Vibration monitoring is used for examining the condition of machinery and equipment by recording abnormal vibrations. The increasing dependency of the industries on technology is expected to cast a positive impact on the expansion of the vibration monitoring market over the next couple of years. A recent study, published by Market Research Future (MRFR), asserts that the global market is anticipated to mark a CAGR of 8.7% across the assessment period 2018 to 2023. The market is estimated to value at over USD 3000 Mn by the end of the forecast period.
Increasing focus on product safety and functionality, in conjunction with rising emphasis on optimum efficiency for profit maximization, is expected to catapult the Vibration Monitoring Market on upward trajectory. The sophistication of the technology is prognosticated to dictate the future growth pattern of the market over the next couple of years. Rising demand for wireless technology is anticipated to influence market growth positively in the years to come.
The key players are injecting massive investments in research & development projects, which is expected to benefit the growth pace of the vibration monitoring market over the next few years. It is likely to increase innovation and affordability in the market, thus, supporting its expansion. Modernization of industries and the establishment of smart factories are anticipated to lead the proliferation of the market in the nearby future. However, on the other hand, the high cost of installation is projected to undermine the growth of the vibration monitoring market across the projection period.
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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.
The global level analysis of the vibration monitoring market has been conducted through segments of component, system type, deployment and end-user.
- In terms of component, the market has included software, hardware, and services
- In terms of system type, the market has included embedded systems, vibration analyzer, and vibration meters.
- In terms of deployment, the market has included on-premise and cloud.
- In terms of end-user, the market has included metal & mining, automotive, chemicals, food and beverages, and oil & gas.
Market Research Analysis:
Vibration monitoring market by region has been studied among the key regions North America, Asia-Pacific, Europe, and the Middle East & Africa, and South America.
North America is probable to lead the vibration monitoring market during the assessment period. The growth can be attributed to the extensively high adoption of vibration monitoring products in the region and launch of advanced vibration monitoring products by foremost players in this region, thus contributing to the market growth. The US held the largest market size in North America.
Asia-Pacific might also register the fastest growth in the forecast period. Japan is ready to lead the Asia-Pacific vibration monitoring market, followed by China, during the forecast period. Mounting awareness of predictive maintenance and vibration monitoring technologies in the power, oil & gas, cement, chemical and petrochemical, and automotive industries coupled with government initiatives, such as ‘Made in China 2025’, is poised to a generate sustained demand for vibration monitoring in Asia-Pacific, during the assessment period.
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TABLE OF CONTENTS
LIST OF TABLES
Table 1 Vibration Monitoring Market, By Component
Table 2 Vibration Monitoring Market, By Syetem Types
Table 3 Vibration Monitoring Market, By End Users
Table 4 Vibration Monitoring Market, By Region
Table 5 North America Vibration Monitoring Market, By Component
Table 6 North America Vibration Monitoring Market, By Syetem Types
Table 7 North America Vibration Monitoring Market, By End Users
Table 8 North America Vibration Monitoring Market, By Region
Table 9 U.S. Vibration Monitoring Market, By Component
Table 10 U.S. Vibration Monitoring Market, By Syetem Types
Table 11 U.S. Vibration Monitoring Market, By End Users
Table 12 U.S. Vibration Monitoring Market, By Region
Table 13 Europe Vibration Monitoring Market, By Component
Table 14 Europe Vibration Monitoring Market, By Syetem Types
Table 15 Europe Vibration Monitoring Market, By End Users
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