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Vibration Sensors Market worth over $5bn by 2028
- Published Date: February 3, 2022
Vibration Sensors Market size is set to surpass USD 5 billion by 2028, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the rising trend toward aircraft engine health monitoring systems in the aerospace industry. Vibration sensors are used in Prognostic and Health Management (PHM) systems to diagnose mechanical failures in turbine engines or spacecraft motors. Several aerospace companies are focusing on implementing vibration test systems in their aircraft, which will foster the market expansion in the coming years.
The vibration sensors market is being hampered by issues related to functionality and efficiency in high-temperature conditions. The cost of sensor maintenance in harsh environments is also limiting market adoption. Several market participants are focusing on developing low-cost vibration sensing solutions to overcome these challenges.
Rising demand for the condition monitoring of industrial machinery will positively impact the displacement sensor segment growth
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The displacement sensor segment held 20% of the market share in 2021 and is projected to witness 7.5% growth rate through 2028. The industry growth is driven by the advantages offered such as improved linearity, repeatability, enhanced magnetic screening, and precision sensing at low frequency. Displacement sensors are majorly used to monitor the health of rotating components in industrial machinery such as pumps, turbines, and compressors. It also provides production process optimization, control of heavy-duty vehicles, and infrastructure health monitoring, boosting the acceptance of displacement sensors in the market during the forecast period. Several companies are focusing on developing new products through strategic acquisitions and mergers.
Browse key industry insights spread across 250 pages with 217 market data tables and 31 figures & charts from the report, “Vibration Sensors Market Size, By Product (Accelerometers, Velocity Sensors, Displacement Sensors, Proximity Probes), By Output Type (Analog, Digital), By Application (Automotive & Transportation, Consumer Electronics, Healthcare, Oil & Gas, Chemical, Aerospace & Defense), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Growing usage of AI and cloud technologies in machine vibration measurement to spur the digital vibration sensors market demand
The digital output segment is estimated to attain a CAGR of 8.5% till 2028 led by the growing adoption of AI and cloud-operated sensor systems for machine vibration measurement. These technologies allow users to execute predictive maintenance in discrete and process manufacturing facilities. The rising demand for smart sensing technology encourages OEMs to develop new application-specific products.
Increasing acceptance of safety systems in automotive will impel the vibration sensors market value
The automotive & transportation segment accounted for 20% of revenue share in 2021 and is poised to expand at more than 9% CAGR by 2028. The industry expansion is credited to the rising usage of vibration sensors in Engine Vibration Monitoring Units (EVMUs) and airbags. These sensors are used in engines and transmission systems to measure the vibration of rotating motors & shafts.
Moreover, the increasing utilization of tri-axial sensors in automotive gearboxes to detect gear mesh faults and rotor position displacement will drive the segment progression during the forecast period. Several governments are focusing on mandating the use of safety systems in the automotive industry.
Favorable government initiatives to innovate safety systems for infrastructure to augment the market revenue in North America region
North America vibration sensors market is predicted to register growth of 7% during 2022 to 2028 on account of rising government initiatives and investment activities to adopt safety measures in infrastructures such as bridges, railways tracks, and roadways. For instance, in November 2021, the U.S. government invested USD 2 trillion to accelerate the country’s infrastructure development and innovate new safety systems to protect buildings & bridges from natural disasters such as earthquakes.
Key players operating in the market include Baker Hughes Company, SKF, TE Connectivity, Honeywell International, Inc., Emerson Electric Co., and Robert Bosch GmbH. These leaders are constantly focusing on inorganic growth strategies, such as new product launches and partnerships, to expand their product offerings and meet the high demand.