Impact of COVID-19 on the Global Vibration Control Systems Market
Vibration control systems are isolation systems that robustly respond to incoming vibrations. They are used in modifying or reducing the vibration levels of a mechanical structure. The primary factor responsible for the growth of the market is the increasing emphasis on the balancing and mechanical stability of industrial automobiles and machinery. These systems are used to control the vibrations in moving and static machines and help to reduce friction and other disruptions. Vibration control systems also safeguard the machine components and prevent loss of energy and heat generation. The COVID-19 virus has spread across the globe, affecting some industries positively, while other industries have been impacted negatively. The world is facing a life-threatening health crisis as well as a global economic recession owing to the lockdowns imposed by most governments. The COVID-19 pandemic has drastically impacted the aviation and automotive industries. The lockdowns imposed across countries to contain the spread of the pandemic have placed restrictions on both domestic as well as international travel, which has significantly affected the aviation industry. Also, the closing of manufacturing facilities has delayed the production of auto parts, commercial vehicles, and passenger vehicles, which has caused a sharp fall in vehicle sales and, thus, hampered the growth of the automotive industry. This scenario has decreased the use of vibration control systems and, therefore, has impacted the growth of the vibration control systems market.
The halt in the development of new vibration control systems due to the COVID-19 pandemic is also hampering the growth of the market. According to MRF analysis, the Asia-Pacific region holds the largest market share owing to the governments’ increasing initiatives, rising industrialization in emerging economies such as China and India, and growing subsidies to promote the use of vibration control systems in the region. The presence of a large number of manufacturers, as well as operating units, is also responsible for the growth of the market in the region. In the Q2 of 2020, some companies have started resuming operations following the prescribed safety measures to ensure that dealers and end-users have access to a continuous supply of equipment and parts to assure the continuity of business, while ensuring the employees’ health and safety. The resumption of economic activity across the globe is expected to drive the growth of the market in the post-pandemic period.
Industrial Machinery and Equipment Installation Turnover in 5 European Countries from 2015 to 2019 (In EUR Million)