Research Nester published a report titled “Vibration Monitoring Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global vibration monitoring market in terms of market segmentation by component, deployment type, monitoring process type, monitoring system type, industry vertical, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global vibration monitoring market is anticipated to grow with a CAGR of 6.13% over the forecast period, i.e., 2021 – 2030. The market is segmented by component into hardware, software, and services, out of which, the hardware segment is anticipated to register the largest revenue of USD 1416.77 Million by the end of 2030, up from a revenue of USD 839.83 Million in the year 2020. Further, on the basis of deployment type, the market is segmented into on-premise, cloud-based, and hybrid, out of which, the cloud-based segment is projected to generate the largest revenue of USD 1063.27 Million by the end of 2030, up from a revenue of USD 586.34 Million in the year 2020.
The global vibration monitoring market is estimated to garner a revenue of USD 2408.70 Million by the end of 2030, up from a revenue of USD 1349.62 Million in the year 2020. Growing need amongst owner of machines in industries to analyze an error in an early manner, followed by the rising adoption of automated machines, and the shift of industries from Industry 4.0 to Industry 5.0, are some of the major factors anticipated to drive the market growth in the coming years.
The global vibration monitoring market is segmented by region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in the Asia Pacific region is anticipated to garner the largest revenue of USD 779.21 Million by the end of 2030. Moreover, the market generated a revenue of USD 402.73 Million in the year 2020.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Manufacturing Output to Create Opportunities for Market Growth
In one of the statistics by the Organisation for Economic Co-operation and Development (OECD), in the year 2018, the manufacturing index of industrial production in the United States, Germany, and Mexico, touched 101.2 (2015=100), 105.5, and 106.3 respectively.
Backed by the increasing number of manufacturing industries globally, the manufacturing output is also growing steadily. With the surge in the output, there is a growing need amongst the machinery owners to monitor and analyze any defects, especially in the rotating machineries. Vibration monitoring systems, which are used to identify failure in rotating assets of organizations, are often deployed to identify and monitor such issues. Such a factor is anticipated to drive the growth of the market in the coming years.
However, the issues related to reliability in the prediction capabilities of vibration monitoring systems is expected to operate as key restraint to the growth of global vibration monitoring market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global vibration monitoring market which includes company profiling of STMicroelectronics, Honeywell International Inc., General Electric, National Instruments Corporation, Rockwell Automation, Inc., Schaeffler AG, Analog Devices, Inc., SPM Instrument AB, Emerson Electric Company, Meggitt PLC, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global vibration monitoring market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.