The vibration monitoring market was valued at USD 1.19 Billion in 2016 and is expected to reach USD 1.85 Billion by 2023, at a CAGR of 6.5% during the forecast period from 2017 to 2023.
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The growth of this market is being propelled by the rising trend of remote monitoring through wireless systems, growing awareness toward predictive maintenance, increasing demand from emerging applications, and penetration of smart factory.
Key Target Audience:
- Vibration monitoring manufacturers
- Original equipment manufacturers (OEMs)
- Research organizations and consulting companies
- Vibration monitoring-related associations, organizations, forums, and alliances
- Distributors and traders
- Government bodies such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and startup companies
The vibration monitoring market for embedded systems is expected to grow at the highest CAGR during the forecast period.
The growing adoption and popularity of embedded systems for vibration monitoring across various industries due to their capabilities and advantages are expected to drive the market for these systems further.
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North America held largest size of vibration monitoring market in 2016. Growing adoption of smart manufacturing or Industry 4.0 in various industries creates a huge demand for vibration monitoring in region.
Besides, factors such as growing focus on optimum asset utilization; stringent government regulations for workplace & personal safety; & tight quality control in the oil and gas, chemicals, & food and beverages industries are driving demand for vibration monitoring systems in North America.
1 Attractive Growth Opportunities in Vibration Monitoring Market
2 Vibration Monitoring Market, By Offering
3 Vibration Monitoring Market, By Region and Industry
4 Vibration Monitoring Market, By Monitoring Process
5 Vibration Monitoring Market, By Region
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.
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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.
Additional cost incurred for retrofitting vibration monitoring solutions on existing machinery and need for education and training for safe use these systems and tools as well as for analysis of the vibration patterns for timely decision-making are the major factors limiting the growth of vibration monitoring market.
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