IMARC Group, a leading market research company, has recently released a report titled “Vibration Monitoring Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global vibration monitoring market growth, size, trends, and share forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Vibration Monitoring Industry?
According to the report, The global vibration monitoring market size reached US$ 1.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.65% during 2023-2028.
What is Vibration Monitoring?
Vibration monitoring refers to a process involving the usage of sensors to monitor small movements in various types of rotating machinery. It is conducted on the time waveforms and frequency spectrum of the vibration signal and aids in investigating vibration events, which can be an indicator of a developing failure, malfunction, and process restriction. It helps in evaluating the overall condition of the test object and performed by acquiring the vibration signals according to pre-determined parameters, such as recording strength, vibration level, sampling frequency, recording intervals, and frequency bandwidths, to translate the information for intuitive indications.
Apart from this, vibration monitoring assists in predictive maintenance, decreasing unscheduled outages, optimizing machine performance, and reducing repair and maintenance costs. At present, it is widely employed in the monitoring of different types of machinery and their key rotating parts, such as bearings, gears, shafts, free wheels, gearboxes, motors, fans, piston engines, reciprocating compressors, pumps, and door mechanisms.
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What are the growth prospects and trends in the Vibration Monitoring industry?
Presently, the flourishing automotive industry, along with the increasing application of vibration monitoring in numerous industry verticals, such as energy and power, aerospace, metals and mining, oil and gas, and food and beverage (F&B), represents one of the primary factors positively influencing the market. Vibration sensors allow maintenance technicians to be notified of potential problems when they start, which is hours before the equipment shuts down. This enables the maintenance team to diagnose the error and make proactive decisions. These advantages are facilitating the market growth. Moreover, vibration monitoring allows for eliminating the reactive approach, which may lead to unplanned downtime, missed deadlines, rush work, and production costs, which is currently strengthening the market growth.
Apart from this, frequency domain vibration analysis facilitates the detection of abnormal vibration patterns that are usually masked by the vibration from other sources in the time waveform. Furthermore, the increasing investments in research and development (R&D) activities to integrate advanced artificial intelligence (AI) systems with vibration monitoring to detect the health status of the machinery in real-time is driving the market. The leading market players operating in the industry are also focusing on integrating wireless technology and cloud storage in vibration monitoring systems, which, in turn, enable smart maintenance of factory equipment and propelling the growth of the market. Besides this, the rising awareness among manufacturing companies worldwide about predictive maintenance and resulting efficiency is projected to catalyze the adoption of monitoring systems worldwide in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Hardware
- Software
- Services
Breakup by System Type:
- Embedded Systems
- Vibration Analyzers
- Vibration Meters
Breakup by Monitoring Process:
- Online
- Portable
Breakup by End Use Industry:
- Energy and Power
- Metals and Mining
- Oil and Gas
- Automotive
- Food and Beverages
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Analog Devices Inc.
- Emerson Electric Company
- Erbessd Instruments Technologies Inc.
- General Electric Company
- Honeywell International Inc.
- Istec International
- Meggit SA
- National Instruments
- Parker-Hannifin Corp.
- Petasense Inc.
- Rockwell Automation Inc.
- Schaeffler AG
- SPM Instrument AB.
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