Vibration Monitoring Market

Vibration Monitoring Market worth $1.8 billion by 2023

According to the new market research report "Vibration Monitoring Market by Component (Hardware, Software, and Services), System Type (Embedded Systems, Vibration Analyzers, and Vibration Meters), Monitoring Process (Online and Portable), Industry, and Geography - Global Forecast to 2023", the global vibration monitoring market is expected to grow from USD 1.3 billion in 2017 and to reach USD 1.8 billion by 2023, at a CAGR of 6.5% between 2017 to 2023. The growth of this market can be attributed to the growing penetration of smart factory. The growing trend of smart factories is expected to increase the efficiency and productivity of industries in the coming years. For instance, the machinery used in smart factories would be able to predict failures and initiate maintenance request automatically. Vibration monitoring plays a crucial role in a smart factory; it saves time by eliminating wastages, increases the flexibility of monitoring by using portable devices, provides automatic error-free solutions, and improves the reliability of a plant. Thus, with the growth in adoption of smart factories worldwide, the demand for vibration monitoring solutions is expected to rise further.

Browse 66 market data Tables and 64 Figures spread through 173 Pages and in-depth TOC on "Vibration Monitoring Market - Global Forecast to 2023"
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Embedded systems held largest share of vibration monitoring market in 2016

The vibration monitoring market based on system type is led by the embedded system segment in terms of size. Effective and continuous monitoring through embedded systems which are installed directly on the machines allows real-time assessment of the machine condition as well as an optimized maintenance program. Embedded systems are ideal solutions, being the complete and reliable detection and analysis systems for equipment defects, performance shifts, imbalances, and other anomalies. Embedded vibration monitoring systems have a wide demand from the industries such as oil and gas, energy and power, metals and mining, and chemicals wherein many assets used during production are critical as they mostly require continuous monitoring.

Market for automotive Industry is likely to grow at higher CAGR during forecast period

The market for the automotive industry is expected to witness the highest CAGR during the forecast period. The automotive industry is witnessing enormous growth in terms of the number of units produced per day. With the increase in demand for vehicles globally, manufacturers are striving to match the production capacities with global demand. Hence, vibration monitoring systems play a crucial role in ensuring efficient manufacturing processes on a continuous basis. The global automotive industry is emphasizing on automating and upgrading assembly lines, which require motor monitoring. The machinery on the production floor is required to be maintained properly to minimize the production cycle and increase the production output. Thus, the vibration monitoring market for the automotive industry is likely to grow at a significant rate during the forecast period.

North America accounts for largest market size during forecast period

North America held the largest share of the vibration monitoring market in 2016, followed by Europe and APAC. North America holds a large share of the vibration monitoring market since the region is home to a significant number of active players in industries such as automotive, oil and gas, energy and power, and aerospace and defense. The favorable economic conditions in the US and advancements in predictive maintenance technologies are encouraging the companies based in this country to deploy condition monitoring technology in mainstream operations. Additionally, Canada has the world’s third-largest crude oil reserves, and the natural gas reserves in the country rank eighteenth in terms of size globally. The country is an attractive investment destination for many oil and gas companies for drilling and exploration. On the other hand, Mexico is a significant manufacturing hub for various industries such as aerospace, automobiles, and mining. These factors have a positive impact on the vibration monitoring market in the region.

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 are the major players operating in this market.

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