Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Vibration Sensor Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, June 16, 2021 (GLOBE NEWSWIRE) -- The Global Vibration Sensor Market is expected to grow at a CAGR of around 8.5% from 2020 to 2027 and reach the market value of over US$ 3.5 Bn by 2027.
A vibration sensor is a device that measures the amount and frequency of vibration in the intended system, machine, or piece of equipment. The results of these sensors can be used to detect imbalances or other issues in the asset as well as can be used to predict future breakdowns or failures.
The global vibration sensor market is segmented on the basis of type, monitoring process, equipment, end-use, and geography. On the basis of type, the market is divided into accelerometers, proximity probes, displacement sensors, and velocity sensors. Based on the monitoring process, the market is bifurcated across online vibration monitoring and portable vibration monitoring. By equipment, vibration sensors are studied across embedded systems, vibration analyzers, and vibration meters. On the basis of end-use, the market is studied across oil and gas, energy and power, metals and mining, chemicals, automotive, aerospace and defense, food and beverages, semiconductors and electronics, pharmaceuticals, healthcare, and others.
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By type, the accelerometer segment is leading the market with maximum revenue share (%) in 2019 and the segment is followed by the displacement sensors. The increasing usage and application across the globe due to improving and expanding industrial productions.
North America is leading the vibration sensor market and the region is also projected to maintain dominance throughout the forecast period from 2020 to 2027. The highly developed infrastructure of the industries along with the increasing investment in R&D by the major industry players is supporting the regional market value. For instance, Honeywell International, Inc. has registered R&D expenses of US$ 1,556 million, US$ 1,809 million, and US$ 1,835 million in FY 2019, FY 2018, and FY 2017, respectively. Moreover, the region is having potential demand for vibration sensors in the aerospace and defense sector of the major economies.
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Moreover, Asia Pacific is projected to exhibit the fastest growth over the forecast period from 2020 to 2027. The major economies of the region including China and Japan are the major revenue contributors to the regional market value. The developing economies of the region are expected to create potential growth over the forecast timeframe from 2020 to 2027.
Some of the leading competitors are Advanced Sensors Calibration GmbH, Inc., Analog Devices, Inc., Dytran Instruments, Inc., Honeywell International, Inc., Robert Bosch GmbH, Hansford Sensors Ltd., Colibrys Ltd., National Instruments Corporation, TE Connectivity Ltd., and FUTEK Advanced Sensor Technology Inc. among others. The major players are continuously involved in the development of advanced solutions for the growth industries.
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Some of the key observations regarding the vibration sensor industry include:
In 2017, Hansford Sensors has launched an HS-173R-tri-axial accelerometer that can provide simultaneous measurement of vibrations in three orthogonal directions.
In December 2017, HILLCREST LABS has launched the new FSP200 IMU that combines a tri-axial gyroscope, a tri-axial accelerometer, and a tri-axial magnetometer. This new sensor is designed to be used in automotive applications like speed bump detection. Additionally, this can also be used in robotics for inclination detection.
In March 2020, Sweden-based SKF has launched a compact and cost-effective vibration and temperature sensor, SKF Enlight Collect IMx-1, particularly for monitoring the condition of rotating parts on heavy industrial machinery. This strategic new product addition in the portfolio is projected to create potential growth in the market.
In November 2019, Emerson Electric Co. (US) introduced the AMS Wireless Vibration Monitor, a low-cost, easy-to-deploy vibration sensor that performs prescriptive analytics on vibration data using native software to automatically identify failure modes and prevent potential problems involving rotating assets. The compact device makes it economically feasible to fully monitor motors, pumps, fans, and other critical plant equipment to reduce downtime and achieve more reliable operations.
In March 2020, the US based TE Connectivity has acquired Germany based First Sensor AG. As a result of an acquisition, TE now holds around 71.87% shares of sensing solutions provider First Sensor. Moreover, with the mergers of portfolios of both the company, TE will be able to offer a variety of products, encompassing innovative and market-leading sensors.
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