Press release
Vibration Sensor Market is predicted to reach USD 6.5 billion in 2029, increasing at 7.6% CAGR during 2022-2029 | Size & Forecast
Vibration Sensors Market
Vibration Sensors Market was valued at USD 3.6 billion in 2021, and estimated to reach USD 6.5 billion in 2029, growing at a significant CAGR of 7.6% from 2022-2029.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/vibration-sensor-market-analysis-industry-research/
The factors driving the growth of Vibration Sensor Market includes rise in the number of smart factories, increasing use of wireless systems to monitor machine's condition and growing demand for Micro-Electromechanical System (MEMS) in the Automotive and Aerospace & Defense sectors. According to the report published by Statista, the Global Smart Factory Market was estimated around USD 153.7 billion in 2019 and is expected to reach USD 244.8 billion in 2024, which will accelerate Vibration Sensors Market size in the approaching years. Moreover, growing popularity of predictive maintenance, technological innovations in the vibration sensors, increasing adoption of smart home security appliances and rising application of vibration sensors at the railway tracks to monitor the discrepancies in rails, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rising disposable incomes, growing population growth rates and improvements in the living standards, are further contributing to the market growth.
The leading players operating in the market are NXP Semiconductors, Robert Bosch, Rockwell Automation Inc., Baker Hughes Company, SKF, TE Connectivity, Omron Corporation, Emerson Electric, Honeywell International Inc., and Dytran Instruments, Inc., among others.
However, the growth of Vibration Sensor Market is hindered due to strict regulations imposed by Government.
Based on Process Type, the Online Vibration Monitoring segment is predicted to expand at a significant CAGR during the forecast period
As per the Vibration Sensor Market Forecast, online Vibration monitoring systems delivers real time machine data to plant operators and increasingly used in important plants that work continuously, are some of the factors responsible for the segment's growth.
Based on End User, the Automotive segment is projected to grow at a remarkable CAGR over the forecast period
Rising emphasis on automating the assembly lines and growing demand for non-destructive testing solutions in the automobile industry, are propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period
Rapid growth in the manufacturing industries across India, China, Indonesia, and Vietnam, growing demand for home security appliances, rising disposable incomes and rapid urbanization, are some of the important factors supplementing the market growth in Asia-Pacific.
Key Developments
In 2020, SKF launched SKF Enlight Collect IMx-1, which will reduce customer's maintenance and unexpected downtime costs.
Market Segmentation
Segmentation by Type
Accelerometer
Velocity Sensor
Proximity Probe
Displacement Sensor
Segmentation by Process Type
Portable Vibration Monitoring
Online Vibration Monitoring
Segmentation by Equipment Type
Vibration Analyzer
Embedded Systems
Vibration Meter
Segmentation by End User
Oil & Gas
Metals & Mining
Energy & Power
Automotive
Healthcare
Electronics & Semiconductor
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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