Industry Insight
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.
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Top Players
Few examples of the top market participants in the global vibration monitoring market are recognized as 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).
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. These factors have been inherently liable for the market’s growth and will be soaring the valuation due to coronavirus pandemic.
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.
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.
Asia-Pacific might also register the fastest growth in the forecast period. Japan is ready to lead the Asia-Pacific vibration monitoring market, followed by China, during the forecast period. Mounting awareness of predictive maintenance and vibration monitoring technologies in the power, oil gas, cement, chemical and petrochemical, and automotive industries coupled with government initiatives, such as ‘Made in China 2025’, is poised to a generate sustained demand for vibration monitoring in Asia-Pacific, during the assessment period.
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