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 Size, 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 Equipment 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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