Industrial Vibration Sensor Market to grow at a CAGR of 8.96% during 2024-2028
The Industrial Vibration Sensor Market is expected to grow at a CAGR of 8.96% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4113.9 million. In the rapidly advancing business landscape, process automation is driving the evolution of sensing technology. Industrial sectors such as electric power, oil and gas, iron and steel, petrochemicals, pulp and paper, pharmaceuticals, chemicals, food, water supply and wastewater treatment, and metal are increasingly deploying advanced sensors. As digitalization accelerates, there is a growing demand for sensors capable of greater process automation, anomaly detection, and predictive maintenance. Innovative vibration sensors, incorporating advancements in electronic technology, are being manufactured to meet these needs, enhancing both efficiency and performance.
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Technavio analysts predict that the Process industries subsegment will lead the End-user segment during 2024 and 2028 Process industries, including oil and gas, food and beverage, pharmaceuticals, and power, account for a significant portion of the industrial vibration sensor market due to their complex sub-processes and critical operating conditions. The COVID-19 pandemic, however, has resulted in a reduction of capital and operating expenditure for leading vendors in these industries, causing them to scale down manufacturing operations by up to 60%. This economic downturn has consequently decreased the demand for industrial vibration sensors, thereby hindering market growth. Vendors must navigate these challenging circumstances by implementing cost-saving measures and exploring new opportunities in non-process industries to maintain market share.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish growing need for workplace safety
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The Industrial Vibration Sensor Market is witnessing significant growth due to the increasing adoption of Artificial Intelligence (AI) and IoT in various industries. The market is driven by the demand for condition monitoring solutions in automotive applications, aerospace and defense, automobile segment, industrial automation, and robotic machinery. STMicroelectronics, a leading semiconductor company, is at the forefront of this trend with its advanced vibration sensors based on Microelectromechanical systems (MEMS) technology. These sensors offer high resolution, temperature stability, and mechanical robustness, making them ideal for high-speed operations in harsh environments. The market is segmented into Accelerometers, Displacement sensors, and Piezoresistive sensors segments. The Accelerometers segment is expected to dominate the market due to their wide application in predictive maintenance solutions. Telematics infotainment systems in automobiles are also driving the demand for vibration sensors as they enable real-time monitoring and analysis of vehicle performance. The market is expected to reach new heights with the integration of AI and predictive maintenance solutions in industrial applications.
The industrial vibration sensor market is a segment of the expansive global industrial machinery, supplies, and components market. This market encompasses businesses manufacturing machinery and components for various industries, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, the market size is determined by the consolidated revenue generated by these manufacturers. Key growth drivers for the global industrial machinery, supplies, and components market include the increasing industrial output in process and discrete industries, fueled by the burgeoning demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in rapidly expanding economies.
The Industrial Vibration Sensor Market is experiencing significant growth, fueled by the growing need for workplace safety. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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