Growth in global industrial vibration and condition monitoring markets
14/06/2021
Technavio has announced the release of its two latest reports. The first, on the industrial vibration sensor market, is segmented by product (displacement sensor, acceleration sensor and velocity sensor), end-user (process industries and discrete industries) and geography (Asia-Pacific (APAC), Europe, North America, the Middle East and Africa (MEA) and South America). The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches and the market behaviour across various segments.Key findings from the report show that:
- The industrial vibration sensor market value is expected to grow by US$2.83 billion at almost 8% compound annual growth rate (CAGR) during 2021-2025;
- 40% of market growth is expected to originate from APAC during the forecast period; and
- Based on the product, the displacement sensor segment will offer maximum opportunities for vendors during the forecast period.
The growing need for workplace safety is one of the prime factors driving the growth of the market. In addition, factors such as the growing popularity of sensing technology and the rising need for intelligent and compact vibration sensors will significantly contribute to the growth of the global industrial vibration sensor market during the forecast period.
The company has also published its latest report on the machine condition monitoring sensors market. The market is segmented by end-user (oil & gas industry, power industry, aerospace and defence industry and chemical and petrochemical industry, among others) and geography (North America, Europe, APAC, South America and MEA). The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches and the market behaviour across various segments.
The main findings of this report are:
- The machine condition monitoring sensors market value is expected to grow by US$334.41 million at over 4% CAGR during 2020-2024;
- Based on the end-user, the oil & gas segment will offer maximum opportunities for vendors during the forecast period; and
- Based on the geography, APAC dominated the market with a 32% share in 2019.
The rise in demand for wireless vibration sensors is one of the prime factors driving the growth of the market. End-users in the market are exhibiting high demand for wireless vibration sensors owing to their cost-effectiveness, as they eliminate the need for laying cables and wires. They are also capable of operating in remote and hazardous environments. This improves productivity and ensures the safety of both humans and machines. Many such benefits are driving the demand for wireless vibration sensors, which, in turn, is driving the growth of the market.
TechNavio is a leading market research company with a key focus on emerging technology market trends that can shape the global market. TechNavio develops reports to provide clients with a unique understanding of new trends identified and how businesses can capitalise on them to make informed decisions on new and existing opportunities in their markets.
