With demand from industries such as oil & gas, utilities, transport, and others rising at a swift pace, vibration control systems sales are poised to surge in the coming years.
DUBAI, UAE / ACCESSWIRE / March 8, 2021 / Future Market Insights: FMI projects the vibration control systems market to grow at an impressive CAGR through 2031. The demand for vibration control systems is expected to rise in response to the increase in per capita utility expenditure.
"The demand for various vibration control systems such as isolators, hangers, and mounts will consistently rise, creating opportunities manufacturers to aim at product diversification. Coupled with this, increasing application across diverse industries will remain a chief growth driver," says an FMI analyst.
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Vibration control systems - Important Highlights
- Automation vibration control system is the most commonly used system control system
- Original equipment manufacturers (OEM) is will remain dominant sales type
- North America, led by the U.S. has emerged as the most lucrative market
- Demand from China will continue supporting growth in East Asia
Vibration control systems Market - Drivers
- The rising demand from oil and gas industry will continue supporting growth
- Expansion of transport and utilities industry will create growth opportunities
- The expanding production across industries, besides their focus on safety and product quality will increase the demand for automation control
- An increase in demand from mining & quarrying and other industries is fuelling the sales of vibration control systems across the world
Vibration control systems Market - Restraints
- The shortage of qualified professionals is a key challenge that restricts the growth of the global market
- High installation, repair, and replacement costs are expected to impede the growth of this market during the forecast period
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COVID-19 Impact on Vibration control systems Market
The vibration control systems market growth is expected to be hampered. demand development due to project delays and cancellations is also expected to be impacted by the COVID-19 pandemic crisis. In regions such as North America, Europe, and Asia-Pacific, with several end-users impacted, supply and demand shortages are expected to result in a substantial fall in Y-O-Y growth. Restrictive containment policies including social distances, remote employment, and the termination of commercial operations have resulted in organizational difficulties. However, the market is anticipated to make a swift turnaround as the economy stabilizes
Competitive Landscape
Market players have left a lasting impact on their unique business expansion strategies and robust product offerings. Now the key market players are focusing on product launches. For instance, LORD Corporation has launched its latest diverse selection of applications, such as Vibration Isolators, Industrial HCL Elastomeric Bearings, Micro-Mounts, and others, over the last 5 years from 2016 to 2020. Some of the key companies are HUTCHINSON, DynaTronic Corporation Ltd., Cooper Standard, GERB, Technical Manufacturing Corporation, LORD Corporation
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About the Study
The study offers readers a comprehensive assessment of the vibration control systems market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on system(vibration, motion and automation control), end-users(Mining & Quarrying, Oil & Gas, Utilities, Transportation, Food Manufacturing, Bev. & Tobacco, Textile Mills)and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
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, the global financial capital, and has delivery centers in the 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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SOURCE: Future Market Insights
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