The growth of the global vibration monitoring market is driven by a rise in concern related to products safety and functionality, growth in awareness toward predictive maintenance, and increase in trend of vibration monitoring through wireless system.
Wilmington, Delaware , Nov. 03, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Vibration Monitoring Market by Component (Hardware, Software, and Services), System Type (Embedded Systems, Vibration Analyzers, and Vibration Meters), Monitoring Process (Online and Portable), and End Use (Energy & Power, Metals & Mining, Oil & Gas, Automotive, Food & Beverages, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027“. According to the report, the global vibration monitoring industry was valued at $1.33 billion in 2019, and is anticipated to hit $.2.17 billion by 2027, registering a CAGR of 6.6% from 2020 to 2027.
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Prime Determinants of Growth
The growth of the global vibration monitoring market is driven by a rise in concern related to products safety and functionality, growth in awareness toward predictive maintenance, and increase in trend of vibration monitoring through wireless system. Moreover, the R&D for integration of AI creates lucrative opportunities in the coming years. However, high installation cost, lack of skilled workforce, and other technical resources for analyzing and prediction hamper the market growth.
Report Coverage & Details:
|Market Size in 2020||$1.33 Billion|
|Market Size in 2030||$2.17 Billion|
|No. of Pages in Report||281|
|Segments covered||Component, System Type, Monitoring Process, End Use, and Region|
|Drivers||Growth in awareness toward predictive maintenance Rise in concern related to products safety and functionality Increase in trend of vibration monitoring through wireless system|
|Opportunities||The R&D for integration of AI|
|Restraints||High installation costs Lack of skilled workforce, and other technical resources for analyzing & predicting the machine condition|
The automotive segment to continue its largest share during the forecast period
On the basis of monitoring process, the online segment accounted for the highest market share, contributing to nearly three-fifths of the total share of the global vibration monitoring industry in 2019, and is expected to maintain its highest share by 2027. Moreover, this segment is anticipated to maintain the fastest CAGR of 7.0% during the forecast period. Online monitoring process allows user to connect the devices with IIoT along with providing a real time view on asset for efficient predictive maintenance. This, in turn, boosts the growth of the segment.
The embedded system segment to maintain its lead during the forecast period
On the basis of system type, the embedded system segment held the highest market share in 2019, contributing to more than half of the total share of the global vibration monitoring market, and is estimated to continue its leadership status throughout the forecast period. In addition, the same segment is registered to grow at the fastest CAGR of 7.3% from 2020 to 2027. Embedded system comprises of a complete package which offers the user software, hardware, and services provided by the market player and reduces the effort of the buyer. This factor drives the growth of the segment.
North America to offer lucrative opportunities-
On the basis of region, the Asia-Pacific region is expected to portray the fastest CAGR of 8.0% from 2020 to 2027. Asia-Pacific is one of the fastest growing region in terms of industrial economy, which is why it is anticipated to provide massive contribution to the growth of the global market. However, North America contributed to the largest share of the global vibration monitoring market, accounting for nearly three-fifths of the total share in 2019, and will maintain its lead throughout the forecast period. The region has a large number of industries which demand higher deployment of vibration monitoring systems, thereby driving the growth of the market globally.
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Leading Market Players
- Schaeffler Technologies AG & Co. KG
- SKF AB
- Emerson Electric Co.
- General Electric
- Meggitt PLC
- Analog Devices Inc.
- National Instruments Corp.
- Rockwell Automation Inc.
- Honeywell International Inc.
- Bruel & Kiaer Sound & Vibration Measurement A/S
The report offers an in-depth assessment of the leading players in the global vibration monitoring industry. They have employed a variety of tactics, including product development and product launch, to expand their market revenue and remain dominant in various geographic areas. The report serves to illustrate the competitive landscape by analyzing business performance, top segments, product portfolios, and the strategic actions of market participants.
Key Benefits for Stakeholders:
- This study comprises analytical depiction of the global vibration monitoring market share along with the current trends and future estimations to depict the imminent investment pockets.
- The overall vibration monitoring market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current vibration monitoring market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the market.
Vibration Monitoring Market Key Segments:
By System Type
- Embedded Systems
- Vibration Analyzers
- Vibration Meters
By Monitoring Process
By End Use
- Energy & Power
- Metals & Mining
- Oil & Gas
- Food & Beverages
- North America (U.S., Canada, Mexico)
- Europe (UK, GERMANY, France, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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