The newly launched report by Stratview Research, titled ‘Vibration Monitoring Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028’ has been bifurcated by Component Type (Hardware, Software, and Services), by Monitoring Process Type (Online and Portable), by System Type (Embedded, Vibration Analyzer, and Vibration Meter), by Application Type (Oil & Gas, Energy & Power, Metals & Mining, Chemical, Automotive, and Food & Beverages), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).

According to the report the Vibration Monitoring Market size was valued.at USD 1.45 billion in 2021 and is likely to grow at a CAGR of 6.8% during 2022-2028 to reach USD 2.3 billion in 2028.

Market Drivers

The growth of IoT technologies has aided the expansion of the vibration monitoring market. It allows producers to keep track of the status of process equipment and machinery in real-time. As a result, they can take preventative action in the event of a problem and plan service maintenance to avert failure.

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Market Segmentation Analysis -

Based on the component type, the market is segmented into hardware, software, and services. In 2021, the hardware segment had a market share of over 65 percent, and this growth is expected to be approximately 6% during the forecast period. Sensors, transmitters, accelerometers, and proximity probes are among the hardware components utilized in the vibration monitoring system. The sensors allow for the detection of excessive levels of vibration in the rotary machine and improve the precision of the monitoring system, resulting in increased market demand.

Based on the system type, the market is segmented as embedded, vibration analyzer, and vibration meter. Embedded systems account for the majority of the market and are expected to increase at a CAGR of over 6% throughout the forecast period. These systems, which are mounted directly on the machine and provide continuous and effective monitoring, have significant market growth potential. Embedded systems have analysis, sensing, storing, and alarm capabilities, allowing them to send out rapid messages in the event of irregular vibrations. As a result, market possibilities for these systems exist in the oil and gas, metals and mining, and energy and power industries, all of which require constant monitoring in crucial operations.

In terms of regions, the Asia-Pacific market will increase at a rate of over 6% during the forecast period, owing to rising coal output in China. According to the China National Energy Administration (NEA), additional coal production capacity was permitted for roughly 141 million tons from January to June 2019, up from 25 million tons in 2018. In the first half of 2019, the country's coal output escalated by 2.6 percent to 1.76 billion tons. This will augment the use of vibration monitoring in coal mines for continuous monitoring, affecting the market income. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Key Players

The key players in the market are-

  • AB SKF
  • ALS Limited
  • Analog Devices, Inc.
  • Brüel & Kjær Vibro GmbH
  • Emerson Electric Co.
  • Fluke Corporation
  • General Electric
  • Honeywell International Inc
  • MACHINE SAVER
  • Meggitt SA

Research Methodology

Stratview Research's reports are the result of a thorough analysis that combines thorough secondary, and primary interviews with industry leaders, and confirmation using unique internal database and statistical methods. More than 1,000 verified secondary sources, such as annual reports from companies, press releases, fact books, journals, white papers, and blogs are reviewed and analysed.

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