Stratview Research published a new report on the “Vibration Monitoring Market” that offers detailed segmentation of the market based on Component Type, System Type, Monitoring Process Type, Application Type, and Region.
According to the report, the vibration monitoring market was valued.at USD 1.45 billion in 2021 and is likely to grow at a CAGR of 6.8% during 2022-2028 to reach USD 2.3 billion in 2028.
Machine and installation vibration monitoring systems are utilized for condition-based maintenance. They aid in the early detection of machine damage and the avoidance of costly secondary damage.
COVID-19 IMPACT
The global pandemic Covid-19 has negatively impacted the growth of the vibration monitoring market. Lockdowns and various international restrictions have been the key factor behind the declining growth. However, the market is expected to revamp post-pandemic.
Market Drivers
The growth of IoT technologies has aided the expansion of the vibration monitoring market. It allows producers to keep track of the status of process equipment and machinery in real time. As a result, they can take preventative action in the event of a problem and plan service maintenance to avert failure.
Key Market Players –
- AB SKF
- ALS Limited
- Analog Devices, Inc.
- Brüel & Kjær Vibro GmbH
- Emerson Electric Co.
- Fluke Corporation
- General Electric
- Honeywell International Inc
- MACHINE SAVER
- Meggitt SA
Report Findings
Based on the component type, the market is segmented into hardware, software, and services. In 2021, the hardware segment had a market share of over 65 percent, and this growth is expected to be approximately 6% during the forecast period. Sensors, transmitters, accelerometers, and proximity probes are among the hardware components utilized in the vibration monitoring system. The sensors allow for the detection of excessive levels of vibration in the rotary machine and improve the precision of the monitoring system, resulting in increased market demand.
Based on the system type, the market is segmented as embedded, vibration analyzer, and vibration meter. Embedded systems account for the majority of the market and are expected to increase at a CAGR of over 6% throughout the forecast period. These systems, which are mounted directly on the machine and provide continuous and effective monitoring, have significant market growth potential. Embedded systems have analysis, sensing, storing, and alarm capabilities, allowing them to send out rapid messages in the event of irregular vibrations. As a result, market possibilities for these systems exist in the oil and gas, metals and mining, and energy and power industries, all of which require constant monitoring in crucial operations.
In terms of regions, the Asia-Pacific market will increase at a rate of over 6% during the forecast period, owing to rising coal output in China. According to the China National Energy Administration (NEA), additional coal production capacity was permitted for roughly 141 million tons from January to June 2019, up from 25 million tons in 2018. In the first half of 2019, the country's coal output escalated by 2.6 percent to 1.76 billion tons. This will augment the use of vibration monitoring in coal mines for continuous monitoring, affecting the market income. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
FAQs in the report -
The research report aims to help the users learn about their market size and potential to connect with customers. This report answers to the following questions:
- How big is the potential Vibration Monitoring?
- Will this market grow or shrink in the future?
- Who are our top competitors or key players?
- What market share do the competitors own?
- How Covid19 has affected the market?
- How long will it take to recover from the Covid-impact?
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