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.
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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.
The major players profiled by MRFR that are operating in the global Vibration Monitoring Market are Honeywell International Inc. (the U.S.), Emerson Electric Co. (the U.S.), General Electric (the U.S.), Analog Devices Inc. (the U.S.), SKF AB (Sweden), National Instruments Corp. (the U.S.), Rockwell Automation, Inc. (the U.S.), Schaeffler Technologies AG & Co. KG (Germany), Bruel & Kiaer Sound & Vibration Measurement A/S (Denmark), and Meggitt PLC (the U.K.), and others. The players in the global vibration monitoring market are increasing their research expenditure for the development of advanced monitoring devices. This initiative along with strategic mergers and acquisitions are aiding these players in expanding their businesses and sustaining the competition in the global vibration monitoring market.
The global vibration monitoring market has been segmented on the basis of component, system type, and end-users. Based on component, the vibration monitoring market has been segmented into hardware and software. The hardware segment has been sub-segmented into transmitters, accelerometers, proximity probes, velocity sensors, and others. The software segment has been sub-segmented into services and others. Based on system type, the global vibration monitoring system has been segmented into vibration analyzers, embedded systems, vibration meters, and others. Based on end-users, the global vibration monitoring market has been segmented into automotive, metal and mining, food and beverages, chemicals, oil and gas, and others.
Geographically, the global vibration monitoring market has been segmented into four major regions such as Europe, North America, Asia Pacific and the rest of the world. The North America region is projecting dominance over the global vibration monitoring market. this region commands the major share of the global vibration monitoring market owing to the rapid adoption of technologically advanced solutions in various end-use industries and rise in number of manufacturers providing vibration monitoring solutions in this region.
Presence of prominent market players is also fueling the growth of the vibration monitoring market in the North America region. Increased research and development activities and easy adoption of advanced technology in a large number of end-use industries are propelling the growth of the global vibration monitoring market in the Europe region. The Asia Pacific region is projecting significant growth in the global vibration monitoring market owing to the increased implementation of vibration monitors across manufacturing operations in various industrial sectors and strict regulatory framework regarding workforce safety in the expanding automotive industry in this region.
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- Raw material providers
- Vibration monitoring manufacturers
- Original equipment manufacturers
- Research organizations and consulting companies
- Vibration monitoring-related associations
- Distributors and traders
- Government bodies
- Semiconductor product designers and fabricators
- Research institutes and organizations
- Technology standards organizations
- Technology investors
- Research institutes,
- System Integrators
- Research/Consultancy firms
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