The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
“Vibration monitoring market is expected to grow at a high rate during 2020-2025.”
Vibration monitoring solutions have gradually become an integral part of the various industries for carrying out the predictive maintenance program effectively, with an aim to minimize costly breakdowns of machines affecting the production process. The global vibration monitoring market size is projected to be valued at USD 1.5 billion in 2020 to reach USD 2.2 billion by 2025, at a CAGR of 7.4% during the forecast period.
Factors such as the rising trend of remote monitoring through wireless systems, growing awareness toward predictive maintenance, increasing demand from emerging applications such as heating, ventilation and air conditioning (HAVC), and penetration of smart factories in major regions are driving the growth of the vibration monitoring market.
“Growth of vibration monitoring industry expected to be driven by the oil & gas industry during 2020-2025.”
The oil & gas industry is expected to hold a significant share of the global vibration monitoring market during the forecast period. The oil & 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 machine may lead to an increase in power consumption and process downtime or trigger the release of potent gases, leading to an explosion. Thus, vibration monitoring systems are in high demand in the oil & gas industry. Besides oil & gas, other industries that hold a significant share in the vibration monitoring industry are energy & power, metals & mining, and chemicals, among others.
“Vibration monitoring market in APAC to grow at highest CAGR during the forecast period.”
The market for vibration monitoring in APAC is expected to grow at the highest CAGR between 2020 and 2025. Rapid industrialization, increasing 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 = 40 %, Tier 2 = 35%, and Tier 3 = 25%
- By Designation: C-Level Executives = 45%, Directors = 35%, and Others = 20%
- By Region: North America = 40%, Europe = 30%, APAC = 20%, and RoW = 10%
Moreover, the report profiles the key players in the vibration monitoring market and analyzes their market ranking. The prominent players in this market are SKF (Sweden), Emerson Electric (US), General Electric (US), Meggitt (UK), National Instruments (US), Rockwell Automation (US), Honeywell International (US), Bruel & Kiaer (Denmark), and Analog Devices (US), among others.
This research report categorizes the vibration monitoring market based on offering, monitoring process, system type, industry, and geography. Moreover, the report describes the major drivers, restraints, challenges, and opportunities pertaining to this market, as well as the value chain analysis and market ranking analysis.
Key Benefits of Buying the Report:
The report would help the leaders/new entrants in the vibration monitoring market in the following ways:
- The report segments the vibration monitoring industry comprehensively and provides the closest market size estimation for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for the vibration monitoring market.
- 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.