Northbrook, IL -- (SBWIRE) -- 01/31/2021 -- The vibration sensors market was valued at USD 2.0 billion in 2020 and is projected to reach USD 3.0 billion by 2025; it is expected to grow at a CAGR of 8.2% from 2020 to 2025. A few key factors driving the growth of this market are growing adoption of automated condition monitoring technologies for the development of smart factories, rising use of wireless systems for machine condition monitoring, ongoing transition from preventive to predictive maintenance, and increasing demand for vibration sensors from emerging applications.
Impact of COVID-19 on vibration sensors market
The outbreak and the spread of the COVID-19 have affected the vibration sensors market. A number of the industry experts are of the opinion that this pandemic will subside by the third or the fourth quarter of FY2020. Considering the inputs from various industry experts belonging to different stages of the vibration sensors value chain that is OEM, suppliers, end users, and distributors, as well as after consulting financial releases of different companies in the vibration sensors ecosystem for the first and second quarters of 2020, it has been estimated that the size of market might witness a decline from 2019 to 2020. The growth rate of the market is expected to recover from 2021 onwards. During the pandemic, critical industries such as energy and power, chemicals, food and beverages, and healthcare continue to witness an increased demand for vibration sensors to ensure safe and efficient operations of machinery. The surged demand for online vibration monitoring processes is expected to drive the growth of market in 2020.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=7077931
Vibration sensors market for online vibration monitoring to grow at higher CAGR during forecast period
The vibration sensors market for online vibration monitoring is expected to grow at a higher CAGR during the forecast period. Currently, online vibration monitoring is a preferred monitoring process as it is more advanced than portable condition monitoring and provides real-time machine data to plant operators. This monitoring process is widely used in critical plants that work continuously and are highly prone to defects.
Accelerometers to hold largest share of vibration sensors market during forecast period
Accelerometers are expected to account for the largest share of the vibration sensors market during the forecast period. The growth of this segment can be attributed to the increased use of accelerometers for collecting vibration monitoring data. Piezoelectric accelerometers are the most commonly used sensors in vibration monitoring applications. They are suitable for a wide band of frequencies, ranging from very low to very high frequencies. These accelerometers are also available in a wide variety of application-specific designs.
The vibration sensors market for an automotive industry expected to grow at the highest CAGR market during the forecast period"
The automotive segment of the market is projected to grow at the highest CAGR during the forecast period. The global automotive industry is focusing on automating and upgrading assembly lines, which require motor monitoring systems and vibration sensors. Motor current signature analysis helps reduce machine failures and extends the life of machines. The automotive industry is witnessing significant growth in the number of units produced per day. The machinery on the production floor is required to be maintained properly to minimize the production cycle and increase production output.
"Vibration sensors market for APAC to grow at the highest CAGR during the forecast period"
The market in APAC is expected to grow at the highest CAGR during the forecast period. Ongoing industrialization, growing adoption of predictive maintenance tools, and increasing competitive pressure on industries such as oil and gas, energy and power, chemicals, and automotive to achieve operational efficiency are fueling the growth of market in APAC. The expansion of manufacturing activities as a result of the migration of production bases to APAC countries, such as China, India, and South Korea, with low labor costs, is also driving the growth of the vibration sensors market in APAC.