Business Overview In its research report, Market Research Future (MRFR), emphasizes that over the forecast period, the global Vibration Monitoring market 2021 is expected to expand rapidly, ensuring a significant market valuation and a healthy CAGR over the review period.
As per Market Research Future (MRFR), states that the world Vibration Monitoring market size can value at USD 2.03 Billion by 2023. As per MRFR, the global market 2021 can rise at 6.6% CAGR through the assessment forecast period (2017-2023). The strong growth is due to rapid industrialization.
The COVID-19 pandemic has impacted several industries, with the vibration monitoring market being no exception. Following various international restrictions and lockdown imposed by the government, businesses have shut down, and manufacturing processes put on a halt as a result, the process to develop vibration monitoring systems has been delayed. Also, the slowdown in industrial growth has also affected the vibration monitoring systems market growth. Due to this crisis, there has been a tremendous impact on the complete production capacity of different industries such as food and beverages, metals, chemicals, and automotive, which is likely to restrict the vibration control systems market growth. Though, the key industry players are laying emphasis on contributing to the current pandemic situation via substituting their production for the healthcare domain like healthcare devices and ventilators.
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.
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.
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Notable Players in The Global Vibration Monitoring Market Are:
- SKF AB
- Analog Devices, Inc.
- General Electric Company
- Brüel & Kjær Sound & Vibration Measurement A/S
- Wilcoxon Sensing Technology
- Rockwell Automation Inc.
- National Instruments Corporation
- Emerson Electric Co.
- Meggitt PLC
- Fortive Corporation
- Metrix Instrument Co., LP
- Yokogawa Electric Corporation
- CEMB SpA
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.
TABLE OF CONTENTS:
- Market Introduction
- Research Methodology
- Market Dynamics
- Executive Summary
- Market Factor Analysis
- Vibration Monitoring Market, By Segments
- Competitive Analysis
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