Growth opportunities in the vibration monitoring market look promising over the next six years. This is mainly due to the growing penetration of smart factories, rising capital investments by the companies and government in several industries, increasing use of wireless systems in monitoring machine condition, and fuelling demand for predictive maintenance to strengthen productivity.
Vibration Monitoring Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting need for predictive maintenance for improving productivity, the increasing usage of wireless systems in examining the machine condition, accelerating penetration of smart factory, and the rising adoption of automation condition monitoring technology are the major drivers stimulating the growth of the global vibration monitoring market. Also, factors like the urge to reduce the operational cost in plants, continuous expansion in capital investments by the government, and companies in different industries like metals, pulp& paper, etc., will further strengthen the global vibration monitoring market share during the forecast period.
The surging demand for the proceeding applications, the introduction of cloud computing platforms to guide monitoring, and the rise of machine learning and big data analytics will further boost the growth of the vibration monitoring market. Various advantages offered by vibration monitoring are reducing the cost of production & maintenance, minimizing unplanned downtime and outages, and reducing the workforce size. However, the factors obstructing the growth of the global vibration monitoring market are the installation costs of vibration monitoring solutions on the existing machinery and the inadequacy of trained technical persons for data analysis.
Offering Segment Drivers
On the basis of offering, the hardware segment is predicted to expand at a higher CAGR over the forecast period owing to the operative predictive maintenance program supported by the data extracted from the hardware to reduce costly downtime. The devices like velocity sensors and accelerometers are counted as the major components of the vibration monitoring systems because they allow the availability of data concerned with the vibration levels in advance.
Regional Drivers
Based on the regional coverage, Asia-Pacific is projected to dominate the market during the forecast period attributing to the rising infrastructural development and increasing business expansion opportunities. Additionally, rapid industrialization and growth in manufacturing activities also contribute to market growth.
Vibration Monitoring Market’s leading Manufacturers:
- Analog Devices, Inc.
- Schaeffler AG
- SKF
- Honeywell International Inc
- Rockwell Automation, Inc
- Meggitt PLC
- Bruel & Kjaer
- National Instruments
- Emerson Electric Co
- General Electric
Vibration Monitoring Market Segmentation:
Segmentation by Offering:
- Hardware
- Accelerometers
- Velocity Sensors
- Proximity Probes
- Transmitters
- Others
- Software
- Diagnostic Reporting
- Data Integration
- Parameter Calculation
Segmentation by Monitoring Process:
- Portable Vibration Monitoring
- Online Vibration Monitoring
Segmentation by System Type:
- Vibration Analyzers
- Embedded Systems
- Vibration Meters
Segmentation by Industry:
- Energy & Power
- Chemicals
- Oil & Gas
- Automotive
- Metals & Mining
- Aerospace & Defense
- Marine
- Pulp & Paper
- Food & Beverages
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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