New York, Feb. 15, 2022 (GLOBE NEWSWIRE) -- According to the statistics by the World Bank, the value added by the manufacturing industry grew from USD 12.334 Trillion (in current US$) in the year 2016 to USD 13.47 Trillion in the year 2020. Moreover, according to the World Manufacturing Production report published by the United Nations Industrial Development Organization (UNIDO), the estimated percentage change in the growth rates of output by the manufacturing industry around the world in the second quarter of 2021 was 18.2% as compared to the same period of the previous year. Further, the motor vehicles, trailers, and semi-trailers manufacturing industry, witnessed the highest change in growth by 45.2% as compared to the same period of the previous year.
Research Nester has recently released a report on Global Vibration Monitoring Market which includes a detailed analysis of the key growth factors, along with the recent trends, and the growth opportunities anticipated to drive the market growth during the forecast period, i.e., 2021-2030. The report, which is analyzed by using various statistical tools, such as SWOT and PESTEL analysis among others, also includes insights into the key players operating in the market and their growth strategies that keep them ahead in the competition.
The manufacturing industry around the globe, which is known to contribute a significant amount of share to the GDP of most of the developed and developing countries, is moving at a tremendous speed towards automation. Backed by the surge in spending on the internet of things (IoT), which is expected to reach close to USD 1 Trillion by the end of 2023, industries are gradually shifting towards the concept of Industry 5.0 from Industry 4.0. With the rising shift towards Industry 5.0 and the increase in focus for operational efficiency, there is also a growing need amongst the manufacturing industries to monitor their machines to avoid the burden of any unplanned downtime. For instance, the cost per hour of downtime of automotive, FMCG/CPG, heavy industries, and the oil & gas industries are close to USD 1.3 Million, USD 0.02 Million, USD 0.18 Million, and USD 0.22 Million respectively. Moreover, the cost of downtime as a percentage of revenue for these industries are around 20%, 5%, 20%, and 2% respectively. Owing to such factors, there is a rise in demand for predictive maintenance tools, such as vibration monitoring, which in turn, is anticipated to drive the growth of the global vibration monitoring market.
The global vibration monitoring market registered a revenue of USD 1349.62 Million in the year 2020 and is further anticipated to grow with a CAGR of 6.13% during the forecast period and touch USD 2408.70 Million by the end of 2030. Vibration monitoring systems are widely used to detect any issue in rotating machineries. One of the major factors anticipated to drive the growth of the market in the coming years is the rise in the trade on electric motors and generators worldwide. According to the statistics by the International Trade Center, the exports of electric motors and generators around the globe increased from USD 46790850 Thousand in the year 2015 to USD 56077680 Thousand in the year 2018.
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The global vibration monitoring market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in the Asia Pacific generated a revenue of USD 402.73 Million in the year 2020 and is further expected to garner the largest revenue of USD 779.21 Million by the end of 2030. Further, the market in the region is also expected to grow with the second-highest CAGR of 6.98% during the forecast period. The market in the region is further segmented by country into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. Amongst the countries the market in China is anticipated to grow with a CAGR of 7.36% during the forecast period and further touch USD 308.65 Million by the end of 2030, up from a revenue of USD 154.0 Million in the year 2020. On the other hand, the market in India generated a revenue of USD 64.92 Million in the year 2020 and is further expected to hold the second-highest revenue of USD 142.28 Million by the end of 2030, by growing with the highest CAGR of 8.32% during the forecast period.
Moreover, in North America is anticipated to register the second-largest revenue of USD 711.05 Million by the end of 2030, up from a revenue of USD 421.22 Million in the year 2020. The market in the region is segmented by country into the United States and Canada, out of which, the market in the United States is anticipated to garner the largest revenue by the end of 2030, and also grow with the highest CAGR of 5.73% during the forecast period.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global vibration monitoring market is segmented on the basis of deployment type into on-premise, cloud-based, and hybrid. Amongst these segments, the cloud-based segment held the largest revenue of USD 586.34 Million in the year 2020 and is further expected to reach USD 1063.27 Million by the end of 2030. In the Asia Pacific, the segment is anticipated to garner the largest revenue of USD 343.32 Million by the end of 2030, up from a revenue of USD 174.58 Million in the year 2020, while in North America, the segment generated the largest revenue of USD 183.44 Million in the year 2020, and is further projected to reach USD 314.71 Million by the end of 2030.
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The global vibration monitoring market is further segmented on the basis of monitoring system type into embedded system, vibration meters, and vibration analyzers. Amongst these segments, the embedded system segment is anticipated to grow with the highest CAGR of 6.33% during the forecast period and also attain the largest revenue of USD 1429.24 Million by the end of 2030. In the Asia Pacific, the segment registered the largest revenue of USD 234.19 Million in the year 2020, and is further projected to touch USD 462.0 Million by the end of 2030. On the other hand, in Europe, the segment is anticipated to grow with the highest CAGR of 5.97% during the forecast period and also attain the largest revenue of USD 329.22 Million by the end of 2030.
The global vibration monitoring market is also segmented by component, monitoring process type, and by industry vertical.
Global Vibration Monitoring Market, Segmentation by Component
- Hardware
- Proximity Probes
- Transmitters
- Velocity Sensors
- Accelerometer
- Others
- Software
- Data Integration
- Diagnostic Reporting
- Parameter Calculations
- Services
- Route-Based Services
- Cloud-Based Predictive Maintenance
- Training & Consulting
Global Vibration Monitoring Market, Segmentation by Monitoring Process Type
- Online Vibration Monitor
- Portable Vibration Monitor
Global Vibration Monitoring Market, Segmentation by Industry Vertical
- Oil & Gas
- Mining & Metal
- Power Generation
- Aerospace & Defense
- Automotive
- Food & Beverages
- Chemicals
- Others
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Some of the prominent industry leaders in the global vibration monitoring market that are included in our report are STMicroelectronics, Honeywell International Inc., General Electric, National Instruments Corporation, Rockwell Automation, Inc., Schaeffler AG, Analog Devices, Inc., SPM Instrument AB, Emerson Electric Company, Meggitt PLC, and others.
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