Vibration Monitoring Market
Market Analysis
The global vibration monitoring market will touch USD 2.03 billion at a 6.6% CAGR in the forecast period
(2020- 2027), states the latest Market Research Future (MRFR) report.
Vibration Monitoring Market Drivers/Vibration Monitoring Market Trends
Introduction of Advanced Vibration Monitoring Equipment to Boost Market Growth
The availability of advanced and cost-effective vibration monitoring equipment which is integrated with direct communication procedures, fast processing functions, and the accessibility of automation software will boost market growth in the forecast period.
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Opportunities
Increasing Use of Wireless Systems to offer Robust Opportunities
The surging use of wireless systems for monitoring machine conditions will offer market players with robust opportunities in the forecast period.
Restraints
High Cost to act as Market Restraint
The soaring installation cost will act as a market restraint over the forecast period.
Challenges
Shortage of Skilled Professionals to act as Market Challenge
The shortage of skilled professionals for data analysis may act as a market challenge in the forecast period.
Market Segmentation
The vibration monitoring market is bifurcated based on component, system type, and end users.
By component, the hardware segment will lead the market over the forecast period.
By system type, the embedded segment will dominate the market over the forecast period.
By end user, the automotive segment will spearhead the market over the forecast period.
COVID-19 Analysis
The vibration monitoring equipment market has been badly hit by the COVID-19 pandemic. Due to government imposed lockdowns and international restrictions, businesses have shut down and manufacturing processes put on halt, thus the process of developing such systems have been delayed. Besides, the slowdown in industrial growth has impacted the market growth. Owing to the crisis, there has been huge impact on the total production capacity of various industries like automotive, metals, chemicals, and food and beverages that are likely to restrict market growth. The key industry players though are focusing on contributing to the pandemic situation by substituting their production for the healthcare domain such as ventilators and healthcare devices.
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Regional Analysis
North America to Head Vibration Monitoring Market
North America will head the market over the forecast period. Growing number of manufacturers offering vibration monitoring solutions, growing adoption of technologically advanced solutions in different end use industries, the presence of leading market players, the increased RD activities, growing adoption in the US, and early adoption of advanced technology in various end use industries are adding to the global vibration monitoring market share in the region.
Key Players
Eminent players profiled in the global vibration monitoring market report include 3DSignals Ltd (Israel), Sensye Ltd (UK), Augury Inc. (US), Petasense Inc. (US), MachineSaver, Inc. (US), Prüftechnik Dieter Busch AG (Germany), Shinkawa Electric Co., Ltd (Japan), CEC Vibration (US), IMBU (Netherland), Semaq (US), AssetSense (US), CEMB SpA (Italy), I-care Reliability Inc. (US), Metrix Instrument Co., LP (US), Yokogawa Electric Corporation (Japan), Meggitt PLC (UK), Fortive Corporation (US), National Instruments Corporation (US), Emerson Electric Co. (US), Wilcoxon Sensing Technology (US), Rockwell Automation Inc. (US), General Electric Company (US), Brüel Kjær Sound Vibration Measurement A/S (Denmark), SKF AB (Sweden), and Analog Devices, Inc. (US), among others.
The global vibration monitoring market is fragmented and highly competitive for the presence of different international domestic industry players. These players have encompassed innovative strategies to stay ahead and sufficing the customers surging requirement that comprises contracts, partnerships, geographic expansions, collaborations, joint ventures, novel product launches, and more.
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