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Vibration Monitoring Market Size

Report ID: GMI4647
Published Date: Apr 2020
Report Format: PDF

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Vibration Monitoring Market Size

Vibration Monitoring Market size exceeded USD 1 billion in 2019 and is poised to grow at a CAGR of over 5% between 2020 and 2026.

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Proliferation of IoT technology has augmented the vibration monitoring market growth. It enables manufacturers to monitor the condition of process equipment and machines in real-time. Therefore, they can take predictive measures regarding the malfunction and schedule the service maintenance to avoid failure.

In process manufacturing, the sensors collect the vibration data and further transmit to cloud for analysis to identify equipment condition in potential critical state, driving the demand for IoT-based monitoring systems. Moreover, to cater to the high demand among competitors, companies are continuously involving in developing new components for Industrial IoT.

Vibration Monitoring Market Report Attributes
Report Attribute	Details
Base Year:	2019
Vibration Monitoring Market Size in 2019:	USD 1 billion
Forecast Period:	2020 to 2026
Forecast Period 2020 to 2026 CAGR:	5%
2026 Value Projection:	USD 2 billion
Historical Data for:	2016 to 2019
No. of Pages:	190
Tables, Charts & Figures:	247
Segments covered:	Component, Monitoring Process, System, Application, and Region
Growth Drivers:	Rising integration of secure cloud computing platform Growing adoption of wireless technology Proliferation of Industrial 4.0 and smart factories Industrial Internet of Things (IIoT) to stretch new growth opportunities Increasing disposition towards predictive maintenance
Pitfalls & Challenges:	High initial cost involved in installation of vibration monitoring system Lack of skilled professional for data analysis

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However, COVID-19 has affected the overall production capacity of various industries including automotive, chemicals, metals, food & beverages, etc. This is likely to restrain the demand for vibration monitoring market. Although, the major players are focusing to contribute in the current pandemic situation by substituting their production for the healthcare sector such as ventilators and healthcare devices.

Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

The market size of vibration monitoring exceeded USD 1 billion in 2019.

The industry share of vibration monitoring is poised to grow at a CAGR of over 5% between 2020 and 2026.

The Asia Pacific market will register a growth rate of over 6% from 2020 to 2026 impelled by rising coal production in China.

The online monitoring system accounted for 50% market share in 2019 and is expected to expand at over 7% through 2026.

Prominent industry players include Emerson Electric, General Electric, Honeywell International Inc, National Instruments, AB SKF, Rockwell Automation, Inc, Meggitt, and Analog Devices, Inc.

Embedded systems hold majority of the market share and will grow at over 6% CAGR till 2026 as these systems provide continuous & effective monitoring and are installed directly on the machine.