The vibration monitoring market was valued at USD 1.3 billion in 2020 and is projected to reach USD 1.9 billion by 2026. It is expected to grow at a CAGR of 6.8% during the forecast period. Rising need of remote operations owing to the spread of COVID-19, adoption of wireless communication technology in vibration monitoring, advent of secure cloud computing platforms used for vibration monitoring, rising focus toward predictive maintenance in the industrial sector, and deployment of vibration monitoring technologies in the ecosystem of smart manufacturing, and realization of benefits of vibration monitoring systems by manufacturers across the world are contributing to the growth of the vibration monitoring market. Rising adoption of machine learning and big data analytics, strategic partnerships and collaborations among different market players, and advent of Industrial Internet of Things (IIoT) act as a growth opportunity for the market players.
General Electric (US), Honeywell International (US), Emerson Electric (US), SKF (Sweden), Schaeffler (Germany), Parker Haniffin (US), Rockwell Automation (US), Meggit (UK), Analog Devices (US), and National Instruments (US) are the key players in the vibration monitoring market . These top players have strong portfolios of products and services and presence in both mature and emerging markets.
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Emerson Electric is engaged in the manufacturing and development of process control systems, valves, and analytical instruments. The company offers vibration monitoring solutions under its Automation Solutions segment. Overall monitoring solutions offered by the company include vibration transmitters, online condition monitoring, machinery protection with embedded prediction, integrated vibration monitoring for power and water applications, route-based vibration analyzers, and machinery health for the power industry. These solutions support in precisely diagnosing the machine condition. In addition, Emerson Electric provides maintenance services and training courses pertaining to vibration monitoring systems. Emerson focuses on growth through organic strategies.
General Electric develops and manufactures power generators, aircraft engines, water processors, medical imaging equipment, security solutions, and different types of industrial products. In addition, the company offers services for business and consumer financing, online computing, and media content. GE provides vibration monitoring solutions, mainly for the oil & gas sector. The company offers its vibration monitoring systems through its Power business segment under the brand name Bently Nevada. Emerson has adopted both organic and inorganic growth strategies to extend its business reach in the vibration monitoring market.
Vibration Monitoring Market With COVID-19 Impact Analysis by Offering (Hardware, Software, Services), Monitoring Process, Deployment Type, System Type (Embedded Systems, Vibration Analyzers, Vibration Meters), Industry, and Region - Global Forecast to 2026
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