ALBANY, New York, July 15, 2019 /PRNewswire/ -- A new report published by Transparency Market Research talks about the global vibration sensor market and its overall market dynamics. According to the research report, the valuation of the vibration sensor market is projected to touch the mark of US$4.5 bn by the end of 2027. This growth of the market is expected to be achieved with a healthy CAGR of 5% over the course of the given forecast period of 2019 to 2027. The previous record of the non-contact displacement sensors market was at US$2.8 bn in 2017. The research report states that the electromagnetic velocity sensors market will continue to be influenced by a variety of macroeconomic as well as market-specific factors in the coming years.
The competitive landscape of the global vibration sensor market is a fragmented one. The new players account for nearly 50% of the overall market share. Heavy focus on the research and development activities is the primary reason behind the rise of these emerging players. Industry leaders are also putting a large sum of investments in enhancing their business portfolio. The leaders are simply taking over technologically advanced enterprises to bolster their portfolio. For instance, Honeywell International completely took over Transnorm and Ortloff Engineers Ltd in 2018. The combined valuation of the deal was worth US$500 mn. Transnorm was acquired with a view to bolster Honeywell's warehouse automation platform and get them a distinctive advantage in Europe. On the other hand, Ortloff was acquired on account of its flagship technology that allows maximum separation of gas liquids and gas.
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Some of the key players in the global vibration sensor market include names such as TE Connectivity, Keyence Corporation, Hansford Sensors Ltd, MTI Instruments, and Honeywell International Inc. among others.
The Asia Pacific to Continue is Market Dominance in Coming Years
The global vibration sensor market is divided into key regions namely Asia Pacific, South America, Middle East, and Africa, Europe, and North America. Of these mentioned regions, the capacitive MEMS vibrations sensors market was dominated by the Asia Pacific and accounted for nearly 33.08% of the overall market share. The research report expects the Asia Pacific segment to growth with a strong CAGR of 5% during the course of the given forecast period.
The growth of the Asia Pacific market for piezoresistive vibration sensors is mainly attributed to the increasing demand for these vibration sensors across a broad range of domains such as machine monitoring, sports diagnostic equipment, industrial monitoring, condition monitoring, and military applications among others.
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Constant Product Innovation is Fuelling Market Growth
Some of the key factors responsible for the growth of the global vibrations sensors market are listed below:
- The high rate of adoption across a variety of sectors: One of the biggest influencing factors for the growth of the piezoelectric vibration sensor market is its growing adoption across multiple industry verticals. These sensors are used to analyze and measure parameters such as acceleration, displacement, and linear velocity. These parameters help in machine monitoring and further enhances productivity and cut down the cost of maintenance.
- Development of innovative products: The companies working across the piezoelectric vibration sensor market are constantly trying to bring innovation in their products. This is helping a great deal in propelling the growth of the global vibration sensor market.
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This review is based on the research report published by Transparency Market Research titled, "Vibration Sensor Market (Type: Accelerometers [Capacitive MEMS, Piezoresistive, and Piezoelectric], Electromagnetic Velocity Sensors, and Non-contact Displacement Sensors; End-use Industry: Processing Industry, Automotive, Oil and Gas, Consumer Electronics, Energy & Power, Aerospace & Defense, Healthcare, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027"
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The global vibration sensor market has been segmented as follows:
- Capacitive MEMS
- Electromagnetic Velocity Sensors
- Non-contact Displacement Sensors
- Processing Industry
- Oil and Gas
- Consumer Electronics
- Energy & Power
- Aerospace & Defense
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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