Vibration Monitoring Market by Component (Hardware, Software, and Services), System Type (Embedded Systems, Vibration Analyzers, and Vibration Meters), Monitoring Process (Online and Portable), Industry, and Geography - Global Forecast to 2023
“Growing penetration of smart factory fueling growth of vibration monitoring market”
The vibration monitoring market is expected to grow at a CAGR of 6.5% between 2017 and 2023 to reach USD 1.85 billion by 2023, from USD 1.19 billion in 2016. The demand for vibration monitoring solutions increases with the growing adoption of the smart factory to increase the efficiency and productivity of industries. However, additional cost incurred for retrofitting vibration monitoring solutions on existing machinery, and the need for education and training may act as major factors limiting the growth of the vibration monitoring market.
“Growth of vibration monitoring market expected to be driven by oil and gas industry during forecast period”
The oil and gas industry is expected to hold a significant share of the vibration monitoring market during the forecast period. The oil and gas industry uses extremely complex and expensive equipment such as boilers, pumps, generators, and piping network for their operations; these equipment consume a lot of power and generate an equally large amount of heat. Even a minor fault in the equipment may lead to an increase in power consumption and process downtime or trigger the release of powerful gases, leading to an explosion. Thus, vibration monitoring systems are in high demand in the oil and gas industry. Besides oil and gas, other industries that hold a major share in the vibration monitoring market are energy and power, metals and mining, and chemicals, among others.
“Vibration monitoring market in APAC to grow at highest CAGR during forecast period”
The market for vibration monitoring in APAC is expected to grow at the highest CAGR between 2017 and 2023. Rapid industrialization, growing adoption of predictive maintenance tools, and competitive pressure to achieve operational efficiency are fueling the growth of the vibration monitoring market in APAC. The expansion of manufacturing activities as a result of the migration of production bases to Asian countries with low labor costs, such as China, India, and South Korea, is driving the demand for vibration monitoring systems in the region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the vibration monitoring market. Following is the breakup of the primary participants for the report:
• By Company Type: Tier 1 = 50 %, Tier 2 = 30%, and Tier 3 = 20%
• By Designation: C-Level Executives = 60%, Directors = 25%, and Others = 15%
• By Region: North America = 35%, Europe = 25%, APAC = 30%, and RoW = 10%
Moreover, the report profiles the key players in the vibration monitoring market and analyzes their market ranking. The prominent players profiled in this report are SKF AB (Sweden), Emerson Electric Co. (US), General Electric (US), Meggitt PLC (UK), National Instruments Corp. US), Rockwell Automation, Inc. (US), Honeywell International Inc. (US), Schaeffler Technologies AG & Co. KG (Germany), Bruel & Kiaer Sound & Vibration Measurement A/S (Denmark), and Analog Devices Inc.(US), among others.
This research report categorizes the vibration monitoring market on the basis of offering, monitoring process, system type, industry, and geography. Moreover, the report provides a description of the major drivers, restraints, challenges, and opportunities pertaining to this market, as well as the value chain analysis and market ranking analysis.
Reasons to Buy the Report
The report would help the leaders/new entrants in the vibration monitoring market in the following ways:
1. The report segments the vibration monitoring market comprehensively and provides the closest market size estimation for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with the information on key drivers, restraints, challenges, and opportunities for the vibration monitoring market.
3. The report would help stakeholders understand their competitors better and gain insights to improve their position in the vibration monitoring market. The competitive landscape section describes the competitor ecosystem.
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