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 market, estimates Market Research Future in its latest study. Owing to this status, during the forecast period 2017 to 2023, the vibration monitoring market 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 market. 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.
Top Players
SKF AB (Sweden), Analog Devices, Inc. (US), General Electric Company (US), Brüel & Kjær Sound & Vibration Measurement A/S (Denmark), Wilcoxon Sensing Technology (US), Rockwell Automation Inc. (US), National Instruments Corporation (US), Emerson Electric Co. (US), Meggitt PLC (UK), Fortive Corporation (US), Metrix Instrument Co., LP (US), Yokogawa Electric Corporation (Japan), and CEMB SpA (Italy).
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Leading Segments
The global level analysis of the vibration monitoring market has been conducted through segments of component, system type, deployment and end-user.
- In terms of component, the market has included software, hardware, and services
- In terms of system type, the market has included embedded systems, vibration analyzer, and vibration meters.
- In terms of deployment, the market has included on-premise and cloud.
- In terms of end-user, the market has included metal & mining, automotive, chemicals, food and beverages, and oil & gas.
Leading Regions
Vibration monitoring market by region has been studied among the key regions North America, Asia-Pacific, Europe, and the Middle East & Africa, and South America.
North America is probable to lead the vibration monitoring market during the assessment period. The growth can be attributed to the extensively high adoption of vibration monitoring products in the region and launch of advanced vibration monitoring products by foremost players in this region, thus contributing to the market growth. The US held the largest market size in North America.
TABLE OF CONTENTS:
- Market Introduction
- Research Methodology
- Market Dynamics
- Executive Summary
- Market Factor Analysis
- Vibration Monitoring Market, By Segments
- Competitive Analysis
Continued…
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Industry InsightAs per Market Research Future (MRFR), states that the world Vibration Monitoring market size can value at USD 2.03 Billion by 2023.
As per MRFR, the global market 2021 can rise at 6.6% CAGR through the assessment forecast period (2017-2023).
The strong growth is due to rapid industrialization.COVID-19 Analysis The COVID-19 pandemic has impacted several industries, with the vibration monitoring market being no exception.
Following various international restrictions and lockdown imposed by the government, businesses have shut down, and manufacturing processes put on a halt as a result, the process to develop vibration monitoring systems has been delayed.
Though, the key industry players are laying emphasis on contributing to the current pandemic situation via substituting their production for the healthcare domain like healthcare devices and ventilators.
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.
The Vibration Monitoring Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Vibration Monitoring Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/vibration-monitoring-market/download-sampleMarket DynamicsThe greater demand to maintain the machines and system at the highest efficiency is driving the demand for vibration monitoring devices.
Unexpected equipment failures can be expensive and potentially catastrophic, resulting in unplanned production downtime, costly replacement of parts and safety and environmental concerns.
Owing to these reasons, greater stress is given on maintaining assets in terms of higher output or increased efficiency.
It is important to understand that when things are starting to go wrong.
