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 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.
- By Component, the global vibration monitoring market has been segmented into hardware, software, and services.
- On the basis of System Type, the vibration monitoring market has been segmented into vibration analyzer, embedded systems, and vibration meters.
- Based on Deployment, the global vibration monitoring market is segmented into on-premise and cloud.
- On the basis of End-User, the vibration monitoring market has been segmented into automotive, chemicals, metal & mining, food & beverage, oil& gas.
Market Research Analysis:
The global vibration monitoring market, on the basis of region, has been segmented into Asia Pacific (APAC), North America, the Middle East & Africa (MEA), Europe, and South America. North America is presently leading the expansion of the market. It is anticipated to maintain its firm standing at the forefront position in the global market place over the next couple of years, which is attributable to the large-scale adoption of technology across different industries. The launch of innovative products by key players based out of the region is also poised to impact the growth pattern of the vibration monitoring market favorably in the years to come. Asia Pacific, meanwhile, is prognosticated to exhibit a relatively higher CAGR over the review period.
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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
- Market Factor Analysis
5.1 Porter’s Five Forces Analysis
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