The vibration system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Vibration System Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The vibration system market size has grown strongly in recent years. It will grow from $3.93 billion in 2023 to $4.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to regulatory requirements, automotive industry growth, increasing focus on safety, rise in consumer demand and industrial automation, and rising automation and demand for precision engineering.
The vibration system market size is expected to see strong growth in the next few years. It will grow to $5.61 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to rising electrification of vehicles, adoption of smart manufacturing, rising adoption of autonomous vehicles, increasing vehicle efficiency, and increasing adoption of cloud-based. Major trends in the forecast period include technological advancements, advancements in sensor technology, adoption of artificial intelligence (AI), increasing research and development (R&D) investment, the advent of the industrial internet of things (IoT), and the development of smart materials and focus on lightweight components.
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Scope Of Vibration System Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Vibration System Market Overview
Market Drivers –
The growing automotive industry is expected to propel the growth of the vibration system market going forward. The automotive industry is the sector that involves the manufacturing, sales, and maintenance of motor vehicles, including cars, trucks, and motorcycles. The growing automotive industry is due to economic growth, environmental benefits, consumer benefits, global competitiveness, and infrastructure development. Vibration systems are used in the automotive sector to help test and optimize vehicle components for durability, performance, and safety by simulating real-world vibrational conditions. For instance, in November 2023, according to a report published by the International Trade Administration, a US-based government agency, the total value of Canadian automotive local production in 2022 was 64,565, compared to 54,892 in 2021. Therefore, the rapidly growing automotive industry is driving the growth of the vibration system market.
Market Trends –
Major companies operating in the vibration system market are focusing on developing advanced solutions, such as wireless sensors, to enhance real-time data analysis and predictive maintenance capabilities. A wireless sensor in vibration systems is a device that detects and measures vibrations and transmits the data wirelessly to a monitoring system. These sensors are integral to modern vibration analysis and monitoring, allowing for real-time data collection and analysis without extensive wiring. For instance, in November 2023, Worldsensing SL, a Spain-based IoT company specializing in sensing solutions, launched the Vibration Meter, a wireless sensor designed for long-term, continuous vibration monitoring projects. This new product features a tri-axial MEMS accelerometer, offering extended battery life, a wider communication range, and a more competitive price than existing vibration technologies while meeting essential regulatory standards.
The vibration system market covered in this report is segmented –
1) By System Type: Embedded Systems, Vibration Analyzers, Vibration Meters
2) By Component: Hardware, Software, Services
3) By Monitoring Process: Online, Portable
4) By Deployment Type: On-Premises, Cloud
5) By Industry: Oil And Gas, Energy And Power, Metals And Mining, Chemicals, Automotive, Aerospace And Defense, Food And Beverages, Marine, Pulp And Paper, Other Industries
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Regional Insights –
Asia-Pacific was the largest region in the vibration system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vibration system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the vibration system market are Honeywell International Inc., RION Co. Ltd., Emerson Electric Co., Rockwell Automation Inc., OMRON Corporation, Meggitt PLC, Fluke Corporation, National Instruments Corporation, MTS Systems Corporation, Kistler Group, Brüel & Kjær Sound & Vibration Measurement A/S, Thermotron Industries Inc., Dytran Instruments Inc., Noise & Vibration Technologies LLC, Metrix Instrument Co., Columbia Research Laboratories Inc., Vibration Research Corporation, IMV Corporation, Larson Davis, Dynamic Solutions Systems Inc., VibraSens
Table of Contents
1. Executive Summary
2. Vibration System Market characterstics
3. Vibration System Market Trends And Strategies
4. Vibration System Market – Macro Economic Scenario
5. Global Vibration System Market Size And Growth
…..
32. Global Vibration System Market Competitive Benchmarkin
33. Global Vibration System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Vibration System Market
35. Vibration System Market Future Outlook and Potential Analysis
36. Appendix
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