Global Vibration Monitoring Market Research Report by Offering (Hardware, Software, Services), by Monitoring Process (Online Vibration Monitoring, Portable Vibration Monitoring) by Deployment Type (On-premises, Cloud), by System Type (Near field communication, Magnetic stripes, others),By Industry(Oil & Gas, Power Generation, Mining & Metals, Aerospace & Defense, Marine, Others)By Region (Americas, Asia-Pacific, and Europe, Middle East & Africa) - Global Forecast to 2027 - Cumulative Impact of COVID-19
Global Vibration Monitoring Market
The global Vibration Monitoring market was valued at USD 1,445.00 Mn in 2021 which expected to reach USD 2,170.00 Mn by 2027 at a CAGR 5.22% from 2020-2027.
Vibration monitoring is a method for inspecting equipment to find problems and guarantee long-term industrial production efficiency. These systems track, examine, and detect vibrations that could point to a problem, impending failure, or process restriction. One of the key elements of predictive maintenance that propels the growth of the vibration monitoring market is vibration monitoring. The majority of its applications are in rotating machinery such steam and gas turbines, pumps, motors, compressors, paper machines, rolling mills, machine tools, and gearboxes.
Market Drivers
Rising Consciousness towards Predictive Maintenance & Remote Operations and Technological Advancements
Factors like increasing need for remote operations owing to the spread of Covid-19 pandemic, adoption of wireless communication technology & advent of secure cloud computing platforms used for vibration monitoring system are driving the Global Vibration Monitoring Market.
The rising focus towards maintenance in the industrial sector, deployment of vibration monitoring technologies in the ecosystem of smart manufacturing & benefits of vibration monitoring systems by manufacturers globally are contributing to the growth of the Vibration Monitoring Market. Rising concern related to products safety & functionality, and various benefits offered by vibration sensors, like low cost, simple installation & good response at high frequencies are expected to drive market growth.
Market Challenge
Reliability Issue And Lack Of Expertise
The COVID-19 outbreak had forced manufacturing companies to reassess their strategies & come up with quick responses to stabilize their supply chain. Many manufacturing companies had halted their production, which had collaterally damaged the supply chain & negatively impacted the growth of the Vibration Monitoring Market.
Sometimes there are some operators who rely on their instincts & experiences to judge the condition of machines that is not always a reliable option. This is because of the complexity of production systems that can include multiple assets on which it may be difficult to install vibration monitoring systems and solutions. Technical expertise is necessary for software updates, system optimization & networking, data transmissions, etc. Therefore, it becomes complicated to implement vibration monitoring systems in locations where access to expertise is difficult.
Impact of COVID-19
COVID-19 outbreak had negatively impacted the growth of the Vibration Monitoring Market. Due to lockdown & international restrictions by the government authorities of many countries, the process of vibration monitoring system development had been delayed. Also, the slowdown in industrial growth had been impacted, which had affected the market growth.
Many market vendors minimized their staff, which had a significant impact on the supply chain of the market. Disruptions caused in transportation, such as reduced availability of air transport, border controls & port closures, limited the capacity of vibration sensor manufacturers to meet customer demand. This had an adverse impact on the finances & operations of businesses.
Market Segmentation
The Global Vibration Monitoring Market is segmented into Offering, Monitoring Process Deployment Type, and System Type. Based on the Offering the market is segmented into Hardware, Software, Services. On Monitoring Process market is segmented into Online Vibration Monitoring, Portable Vibration Monitoring. On Deployment Type market is segmented into On-premises, Cloud. On System Type market is segmented into near field communication, Magnetic stripes, others. On Industry market is segmented into Oil & Gas, Power Generation, Mining & Metals, Aerospace & Defense, Marine, Others.
Regional Analysis
Global Vibration Monitoring Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America has the largest market share the market in North America is projected to dominate the Global Vibration Monitoring market due to an increase in the Hardware and Services segment in the region and concerning the adoption of technology and the growth of infrastructure, North America is regarded as one of the most developed regions. The US Department of Energy (DoE) claims that the use of condition monitoring systems and solutions can cut maintenance costs for businesses by up to 30% and eliminate breakdowns by 70–75%. Manufacturing, aerospace & defence, and energy and utilities are some industries in the region that are investing more and more in vibration monitoring systems and solutions.
Key Players
Various key players are listed in this report such as Rockwell Automation, Inc., National Instruments Corporation, General Electric Corporation, Emerson Electric Company, Honeywell International Inc., Bruel & Kjaer Sound & Vibration Measurement, Meggit PLC, Analog Devices Inc., SPM Instrument AB, Schaeffler AG
Market Taxonomy
By Offering
Hardware
Software
Services
By Monitoring Process
Online Vibration Monitoring
Portable Vibration Monitoring
By Deployment Type
Transportation and logistics
Government
Media and entertainment
Retail
Others
By System Type
Embedded Systems
Vibration Analyzers
Vibration Meters
By Industry
Oil & Gas
Power Generation
Mining & Metals
Aerospace & Defense
Marine
Others
By Region
North America
Latin America
Europe
China
Asia Pacific
Middle East & Africa
Key Questions Addressed by the Report
What are the Key Opportunities in Global Vibration Monitoring Market?
What will be the growth rate from 2020 to 2027.
Which segment/region will have highest growth?
What are the factors that will impact/drive the Market?
What is the competitive Landscape in the Industry?
What is the role of key players in the value chain?
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook