Vibration Control Systems Market to See Rapid Growth by 2031
Demand for vibration control systems is likely to witness a revival in 2021, according to the latest edition of the study by ESOMAR-certified market research firm, Future Market Insights (FMI). The study also finds that a significant percentage of industry players are confident of growing investments in automation, a strategy stalled by COVID-19 outbreak. However, the pace of recovery is likely to be muted in 2021, with a robust recovery anticipated in 2022 onward.
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As the key end-use industries such as mining & quarrying, food manufacturing, textiles, and others are subject to expend further, the vibration control system manufacturers are expected to witness significant demand in the future.
Key Takeaways
- High demand for anti-vibration cylinders likely to be witnessed
- Original Equipment Manufacturers (OEM) continue to be preferred by end-users
- Rise in requirement from transportation industry to fuel sales of vibration control systems
- Sales in US will be nearly 50% of global demand
- China remains a strong market in APAC
- Sales in Japan and South Korea expected to recover steadily
“With rise in requirement from end-users with fast-paced growth, vibration control system manufacturers are projected to witness significant opportunities. Surge in demand for vibration control system will propel the growth while this segment will hold nearly 30% of the market share,” says an FMI analyst.
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Automotive Industry Outlook Key to Future Sales
As vibration control is of utmost importance in automotive industry, the steady growth in this industry is raising the demand for it further around the globe. According to the European Commission (EC), the automotive industry is crucial for Europe’s prosperity, representing 8.5% of European Union (EU) employment in manufacturing, while the turnover generated by the automotive industry in Europe represents over 7% of EU GDP.
According to the Select USA, the U.S. automotive industry is expanding steadily, while in 2018, the additional exports of automotive parts were valued at US$ 88.5 billion. As stated by the United States Auto Alliance, of the US$ 105 billion spent on R&D globally, almost a fifth (US$ 18 billion) was spent in the U.S. in 2018. As these rates are forecast to increase further, the players in the vibration control system industry are set to experience significant growth in the coming years.
Who is Winning in this Space?
The global vibration control system market remains fiercely competitive. To consolidate their position, the key players are emphasizing on diversifying their products. For instance,
- Lord Corporation announced a new brand for its portfolio of electromechanical products: Lord Electromechanical Solutions in 2018
- Cooper Standard launched its new range of vibration control system solutions applicable for diverse end-use industries, while it named to Newsweek’s America’s most responsible companies 2021 list
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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