The global vibration monitoring market size is anticipated to reach USD 3,574.3 million by 2026 according to a new research published by Polaris Market Research. The report “Vibration Monitoring Market Analysis Report By Component (Hardware, Software, Services); By Monitoring Process (Online, Portable); By End-User (Automotive, Chemical, Aerospace and Defense, Food and Beverages, Construction, Mining, Oil and Gas, Others); By Regions: Market Size & Segment Forecast, 2019 – 2026” provides a complete analysis of present market trends and future insights.
In 2018, the hardware segment accounted for the highest market share in terms of revenue. North America is expected to be the leading contributor to the global Vibration Monitoring market revenue in 2018. The increasing modernization of factory equipment, and stringent regulations regarding energy efficiency and workforce safety majorly drive the market growth.
The growing adoption of IoT, cloud-based technologies, and machine learning further supports the growth of the market. The growing need to streamline operations for improving productivity and safety, while reducing maintenance time and cost would increase the adoption of vibration monitoring systems during the forecast period. Other driving factors include technological advancements, increasing adoption of smart factories, growing adoption of embedded systems, and increasing demand from emerging economies.
Vibration monitoring systems ensure that data is organized and decisions can be made efficiently. They collect real-time information, offer historical trends and graph data for further analysis. They generate alarms when abnormalities occur and send instant alarms to smart devices. They sense concerns such as imbalance, misalignment, bearing wear and looseness and provide predictive maintenance.
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North America generated the highest market share in the Vibration Monitoring industry in terms of revenue in 2018, and is expected to lead the global market throughout the forecast period. The presence of established telecom and cloud infrastructure in this region, and growing trend of IIoT has accelerated the market growth in the region. The growing demand of mobile devices, automation of manufacturing process, increasing safety concerns, and technological advancements generate numerous opportunities for the market in this region.
The well-known companies profiled in the report include National Instruments Corporation, Emerson Electric Co., Bruel & Kiaer Sound & Vibration Measurement A/S, Meggitt PLC, Honeywell International Inc., Schaeffler AG, Analog Devices, Inc., SKF AB, General Electric, and Azima DLI Corporation. These companies are consistently launching new products to enhance their offerings in the Vibration Monitoring industry. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach. Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.
Polaris Market research has segmented the vibration monitoring market on the basis of component, monitoring process, end-user, and region.