Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) -- The global electrodynamic shaker systems market size is expected to showcase exponential growth by reaching USD 1.63 billion by 2028. Fortune Business Insights published this information in its latest report, titled, “Electrodynamic Shaker Systems Market, 2021-2028.” The report further mentions that the market stood at USD 1.01 billion in 2020 and is projected to exhibit a CAGR of 6.5% between 2021 and 2028. This is attributable to the rising automotive sector that is propelling the demand for advanced electrodynamic shaker systems worldwide.
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Market to Exhibit -3.7% CAGR in 2020
According to the UNIDO Statistics Division, the global manufacturing sector has been affected by the COVID-19 pandemic. This is due to the shutdown of several industrial operations and reduced workforce that has further led to a downturn in the economy of several countries. Owing to all these factors, the market is likely to exhibit a -3.7% CAGR in 2020. However, the increasing focus on investment in R&D activities and improving trade values worldwide is expected to positively contribute to the growth of the global market for electrodynamic shaker systems in the forthcoming years.
Market Segmentation:
We have bifurcated the market based on product type, application type, and region. Based on product type, the market is segmented into an air-cooled electrodynamic shaker and water-cooled electrodynamic shaker. On the basis of application, the market is categorized into Automotive, Aerospace, Military & Defense, Consumer Electronics, Education & Research, and Others. Moreover, based on application, the Automotive segment held the electrodynamic shaker systems market share of about 22.9% in 2020 and is expected to showcase significant growth owing to the increasing demand for electric vehicles globally.
Lastly, based on the region, the market is segregated into Asia-Pacific, North America, Europe, South America, and the Middle East and Africa.
What does the Report Provide?
The global market for electrodynamic shaker systems report provides a qualitative and quantitative analysis of the market dynamics and competitive landscape with the help of several research methodologies. It also offers various key insights including recent industry developments such as mergers & acquisitions, partnerships, and collaborations. Additionally, it includes macro and microeconomic factors and company profiles that are likely to impact the market during the forecast period.
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DRIVING FACTORS
Rising Automotive Sector to Augment Growth
The increasing disposable income and the growing demand for premium vehicles are some of the factors leading to the significant growth of the automotive sector. This presents a lucrative opportunity for these systems manufacturers due to the huge demand for vibration testing procedures from the industry. Moreover, increasing focus on expanding their facilities by the companies is expected to contribute to the global electrodynamic shaker systems market growth in the forthcoming years. For instance, in January 2021, Tesla Inc. announced the installation of Crystal Instruments and Sentek Dynamics massive shaker at its U.S. plant. The system effectively measures the control and accuracy of mechanical vibration and shock testing.
REGIONAL INSIGHTS
Among all the regions, Asia-Pacific is expected to hold the highest position in the global market. This is attributable to the presence of established electrodynamic shaker systems manufacturers and significant investment in the construction of testing centers in the region. Asia-Pacific stood at USD 0.34 billion in 2020.
The market in North America is expected to showcase considerable growth backed by the increasing investment in R&D activities to develop advanced vibration systems between 2021 and 2028.
COMPETITIVE LANDSCAPE
Product Innovation by Key Players to Intensify Industry Competition
The global market is fragmented by major companies striving to maintain their strongholds by focusing on developing innovative vibration systems. These companies are proactively adopting strategies such as collaborations and partnerships to further gain a major chunk of the market share during the forecast period. Likewise, other key players are striving to maintain their presence of investing in R&D activities that will favor the market growth.
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Industry Development:
- January 2021 – IMV Corporation unveiled its next-gen vibration controller IMV K2+. The company reports that the controller will aid in improving the performance, usability, and network functions of the vibration systems across several industrial applications.
- February 2020 - DongLing Technologies announced the launch of a vibration testing solution for testing Li-ion battery modules of electric vehicles at Automotive Testing Expo 2020.
List of the Companies Operating in the Market:
- Brüel & Kjær. (Denmark)
- Vibration Research Corp. (United States)
- Su Shi Testing Group (China)
- IMV Corporation (Japan)
- Thermotron (United States)
- MB Dynamics, Inc. (United States)
- Unholtz-Dickie (United States)
- TIRA GmbH (Germany)
- EMIC corporation. (Japan)
- Sentek Dynamics (United States)
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Table Of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities, and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Electrodynamic Shaker Systems Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Electrodynamic Shaker Systems Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Product Type (Value)
- Air Cooled System
- Water Cooled System
- By Application (Value)
- Automotive
- Aerospace
- Military & Defence
- Consumer Electronics
- Education & Research
- Others
- By Region (Value)
- North America
- South America
- Europe
- The Middle East and Africa
- Asia Pacific
- By Product Type (Value)
- Global Electrodynamic Shaker Systems Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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