Technavio Expects the Global Vibration Sensor Market to Exceed USD 33 Billion by 2020
By Business Wire News
Technavio analysts forecast theglobal vibration sensor market to post a CAGR of over 6% during the forecast period.
The research study covers the present scenario and growth prospects of the global vibration sensor marketduring 2016-2020. In order to calculate the market size, Technavio considers revenue generated from the sales of vibration sensors in the following application segments: aerospace, automotive, industrial machinery, healthcare, and consumer electronics.
The report from Technaviohighlights four major factors that are influencing the growth of the global vibration sensor market:
- Stringent road safety regulations
- Rising need for machine monitoring
- High demand for effective maintenance
- Slow replacement cycle of old machines
Stringent road safety regulations
Governments in regions such as Europe and the Americas have made it mandatory to install vibration sensors in automobiles, which explains the increasing demand for these sensors.
“Governments of developing countries such as China and India, where the market is price sensitive, are also encouraging the use of vibration sensors in automobiles. This is likely to drive the vibration sensor market during the forecast period in countries like China, Japan, Germany, and US as they host a majority of prominent automakers,” said Asif Gani, a Technavio lead analyst for the sensorsindustry.
Rising need for machine monitoring
Vibration is a common problem in machines across all segments developing as a result of faulty installation and natural wear and tear. This leads to misalignment of rotating equipment which proves detrimental to the health of a machine. Vibration sensors help detect these issues.
Efficiency in machines is a major driver for all business decision-making and is heavily dependent on the inputs provided by vibration sensors. The prime objectives of vibration sensors are to effectively predict machine failures, reduce frequency and severity of equipment downtime, and maximize equipment performance while ensuring safety of equipment and personnel.
“With technological advances, machines are becoming more complex, thus creating a need for sophisticated vibration sensors to maximize the performance of engineering processes. Vibration sensors have, therefore, become an essential component for most machines,” says Asif.
High demand for effective maintenance
Machines that run around the clock require an effective maintenance strategy, which is crucial as manufacturers are under immense pressure to manage operating costs in the current economic climate. This explains the significance of vibration monitoring, which uses vibration sensors to monitor and detect rapid changes in vibration, helping increase the operating life of machines and preventing catastrophic failure.
Vibration sensors are also used in remote vibration monitoring systems that improve performance as well as safety, as engineers are not required to remain in close contact with potentially hazardous equipment. This makes vibration monitoring a highly efficient and cost-effective process.
Slow replacement cycle of old machines
Demand for vibration sensors is growing as facility owners are increasingly installing vibration sensors in old machines to enhance their efficiency, as it is much more expensive to replace worn equipment than to continue using it.
Vibration monitoring facilities help detect defects in machinery that are running for shorter periods. Condition monitoring allows facilities to save costs, as machines with defects tend to have greater risk of failure. Technavio predicts a rise in demand for vibration and condition monitoring facilities which will further drive the global vibration sensor market during the forecast period.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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