Market Research Future published a research report on “Coronavirus Impact on Vibration Monitoring Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Rapid industrialization is inducing high demand for advanced security feature in various end-use industries. Vibration monitoring systems are used to determine the chances of mechanical failure of industrial equipment. It decreases the operational and maintenance cost by reducing the unplanned occurrences of outages. Market Research Future (MRFR) has published a report stating that the global Vibration Monitoring Market to expand at a notable CAGR of over 6.6% during the forecast period of 2017-2023 and reach the market valuation of USD 2.03 Bn by the end of 2023.
Market Drivers and Restraints:
Extensive utilization of vibration monitoring systems in various industrial sectors as a major part of their safety features is majorly driving the expansion of the global vibration monitoring market during the assessment period. Rapid industrialization and globalization are leading to the significant expansion of manufacturing and other industries, which in turn is propelling the growth of the global vibration monitoring market. Benefits of vibration monitoring systems for detection of fault and deterioration of equipment before projecting other symptoms such as lubricant impurity, high energy consumption, and others are inducing demand for advanced vibration monitoring systems leading to the expansion of the global vibration monitoring market. However, high installation cost and complexities related to their maintenance are likely to act as restraining factors on the expansion of the global vibration monitoring market during the forecast period.
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The global vibration monitoring market has been segmented on the basis of component, system type, and end-users. Based on component, the vibration monitoring market has been segmented into hardware and software. The hardware segment has been sub-segmented into transmitters, accelerometers, proximity probes, velocity sensors, and others. The software segment has been sub-segmented into services and others. Based on system type, the global vibration monitoring system has been segmented into vibration analyzers, embedded systems, vibration meters, and others. Based on end-users, the global vibration monitoring market has been segmented into automotive, metal and mining, food and beverages, chemicals, oil and gas, and others.
The prominent players in the Vibration Monitoring Market are – Honeywell International Inc. (US), Emerson Electric Co. (US), General Electric (US), Analog Devices Inc.(US), SKF AB (Sweden), National Instruments Corp. (US), Rockwell Automation, Inc. (US), Schaeffler Technologies AG & Co. KG (Germany), Bruel & Kiaer Sound & Vibration Measurement A/S (Denmark), and Meggitt PLC (UK), among others.
Market Research Analysis:
On geographic basis, the vibration monitoring market is studied in different regions as America, Europe, Asia-Pacific and Rest of world. It has been observed that North America region is leading with largest market share growth in the vibration monitoring market. Europe is to be estimated to be second largest market for vibration monitoring during the forecast period, this is due to the rise on-line vibration monitoring which recognize the fault diagnosis and prognosis of the system. In APAC region, the vibration monitoring market is expected to the highest CAGR in the forthcoming years.
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TABLE OF CONTENTS
1 Market Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Network Solution
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
3 Market Dynamics
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
3.5 Market Restraints
4 Executive Summary
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