As indicators of machine health, vibrations need to be monitored to ensure smooth energy flow and optimum machine condition to avoid costly breakdowns. By monitoring vibration levels over time, predictive maintenance is possible.
Manufacturing, ceramic, automotive, and aviation industry applications are influencing the growth of the global vibration sensor market, according to a recent report by Transparency Market Research. The market is expected to achieve a sustained 5% CAGR between 2019 and 2027 and is also projected to reach US$4.5 billion by 2027. Players in the global vibration sensor market, which stood at US$2.8 billion in 2018, have massive growth potential.
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 will emerge as the largest user in the end-users category due to its implementation of vibration sensors in applications like engine monitoring systems, compartment vibration monitoring, and suspension management systems. Due to these use-cases, the automotive industry is expected to emerge as the dominant industry in global vibration sensor market.
Global Vibration Sensor Market: Key Drivers
According to the report, the global vibration sensor market is driven primarily by the development and evolution of the Internet of Things in various business verticals. With the help of IoT, businesses are now able to analyze the data generated by the working of their machines. They can deduce anomalies 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 in several businesses, the global vibration sensor market is expected to witness massive growth.
Predictive Monitoring is one of the advantages that is attracting customers to the global vibration sensor market. It allows 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 factors that attracts business to the vibration sensor market.
Key Impediments for Global Vibration Sensor Market
While substantial growth over the forecast period in the sector is anticipated, there are certain roadblocks that might hamper growth. Some of the challenges include:
- 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.
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 dominance for the rest of the forecast period. Between 2019 and 2027, Asia Pacific will most likely maintain its dominance, with a solid 5% CAGR annually.
From 2019 to 2027, the global vibration monitors market will exhibit a moderately fragmented scenario. This is because approximately 50% of the total market share is held by emerging players. Robert Bosch GmbH is the biggest player, with more than 33% of total share of the global vibration sensors market.
Players are investing a major portion of the budget into R&D activities to ensure a sustainable future. This strategy allows new players to develop innovative products that drives sales and helps them acquire a competitive edge.
The global vibration sensors market is segmented on the basis of:
- Vibration Sensors Market Type Outlook
- Capacitive MEMS
- Electromagnetic Velocity Sensors
- Non-contact Displacement Sensors
- Global Vibration Sensor Market End-use Industry
- Processing Industry
- Oil and Gas
- Consumer Electronics
- Energy & Power
- Aerospace & Defense
Source: Transparency Market Research