Industry Insight
Many companies in the global Vibration
Monitoring Market 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 6.6% CAGR. The soaring demand for vibration monitoring would boost market
growth worldwide.
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).
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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 System 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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