Global Vibration Monitoring Market TOC
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
September 10, 2018: Meggitt PLC announced that it has received a contract for developing Engine Vibration Monitoring Unit (EVMU) from Korea Aerospace Industries (KAI). The next generation indigenous fighter aircraft, known as the KF-X fighter jet, is developed by the South Korea government in partnership with the Indonesian government.
November 12, 2019: Emerson Electric Co. announced that it has launched the low-cost, and easy-to-deploy vibration sensor, known as AMS Wireless Vibration Monitor, which automatically identifies failure involving rotating assets.
The global vibration monitoring market is estimated to garner a revenue of USD 2408.70 Million by the end of 2030, by growing at a CAGR of 6.13% over the forecast period, i.e., 2021 – 2030. Moreover, the market generated a revenue of USD 1349.62 Million in the year 2020. The growth of the market can be attributed to growing shift of industries towards Industry 5.0 from Industry 4.0, and for the shift in focus towards automated machineries from manually controlled machineries. Vibration monitoring systems utilizes sensors to identify vibrations in rotating machineries, allowing its user to understand a mechanical failure or malfunction in the rotating machine. Besides this, the rising adoption of wireless communication technology, increasing adoption of industrial internet of things (IIoT), and the growing advancements in machine technologies, are some of the additional factors anticipated to drive the market growth.
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Besides this, the growing manufacturing output globally, and the increasing demand for machineries worldwide are also estimated to contribute to the market growth in the coming years. According to the statistics by the Organisation for Economic Co-operation and Development (OECD), the manufacturing index of industrial production in the United States, Germany, and Mexico, touched 101.2 (2015=100), 105.5, and 106.3 respectively in the year 2018. Moreover, the numerous benefits associated with the adoption of wireless sensors and the advancement in cloud computing platforms are also expected to create numerous opportunities for market growth in the coming years.
Regionally, the global vibration monitoring market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is anticipated to garner the largest revenue of USD 779.21 Million by the end of 2030, up from a revenue of USD 402.73 Million in the year 2020. One of the major factors anticipated to drive the growth of the market in the region is the rise in the number of manufacturing facilities across various industry verticals in several developing countries in the region, such as China, India, Japan, South Korea, and Australia among others. Additionally, the increasing value added by the manufacturing industry to the GDP of the nations in the region is also anticipated to boost the market growth in the coming years. According to the statistics by the World Bank, the value added by the manufacturing industry increased from USD 3.441 Trillion (current US$) in the year 2009 to USD 6.211 Trillion in the year 2020. The market in the region is further segmented by country into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. Out of these, the market in China is anticipated to garner the largest revenue of USD 308.65 Million by the end of 2030, up from a revenue of USD 154.0 Million in the year 2020.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, 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).
The global vibration monitoring market is segmented by component into hardware, software, and services. Out of these, 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. The market is further segmented by deployment type into on-premise, cloud-based, and hybrid. Out of these, 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 segment is further expected to grow with a CAGR of 6.30% during the forecast period. By monitoring process type, the market is segmented into online, and portable vibration monitor, out of which, the online vibration monitor segment is expected to hold the highest market share by the end of 2030, and also grow with the highest CAGR of 6.43% during the forecast period. By monitoring system type, the market is segmented into embedded system, vibration meters, and vibration analyzers, out of which, the embedded system is projected to generate the largest revenue of USD 1429.24 Million by the end of 2030. By industry vertical, the market is segmented into oil & gas, mining & metal, power generation, aerospace & defense, automotive, food & beverages, chemicals, and others. Out of these, the oil & gas segment is expected to touch USD 792.55 Million by the end of 2030, and hold the highest market share during the forecast period.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global vibration monitoring market that are included in our report are 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.
Ans: The rising adoption of wireless sensors in machines in industries, and the advent of secure cloud computing platforms are some of the major factors anticipated to drive the market growth.
Ans: The market is anticipated to attain a CAGR of 6.13% over the forecast period, i.e., 2021 – 2030.
Ans: The issues related to reliability in the prediction capabilities of vibration monitoring systems is one of the major factors estimated to hamper the market growth.
Ans: The market in the Asia Pacific region is anticipated to garner the largest revenue of USD 779.21 Million by the end of 2030 and display significant business opportunities in the near future.
Ans: The major players in the market are STMicroelectronics, Honeywell International Inc., General Electric, National Instruments Corporation, Rockwell Automation, Inc., Schaeffler AG, and others.
Ans: The company profiles are selected based on the 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.
Ans: The market is segmented by component, deployment type, monitoring process type, monitoring system type, industry vertical, and by region.
Ans: The hardware segment registered the largest revenue of USD 1416.77 Million by the end of 2030 and display significant growth opportunities.