Global Vibration Sensor Market is valued approximately at USD 4.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 6.3% over the forecast period 2020-2027. A vibration sensor is a type of piezoelectric accelerometer that can sense vibration. These sensors are typically used for assessing unpredictable speed or acceleration or for regular vibration measurement. Maintenance professionals are extensively utilizing these sensors to predict the continuation of the machinery, to lower the overall costs, and improve the functioning of the machinery. Some common applications of vibration sensors are aerial navigation, process control systems, and underwater-applications. This sensor is further applied for determining fragrances within the air by instantly assessing quality as well as capacitance. The increase in the vibration sensor market is significantly imputed to the fact that the need for machine condition monitoring and maintenance is relentlessly expanding around the world. The rising adoption of automated condition monitoring technologies for the advancement of smart factories, increasing adoption in industrial IoT, and government norms for safety and security rules of industries are the few factors responsible for the CAGR of the market during the forecast period.
According to Capgemini Digital Transformation Institute in 2019, 43% of the world has operational smart factories, while 33% have formulated the smart factory initiative. The remaining 8% are to adopt smart factories in the next 3-5 years. This, in turn, is likely to strengthen the demand for vibration sensors, thereby contributing to the market growth all over the world. However, the high development cost of sensors and issues related to functioning and/or operation in higher temperatures are the few factors restraining the market growth over the forecast period of 2020-2027.
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The regional analysis of the global Vibration Sensor market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the favorable government support for the adoption of a vibration sensor, along with the wide presence of market players in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rising application in the automotive industry and the rapid digitalization in factories and manufacturing sector in the developing nations, such as China and India, are the few factors creating a lucrative opportunity for the growth of the cancer vaccine market in the Asia-Pacific region.
Major market player included in this report are:
Advanced Sensors Calibration GmbH, Inc.
Analog Devices, Inc.
Dytran Instruments, Inc.
Honeywell International, Inc.
Robert Bosch GmbH
Hansford Sensors Ltd.
National Instruments Corporation
TE Connectivity Ltd.
Futek Advanced Sensor Technology Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Aerospace & Defense
Oil & Gas
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
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Target Audience of the Global Vibration Sensor Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers