Dublin, Aug. 25, 2020 (GLOBE NEWSWIRE) -- The "Active Noise and Vibration Control System Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type, System, Application, Defense, Railway, and General Industries; and Geography" report has been added to ResearchAndMarkets.com's offering.
The active noise and vibration control system market was valued at US$ 3,925.61 million in 2019 and is projected to reach US$ 6,505.28 million by 2027; it is expected to grow at a CAGR of 7.0% from 2020 to 2027.
The market is showcasing an upward trend from the past couple of years and is anticipated to reflect a similar trend during the forecast period. The growth of the market is majorly attributed to significant investments in advanced technologies in the aerospace, defense, railway, manufacturing, and energy & power industry. The active systems help in reducing noise and vibration along with weight. The use of smaller, lightweight components to reduce noise and vibrations in the cabin and cockpit is generating higher demand for active noise and vibration control systems. Accentuating attention toward the reduction of aircraft weight, and increasing demand of defense vehicle manufacturers for active noise and vibration control systems are among the factors fuelling the growth of the market. The increasing adoption of active systems in rail manufacturing is also fueling market growth.
North America and Europe are currently dominating the active noise and vibration control system market, accounting for ~37% and 28% share, respectively. The aerospace & defense sector in the US governs the overall performance of the North American aerospace industry. The US homes some of the world's prominent commercial and defense aerospace manufacturers, generating high demand for active noise and vibration control systems. Canada is among the world's top five aerospace manufacturing countries. Mexico has become the choice for aerospace and aviation companies looking for a cost-effective manufacturing footprint in the region. Therefore, the presence of these manufacturers across the region is one of the most prominent factors that is anticipated to boost the demand for active noise and vibration control systems in North America. The European has a diversified aeronautic industry that is engaged in the development and manufacturing of a broad spectrum of products, including aeroengine, helicopters, civil and military aircraft, and associated equipment. North Atlantic Treaty Organization (NATO) members, specifically France, are purposely aiming to enhance their defense spending as the US is continually inspiring NATO countries to upsurge military spending to ~2.0% of GDP. The region is emphasizing adoption of solutions that vary from military aviation to military ground vehicles and submarines, which are designed to ensure success in critical air, land, sea, and space missions.
In APAC, several countries have been undertaking complete reassessment of their defense strategies and resources owing to the rising geopolitical tensions. The aerospace sector in the region is growing due to the enormous investments for the manufacturing of commercial aerospace. According to Boeing Current Market Outlook, the region is estimated to receive 17,390 deliveries of commercial aircraft from 2019 to 2038, thus bolstering the manufacturing and procurement of active noise and vibration control systems across the region. Boeing Co. and Airbus are among the well-known aircraft manufacturers that are strongly investing in setting up their manufacturing sites in Southeast Asian countries such as Malaysia, Thailand, and Singapore, further building huge opportunities for the aerospace components sales. All these factors are projected to boost the growth of the active noise and vibration control system market in the region.
The recent COVID-19 outbreak has significantly affected the world and it continues to shatter several countries. Until the outbreak, the industries were experiencing substantial growth in terms of production and services in respective fields. The outbreak has led governments to impose strict lockdown measures to contain the spread. This factor has had an adverse impact on the manufacturing sectors since the manufacturing facilities are either temporarily shut or allowed to operate with limited workforce. This slowed down the production rates and limited the rate of adoption among the end users, thereby reflecting negative impact on respective manufacturer's business.
In addition, several countries have faced tremendous disruption in supply chain of various components. This also has disturbed the active noise and vibration control system market growth. End users across the globe are also observing unfavorable business scenarios, which is limiting them from offering new contracts and procuring previously placed orders for components.
The report segments the global active noise and vibration control system market as follows:
- Fixed Wing
- Rotary Wing
- Ground Vehicles
- Naval Vessels
- General Industries
- Energy & Power
- Honeywell International Inc.
- Fabreeka International Inc.
- Moog Inc.
- Parker Hannifin Corporation
- Faurecia Creo AB
- Supashock Advanced Technologies
- Trellborg AB
- Terma A/S
- Vicoda GmbH
For more information about this report visit https://www.researchandmarkets.com/r/4ffngj
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900