The Vibration System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Vibration System Global Market Report 2024, 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.
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.
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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
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 report table of contents includes:
1. Executive Summary
- Vibration System Market Characteristics
- Vibration System Market Trends And Strategies
- Vibration System Market – Macro Economic Scenario
- Global Vibration System Market Size and Growth
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32. Global Vibration System Market Competitive Benchmarking
- Global Vibration System Market Competitive Dashboard
- Key Mergers And Acquisitions In The Vibration System Market
- Vibration System Market Future Outlook and Potential Analysis
- Appendix
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