September 30 2020
Market Research Future published a research report on “Vibration Monitoring Industry Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Many companies in the global vibration monitoring market 2020 have pulled their earnings guidance in the wake of the crisis wrought by the COVID 19 pandemic. That has led to the broadest dispersion in earnings in global Vibration Monitoring Industry, estimates Market Research Future in its latest study. Owing to this status, during the forecast period 2017 to 2023, the Vibration Monitoring Industry will be on its peak of rising with 8.7% CAGR. The soaring demand for vibration monitoring would boost market growth worldwide.
Top Impacting Factors
The researchers have noticed that maintenance processes have become more streamlined than production processes due to COVID 19, and have ample scope for optimization, which is propelling the growth of the machine maintenance industry. Surged productivity and negligible downtime due to superior monitoring, such as predictive maintenance, is the most recognized benefit, which can also extend maintenance intervals far beyond preventive maintenance schedules. This makes vibration monitoring more valuation, which is helping its market to expand.
As vibration monitoring decreases unnecessary human-mediated activities, such as manual inspections and unscheduled corrections, new technologies such as system-on-a-chip (SOC), have pushed the boundaries of data acquisition to a great extent. Globally, the automotive industry is one of the foremost capital investors and end-users of the Vibration Monitoring Industry. High capital investments by automotive companies are directed toward buying properties and equipment, purchasing and installing vibration monitoring systems, building plants, and implementing automation systems and robotics. These factors have been inherently liable for the market’s growth and will be soaring the valuation due to coronavirus pandemic.
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To add in this, the adoption of vibration monitoring is towering in the automotive, manufacturing, and energy & power sectors. Vibration monitoring is used for predictive analysis, which helps manufacturers swell productivity and maximize operational competence. These sectors utilize heavy and capital-intensive machinery and significantly rely on operational efficiencies for profit.
On the contrary, COVID-19 has affected the overall production capacity of various industries, mainly in chemicals, automotive, food & beverages, metals, and more. This factor is likely to restrain the demand for vibration monitoring market. The significant players are focusing on contributing to the current pandemic situation by substituting production for the healthcare sector, such as ventilators and healthcare devices.
The prominent players in the Vibration Monitoring Market are – Honeywell International Inc. (US), Emerson Electric Co. (US), General Electric (US), Analog Devices Inc.(US), SKF AB (Sweden), National Instruments Corp. (US), Rockwell Automation, Inc. (US), Schaeffler Technologies AG & Co. KG (Germany), Bruel & Kiaer Sound & Vibration Measurement A/S (Denmark), and Meggitt PLC (UK), among others.
The global vibration monitoring market has been segmented on the basis of component, system type, and end-users. Based on component, the vibration monitoring market has been segmented into hardware and software. The hardware segment has been sub-segmented into transmitters, accelerometers, proximity probes, velocity sensors, and others. The software segment has been sub-segmented into services and others. Based on system type, the global vibration monitoring system has been segmented into vibration analyzers, embedded systems, vibration meters, and others. Based on end-users, the global vibration monitoring market has been segmented into automotive, metal and mining, food and beverages, chemicals, oil and gas, and others.
Market Research Analysis:
Geographically, the global vibration monitoring market has been segmented into four major regions such as Europe, North America, Asia Pacific and the rest of the world. The North America region is projecting dominance over the global vibration monitoring market. this region commands the major share of the global vibration monitoring market owing to the rapid adoption of technologically advanced solutions in various end-use industries and rise in number of manufacturers providing vibration monitoring solutions in this region.
Presence of prominent market players is also fueling the growth of the vibration monitoring market in the North America region. Increased research and development activities and easy adoption of advanced technology in a large number of end-use industries are propelling the growth of the global vibration monitoring market in the Europe region. The Asia Pacific region is projecting significant growth in the global vibration monitoring market owing to the increased implementation of vibration monitors across manufacturing operations in various industrial sectors and strict regulatory framework regarding workforce safety in the expanding automotive industry in this region.
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TABLE OF CONTENTS
1 Market Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Network Solution
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
3 Market Dynamics
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
3.5 Market Restraints
4 Executive Summary
5.1 Porter’s Five Forces Analysis
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