The changing dynamics in Building Vibration Isolation Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Building Vibration Isolation Market.
It was estimated prior to this unanticipated outbreak Building Vibration Isolation Market will reach CAGR of 5.7% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Building Vibration Isolation Market Insights
Building vibration isolation market is likely to witness a healthy CAGR of 5.7% during the forecast period. The prime factors contributing to the demand for building vibration isolation products are the noise and vibration within buildings caused from traffic and railways. Rising urbanization and resulting infrastructure to drive the demand for building vibration isolation products.
Market Share Analysis
Building Vibration Isolation Market Share: By Form Type
Based on the form type, the building vibration isolation market is segmented as mats & pads, blocks, and module. Mats & pads are expected to remain the dominant segment and account for more than half of the share during the forecast period. Mats & pads are preferred in industrial and commercial sectors, owing to their easy installation and comparatively high performance, in terms of, efficiently controlling structure-borne noise and resonant vibration.
Building Vibration Isolation Market Share: By End-Use Industry Type
Based on the end-use industry type, the building vibration isolation market is segmented as residential, commercial, and industrial. Building vibration isolation products are dominantly used in commercial and industrial sectors. The commercial segment dominated the market in 2019, and is likely to lead the market over the forecast period.
Building Vibration Isolation Market Share: By Region
In terms of regions, Asia-Pacific is estimated to grow at the highest CAGR during the forecast period due to increasing adoption of vibration isolation products with the rising awareness. In Asia-Pacific, building vibration isolation products have a higher penetration in commercial and industrial sectors. The demand is expected to rise with the industrialization in countries, such as China, India, and Indonesia. Government regulation and subsidies are expected to give a further push to their demands.