The global vibration monitoring market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The market is anticipated to grow owing to the growing awareness towards predictive maintenance, rising trend of remote monitoring through wireless systems, increasing demand for vibration monitoring in applications such as heating, ventilation, air conditioning (HVAC), and increasing manufacturing throughput and penetration of smart factories in significant economic regions. According to the United Nations Industrial Development Organization, following a period of economic recession, global manufacturing increased and remained at a steady growth rate of 3.5 percent until 2018. Along with these, a significant advantage is that vibration analysis can identify problems before becoming too severe, which saves a lot of time. This is also considered to be a crucial factor predicted to boost the market growth. Moreover, the increasing use of IoT technology is projected to lead to the growth of the vibration monitoring market in the near future as this technology aids manufacturers in monitoring the condition of process equipment and machines in real-time.
Based on the type of system, the market is segmented into embedded systems, vibration analyzers, vibration meters, and others. The embedded systems segment is anticipated to grab the most significant share by the end of 2030, on the back of efficient and steady monitoring offered by embedded systems. Moreover, these systems are in high demand in industries such as oil & gas, energy & power, metals & mining, and chemicals, which in turn is expected to drive the market segment growth. Additionally, on the basis of component, the hardware segment in the global vibration monitoring market is projected to grow with a significant CAGR over the forecast period. The segment's growth can be accounted to the fact that these are the key components through which the vibration-related data in machinery is obtained in advance. CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
The global vibration monitoring market is segmented into five regions: North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period. This can be ascribed to the rising adoption of predictive maintenance tools, rapid industrialization, and increasing investments to achieve operational and maintenance efficiency in factories in the region. In addition, the increasing number of manufacturing activities resulting from the migration of production bases to Asian countries with low labor costs, such as India, China, and South Korea, is further estimated drive the demand for vibration monitoring systems in the region. Furthermore, the vibration monitoring market in North America is evaluated to occupy the largest share in terms of revenue in the forecast period, owing to the rising adoption of technologically advanced solutions in different end-use industries and an increasing number of manufacturers which offer a wide range of vibration monitoring solutions in the region.
The global vibration monitoring market is further classified on the basis of region as follows:
Our in-depth analysis of the global vibration monitoring market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing use of wireless systems to monitor machine conditions and advancements of vibration monitoring technologies are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
High installation cost associated with vibration monitoring systems is estimated to hamper market growth.
The market in Asia Pacific will provide ample growth opportunities owing to the increasing adoption of predictive maintenance tools, and rapid industrialization in the region.
The major players dominating the vibration monitoring market are General Electric, Honeywell International, Inc., National Instruments, among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component type, type of system, and by region.
With respect to component, the hardware segment is anticipated to grow with a significant CAGR as hardware are the key components through which the vibration-related data in machinery is obtained in advance.
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