Increasing Application in Auto Industry to Boost Vibration Monitoring Market Growth
New York, US, March 09, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Vibration Monitoring Market Research Report: By Component, By System Type, By Deployment, By End User – Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 1.5 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 6.5% during the assessment timeframe.
Eminent industry 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).
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|Revenue forecast in 2027||USD 1.5 Billion|
|Growth Rate||CAGR of 6.5% from 2022 to 2030|
|Study Period||2022 – 2030|
|Key Market Opportunities||The increasing use of wireless systems to monitor machine conditions.|
|Key Market Drivers||The increasing awareness about predictive maintenance|
Browse In-depth Market Research Report (156 Pages) on Vibration Monitoring Market:
Vibration Monitoring Market Drivers
Increasing Application in Auto Industry to Boost Market Growth
One of the main factors propelling the market is the expanding use of the vibration monitoring system in the global automobile industry. This is owing to their support in boosting productivity, reducing downtime due to enhanced analytics, and reducing human-mediated activities like manual inspections and unplanned repairs.
Growing Need for Remote Monitoring to offer Robust Opportunities
The growing need for remote monitoring for the rising usage of wireless systems coupled with increasing awareness for predictive maintenance will offer robust opportunities for the market over the forecast period.
Market Restraints and Challenges
High Installation Cost to act as Market Restraint
The high installation cost, dearth of technical expertise, and complexities associated with their maintenance may act as market restraints over the forecast period.
Vibration Monitoring Market Segmentation
The global vibration monitoring market is bifurcated based on end user, deployment, system type, and component.
Based on component, hardware will lead the market in the forecast period.
By system type, embedded systems will domineer the market over the forecast period.
By deployment, cloud will spearhead the market over the forecast period.
By end-user, oil and gas will have the lions share in this market over the forecast period.
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COVID-19 Analysis on Vibration Monitoring Market
The COVID 19 has had a considerable impact on the development of various sectors and has disrupted supply & chain management, employee protection standards and regulations, and other business process-related issues. As a result, the use of vibration monitoring equipment has drastically decreased globally. During the pandemic, these variables had an impact on the expansion of the vibration monitoring market. Due to the impact on global economic conditions and consumers’ declining spending power, demand in the automobile industry and other important end-user industries has decreased. Throughout the pandemic, these constraints limited the market for vibration monitoring’s expansion. Yet, following the relaxation of regulatory regulations, these industries concentrated intensely on enhancing production rates and other procedures. These elements are creating profitable potential for the expansion of the vibration monitoring market during the coming years.
Vibration Monitoring Market Regional Analysis
North America to Lead Vibration Monitoring Market
The market for vibration monitoring is expected to be dominated by the area of North America. Due to the fast adoption of technologically cutting-edge solutions across a range of end-use sectors and the increase in manufacturers offering vibration monitoring solutions within this region, this region has the lion’s share of the worldwide vibration monitoring market. The market for vibration monitoring is expanding in the North American region because to the presence of major market players. Because of its superior application of these monitors across manufacturing operations in a variety of industrial sectors, its strict regulatory framework regarding workforce security, growing acceptance of the predictive maintenance tools, the competitive pressure to attain operational competence, expansion of the manufacturing activities, and low labor costs in developing nations within its borders, North America dominates the global market for vibration monitoring. One of the main factors propelling the market is the expanding use of the vibration monitoring system in the global automobile industry. This is owing to their support in boosting productivity, reducing downtime due to enhanced analytics, and reducing human-mediated activities like manual inspections and unplanned repairs.
APAC to Have Admirable Growth in Vibration Monitoring Market
Due to the increased use of vibration monitors across manufacturing operations in numerous industrial sectors and the strict regulatory framework regarding workforce safety in this region’s expanding automotive industry, the Asia Pacific region is forecasting significant development in the market. Due to the government regulations particularly for workplace & employee safety, the increased emphasis on optimal asset utilization, and strict quality control in the oil and gas, chemical, and food and beverage industries located in the region, Asia-Pacific is predicted to experience significant growth during the forecast period. Due to the presence of many industrial sectors and the rising deployment of the vibration monitor for various production applications, the Asia Pacific region is predicted to hold an admirable market share. The province also has a number of regulatory structures that aid in new government assistance for market expansion. Particularly China is regarded as a key manufacturing powerhouse and is also seeing population growth. As a result, demand for the production of energy and other essentials is rising in nations like China.
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February 2023- IFM has lately brought vibration diagnostic into the field. The latest VSE9xx diagnostic modules make it possible to conduct vibration monitoring & analysis in the field without having to send readings from accelerometers back to the control panel.
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