ID: MRFR/SEM/2630-CR | March 2019 | Region: Global | 156 pages
Global Vibration Monitoring Market is predicted to touch USD 2.03 Billion at a 6.6% CAGR between 2017- 2023, reveals the current Market Research Future (MRFR) report. The strong growth is due to rapid industrialization.
The COVID-19 pandemic has impacted several industries, with the vibration monitoring equipment market being no exception. Following various international restrictions and lockdown imposed by the government, businesses have shut down, and manufacturing processes put on a halt as a result, the process to develop vibration monitoring systems has been delayed. Also, the slowdown in industrial growth has also affected the vibration monitoring systems market growth. Due to this crisis, there has been a tremendous impact on the complete production capacity of different industries such as food and beverages, metals, chemicals, and automotive, which is likely to restrict the vibration control systems market growth. Though, the key industry players are laying emphasis on contributing to the current pandemic situation via substituting their production for the healthcare domain like healthcare devices and ventilators.
Availability of Advanced Vibration Monitoring Equipment to Bolster Market Growth
The introduction of cost-effective, advanced vibration monitoring equipment that is integrated with fast processing functions, direct communication procedures, and the accessibility of automation software may bolster the vibration monitoring market size over the forecast period.
Additional factors adding to the global vibration monitoring market growth include the increasing awareness about predictive maintenance, growing demand from HVAC, penetration of smart factories, need to reduce plant operating cost across various industrial domains, rising capital investments in different industries like pulp and paper, heavy equipment manufacturing, petrochemicals, chemicals, and metals, the need to avoid untoward catastrophic breakdowns and maintenance costs in various production processes, growing adoption of automation condition monitoring technologies, and the growing demand for the emerging applications. Besides, the introduction of cloud computing platforms for condition monitoring, growth of machine learning and big data analytics, and the growing awareness about the benefits of vibration monitoring such as reduced workforce size, optimized maintenance, minimized unplanned downtime and outages, use of up to date vibration monitoring techniques, the growing demand for vibration monitoring sensor, vibration monitoring device, vibration monitoring services, and fall in the maintenance and production costs, are also adding market growth.
Use of Wireless Systems to Offer Robust Opportunities
The increasing use of wireless systems to monitor machine conditions may offer robust opportunities to market players in the future.
Lack of Skilled Professionals to Act as a Market Restraint
The lack of skilled professionals for data analysis may act as a market restraint over the forecast period.
Soaring Cost to Act as a Major Challenge
High installation cost may act as a major challenge for market players in the future.
Global Vibration Monitoring Market has been bifurcated based on End Users, System Type, and Component.
Hardware Segment to Lead Vibration Monitoring Market
By component, the global vibration monitoring market is segmented into software and hardware. The software segment is again segmented into services and others. The hardware segment is again segmented into velocity sensors, proximity probes, accelerometers, transmitters, and others. Of these, the hardware segment will lead the market over the forecast period
Embedded Segment to Dominate Vibration Monitoring Market
By System type, the global vibration monitoring system market is segmented into vibration meters, embedded systems, vibration analyzers, and others. Of these, the embedded segment will dominate the market over the forecast period.
Automotive Segment to Spearhead Vibration Monitoring Market
By end-users, the global vibration monitoring market is segmented into oil and gas, chemicals, food and beverages, metal and mining, automotive, and others. Of these, the automotive segment will spearhead the market over the forecast period.
North America to Lead Vibration Monitoring Market
The vibration monitoring market geographically has been segmented into Europe, North America, the Asia Pacific (APAC), South America, & the Middle East and Africa (MEA). Of these, North America will lead the market over the forecast period. Growing adoption of technologically advanced solutions in different end use industries, a growing number of manufacturers offering vibration monitoring solutions, the presence of leading market players, increased R&D activities, and easy adoption of advanced technology in different end use industries are adding to the global vibration monitoring market growth in the region. Besides, the growing adoption in the US is also adding market growth
APAC to Have Significant Growth in Vibration Monitoring Market
The global vibration monitoring market in the APAC region is predicted to have significant growth over the forecast period. Increased implementation of these monitors across manufacturing operations in different industrial sectors, a stringent regulatory framework about workforce safety in the expanding automotive industry, rapid industrialization, growing adoption of predictive maintenance tools, competitive pressure to attain operational efficiency, expansion of manufacturing activities, and low labor costs like South Korea, India, and China, are adding to the global vibration monitoring market growth in the region. Besides, the expansion of manufacturing activities due to migration of production bases in Asian countries, increasing development in the infrastructure, and several opportunities for the business expansion, are also adding market growth.
The global vibration monitoring market is competitive and fragmented in nature with the presence of several key players. Every vibration monitoring system manufacturer has incorporated several strategies to stay ahead in the competition as well as cater to the burgeoning needs of the customers, such as strategic alliances, mergers and acquisitions, new product launches, geographic expansions, and others.
Prominent players profiled in the global vibration monitoring market report include 3DSignals Ltd (Israel), Sensye Ltd (UK), Augury Inc. (US), Petasense Inc. (US), MachineSaver, Inc. (US), Prüftechnik Dieter Busch AG (Germany), Shinkawa Electric Co., Ltd (Japan), CEC Vibration (US), IMBU (Netherland), Semaq (US), AssetSense (US), CEMB SpA (Italy), I-care Reliability Inc. (US), Metrix Instrument Co., LP (US), Yokogawa Electric Corporation (Japan), Meggitt PLC (UK), Fortive Corporation (US), National Instruments Corporation (US), Emerson Electric Co. (US), Wilcoxon Sensing Technology (US), Rockwell Automation Inc. (US), General Electric Company (US), Brüel & Kjær Sound & Vibration Measurement A/S (Denmark), SKF AB (Sweden), and Analog Devices, Inc. (US), among others.
The vibration monitoring market report by Market Research Future throws light on the current trends and niches in the industry. The report also lays emphasis on the various market drivers, opportunities, market restraints, and challenges, as well as offers insights for the forecast period. It also throws light on the different market segments for a comprehensive understanding of the reader
By System Type
By End Users
Frequently Asked Questions (FAQ) :
Hardware (transmitters, accelerometers, proximity probes, and velocity sensors), Software, Services (professional services and managed services) are the segments involved in the segmentation analysis of the market.
North America is to emerge as the fastest-growing vibration monitoring market during the forecast period.
Brüel & Kjær Sound & Vibration Measurement A/S (Denmark), General Electric Company (US), Rockwell Automation Inc. (US) are some of the leading key players investing in global vibration monitoring market’s growth.
As per the study of the market, the global vibration monitoring market might expand at 8.7% CAGR during the prediction period, which is by 2023.
8.7% CAGR is the growth rate for the global vibration monitoring market.