Market Trends of Europe Vibration Sensors Industry
This section covers the major market trends shaping the Europe Vibration Sensors Market according to our research experts:
Aerospace & Defense End User to Hold Significant Share
- An increase in situational awareness to drive operations, cost-effective maintenance, and increase in asset utilization are some of the key factors driving the demand for aircraft health monitoring systems.
- The passenger traffic in Europe and other major aviation markets, such as the United Kingdom and Germany, have witnessed growth in terms of the number of passengers and aircraft movements, which is expected to drive the market during the forecast period.
- Turbine engine failures are the primary cause of mechanical failures, which is increasing the costs; hence, users are increasingly turning to prognostic health management (PHM) systems to prevent these losses and to reduce maintenance costs. As vibration is the most common health monitoring parameter in the aerospace engine industry, the development of PHM systems is likely to have a direct impact on the growth of vibration sensors.
Growing Adoption of Industrial IOT in Europe Region
- Over the last decade, IoT solutions have been increasingly adopted for optimizing discrete manufacturing products and environments. Discrete manufacturers (in automotive, industrial machinery), along with process manufacturers, face intense competition. Hence, they are increasingly investing in new technologies that leverage the capabilities of IoT, cloud, and Big Data analytics to enhance their ability to innovate maximize return on their assets.
- With the advent of Industry 4.0, trends, like Industrial IoT (IIoT), smart manufacturing, smart factory, predictive manufacturing, industrial robots, sensors, have made IoT the central backbone of these discrete and process manufacturing environments enabling remote monitoring, continuously scanning capabilities from the equipment on the factory floor, real-time analysis, and supporting new capabilities, such as predictive maintenance.
- Industry 4.0 is aiding the industries' transition from having legacy systems to smart components and smart machines, facilitating digital factories, and later, to an ecosystem of connected plants and enterprises.
- With the smart factory concept coming into force, companies focus on predictive maintenance and manufacturing, which is anticipated to reduce maintenance costs and enhance production capacities. According to the US Department of Energy, predictive maintenance is highly cost-effective, saving roughly 8% to 12% over preventive maintenance and up to 40% over reactive maintenance. Therefore, to improve manufacturing safety and performance, many manufacturing organizations have added condition-based (predictive) maintenance approaches to their maintenance strategies.
- Moreover, according to Wollenhaupt, low maintenance strategies can reduce a company's production capacity by as much as 20%. To identify the problems and prevent them, machine conditioning equipment is one of the most effective maintenance tools.
- This drive for predictive maintenance has driven the technologies, components, and equipment supporting it, thereby augmenting the market's vibration sensors.