The vibration sensor market is anticipated to witness robust growth by 2028 owing to prevalent adoption of wireless sensor technology across varied industry verticals.
Even though wireless networks have been in use for decades, they have only recently witnessed a significant surge in application on the factory floor due to breakthroughs in low power technology and resilience to strong RF interference. During the COVID-19 pandemic, key industries, including healthcare, chemicals, food & beverage, and energy & power, have seen a spike in the requirement for vibration sensors to guarantee safe and efficient machinery operations.
Notably, online vibration monitoring is currently the recommended monitoring method since it is more advanced than portable condition monitoring and gives plant operators real-time machine data. Furthermore, sensor technology is evolving at a rapid pace. The use of advanced sensors such as wireless sensors, fiber-optic sensors, and micro-electro-mechanical system (MEMS) sensors is rising globally. Sensors that can withstand adverse weather conditions are widely used in monitoring applications. To provide reliable data, wireless sensor networks employ a large number of sensors. These factors have played a vital role in industry expansion.
Recently, market players have been investing in product development and innovation to gain a competitive edge in the industry, which has been favorable for business growth. For instance, in June 2021, Fluke Reliability, an operating company of Fluke Corporation, introduced its novel product dubbed the Fluke 3563 Analysis Vibration Sensor system.
The Fluke 3563 integrates a high piezoelectric sensor, software, and two MEMS sensors to allow maintenance teams to continually monitor and analyze vibration data for critical and semi-critical assets in a plant. Its sophisticated battery management supports user-specific data transfer rate and assists users in adapting and extending the sensor’s battery life while recording the required data.
The vibration sensor market has further been segmented on the basis of product, output, application, and region. Based on product, the vibration sensor market has been divided into accelerometers, proximity probes, velocity sensor, displacement sensor, and others. The proximity probes sub-segment is foreseen to observe substantial growth at over 6.5% CAGR through the forecast period owing to increasing adoption of proximity probes in industrial robotics & automation.
In terms of application, the vibration sensor market has been categorized into consumer electronics, automotive & transportation, aerospace & defense, healthcare, chemical, oil & gas, and others. The aerospace & defense sub-segment held a market share of approximately 10% in 2021 and is slated to record sizable revenue growth over 2022-2028 due to surging uptake of vibration sensors for predictive maintenance applications in the aerospace & defense sector.
From the regional point of view, the Latin America vibration sensor market is anticipated to witness robust growth by 2028, registering a CAGR of more than 4.5% through the review timeline on account of growing adoption of condition-based asset monitoring equipment in the regional manufacturing sector.