market Report
- Industrial Internet of Things (IIoT) plays a major role in widespread acceptance of innovative vibration sensors across the globe.
- Accelerometers are the highest grossing sensors in the market between 2019 and 2027. This is due to the growth in the number of vehicles around the globe.
- Automotive industry shall emerge as the largest user under end-users category due to its implementation of vibration sensors in applications like engine monitoring system, compartment vibration monitoring, and suspension management system. Due to these use-cases, the automotive industry is expected to emerge as the dominant industry in global vibration sensor market.
Explore the actionable insights from the report on global vibration sensor market available under the title: Vibration Sensor Market: Type: Accelerometers [Capacitive MEMS, Piezoresistive, and Piezoelectric], Electromagnetic Velocity Sensors, and Non-contact Displacement Sensors; End-use Industry: Processing Industry, Automotive, Oil and Gas, Consumer Electronics, Energy & Power, Aerospace & Defense, Healthcare, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/vibration-sensor-market.html
Global Vibration Sensor Market: Key Drivers
According to the report, the global vibration sensor market is massively driven by the development and evolution of Internet of Things in various business verticals. With the help IoT, businesses are now capable to analyze the data generated by the working of their machines. They can deduce anomaly by analyzing the patterns. However for pattern analysis they require accurate and precise vibration sensors. These sensors are capable enough to recognize the vibration generated during normal functioning of the machine. Hence, with implementation of IoT is several businesses, the global vibration sensor market is expected to witness massive growth.
- Predictive Monitoring is one of the advantages that is attracting customers towards global vibration sensor market. It allows the businesses to recognize patterns of normal functioning of the asset and alerts in case of any potential breakdown.
- Cost-effective manufacturing of the sensors is also one of the biggest factor that attracts business towards vibration sensor market.
Key Impediments for Global Vibration Sensor Market
Though the global vibration sensor market is expected to witness a substantial growth over the forecast period, there are certain roadblocks that might hamper the market growth. The report not just focuses on the positive outlooks of the global vibration sensor market but also enlightens the readers with challenges that might impact their businesses. Some of the challenges enlisted in the report are:
- The market is majorly dominated by a handful of prominent players. This might be a tough challenge for new players to avail a sustainable future.
- The major challenge that is hampering the growth of the global vibration sensor market is usability. That is a sensor designed and developed for a particular job shall be applicable to that task only. And once the task is done, the sensor loses its purpose.
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Global Vibration Sensors Market: Regional Analysis
- Asia Pacific is expected to remain a dominant region in the global vibration sensor market. The region accounted for 33.08% of total share of the market in 2018 and is projected to hold it dominance in coming years of the forecast period.
- During the tenure of 2019 to 2027, Asia Pacific shall maintain its dominance by witnessing a solid 5% CAGR annually.
Analyze vibration sensors market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
During the tenure of 2019 to 2027, the global vibration monitors market shall exhibit a moderately fragmented scenario. This is because, approximately 50% of the total market share is held by the emerging players of global vibration sensors market. Apart from this, the Robert Bosch GmbH is the biggest players of the market. The company holds more than 33% of total share of the global vibration sensors market.
In order to have a sustainable future in the market the players are investing a major portion of the budget into R&D activities. These strategies allow the new players to develop innovative products that consequently attracts more customers resulting in better sales for the business. This strategy also help the players to acquire a competitive edge over the rivals.
The global vibration sensors market is segmented on the basis of:
Vibration Sensors Market Type Outlook (Revenue, USD Million 2019-2027)
- Capacitive MEMS
- Electromagnetic Velocity Sensors
- Non-contact Displacement Sensors
Global Vibration Sensor Market End-use Industry (Revenue, USD Million 2019-2027)
- Processing Industry
- Oil and Gas
- Consumer Electronics
- Energy & Power
- Aerospace & Defense
Global Vibration Sensor Market Region (Revenue, USD Million 2019-2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- South Africa
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