The most current edition of the report conducted by Future Market Insights, an ESOMAR-certified market research firm, predicts a resurgence in the demand for vibration control systems in 2021. (FMI). The survey also found that despite the COVID-19 pandemic, a sizable majority of industry participants remain optimistic in boosting automation investments. Nonetheless, it is anticipated that the rate of recovery would be moderate in 2021, with a significant comeback anticipated in 2022 and beyond.
As the automobile industry has developed in recent years, so has the demand for various types of vibration control systems Industry such as automation control, motion control, vibration control, and others. With vibration control system manufacturers releasing a slew of new products, Future Market Insights (FMI) anticipates an optimistic picture from 2022 through 2032.
As important end-use sectors such as mining and quarrying, food processing, textiles, and others expand, vibration control system manufacturers are projected to see increased demand in the future.
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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
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.
Key Players:
The global vibration control system is fragmented – some of the key players operating in the global vibration control system market are-
· HUTCHINSON
· DynaTronic Corporation Ltd.
· Cooper Standard
· GERB
· Technical Manufacturing Corporation
· LORD Corporation
· Trelleborg AB
· Farat Ltd
· Bridgestone Corporation
· FUKOKU CO., LTD
· VICODA GmbH
· MUPRO Services GmbH
Market players are focusing on new product launches and innovation to consolidate their position.
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Vibration Control System Market Segmentation by Category
By System:
· Vibration Controls
· Isolating Pads
· Isolators (Metal, Rubber)
· Couplings (Spool, Shear, Bolt, Bush)
· Anti-Vib Cylinders (Male, Female)
· Motion Controls
· Springs (Air, Coil)
· Hangers
· Washers & Brushes
· Mounts (Hydraulic, Pneumatic)
· Automation Control
· Absorber (Miniature, Industrial, Heavy Industrial)
· Dampers (Hydraulic, Pneumatic, Damping Pads)
By End Users:
· Mining & Quarrying
· Oil & Gas
· Utilities
· Transportation
· Food Manufacturing
· Bev. & Tobacco
· Textile Mills
· Bi-Products
· Chemical mfg.
· Electrical Equip.
· Machinery Mafg.
By Sales Type:
· O.E.M
· Aftermarket
By Region:
· North America
· Latin America
· Europe
· Middle East and Africa (MEA)
· East Asia
· South Asia
· Oceania
About Future Market Insights, Inc.
Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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