Selbyville, Delaware, May 06, 2020 (GLOBE NEWSWIRE) --
According to latest report “Vibration Monitoring Market by Component (Hardware, Software, Services), Monitoring Process (Online Portable), System (Embedded, Vibration Analyzer, Vibration Meter), Application (Oil & Gas, Energy & Power, Metals & Mining, Chemical, Automotive, Food & Beverages), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of vibration monitoring will reach $2 billion by 2026.
The rising demand for smart factories worldwide is likely to accelerate the vibration monitoring market in coming years. The integration of technologies, such as smart sensors, AI, and IoT, aids to improve the performance of vibration monitoring systems. The integration of these monitoring systems with smart factories allows smooth exchange of information from process visualization and critical machinery to plant operators in real-time scenario.
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The services segment held a vibration monitoring market share of 15% in 2019 and is likely to observe around 5% growth till 2026. These services are performed by professional teams that effectively analyze the monitoring process and equipment functioning in start and stop conditions. The real time data analysis provided by service providers helps plant managers to immediately adjust their processes and eliminate the risk of system failures and other damaging vibrations, driving the demand for the market.
The vibration meter segment is set to witness a CAGR of over 3% from 2020 to 2026 propelled by its low cost and instant result generation. It does not require any computer or mobile device to analyze the vibration data. These systems generate their results in the form of analog and digital output, that can be understood without any technical knowledge This led to industry players focusing on the development of advanced vibration meter for a wide range of industries.
The food & beverage sector in the vibration monitoring market is anticipated to register over 5% gains during the forecast period. The vibration monitoring system in manufacturing is used for rotating components such as gear, motors, and bearing. The monitoring systems used in the food & beverage industry are majorly using smart sensor technology that helps to identify minute variations in the manufacturing process. Hardware components, such as accelerometers and sensors, are widely used in the sector, as these components can operate in wide temperature range and offer high accuracy regarding the malfunctioning of machinery.
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Europe vibration monitoring market is expected to account for a revenue share of over 15% in 2019. The growth is majorly due to established automotive sector in the region and the presence of major auto manufacturers in the region such as Audi, BMW, Volkswagen, Bentley, among others. These companies are experiencing significant increase in the number of units produced every day, thereby require continuous monitoring to reduce machine failure and enhance their production output.
Some major findings of the vibration monitoring market report include:
- Hardware products are significantly contributing to growth of the market owing to their accuracy and high performance in harsh environments.
- The online vibration monitoring system is considerably surging in the market owing to its wide adoption in critical plants that are working continuously and are highly susceptible to defects. These are widely used in industries such as energy & power and oil & gas.
- The rising concern toward predictive maintenance to enhance machine functionality and safety will increase the adoption of vibration monitoring system.
- Vibration analyzers will experience significant growth opportunities in the market owing their efficient failure identifying capability and technological features such as high frequency range, automatic shutdown, and lightweight.
- Integration of wireless technology into the oil and gas industry to acute real-time information will further add an opportunity for the market.
- The companies are focusing on developing innovative products and are investing in R&D activities to improve their existing offerings and gain a competitive edge in the market
Table of Contents (ToC) of the report:
Chapter 3. Vibration Monitoring Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
3.3. Impact analysis of coronavirus (COVID-19) pandemic on market
3.3.1. Global outlook
3.3.2. Impact by region
3.3.2.1. North America
3.3.2.2. Europe
3.3.2.3. Asia Pacific
3.3.2.4. Latin America
3.3.2.5. MEA
3.3.3. Industry value chain
3.3.3.1. Research and development
3.3.3.2. Manufacturing
3.3.3.3. Marketing
3.3.3.4. Supply
3.3.4. Competitive landscape
3.3.4.1. Strategy
3.3.4.2. Distribution network
3.3.4.3. Business growth
3.4. Industry ecosystem analysis
3.4.1. Raw material and component supplier
3.4.2. Manufacturers
3.4.3. Software providers
3.4.4. Distributors
3.4.5. Vendor matrix
3.5. Technology & innovation landscape
3.5.1. Integration of AI in vibration monitoring
3.6. Regulatory landscape
3.7. Industry impact forces
3.7.1. Growth drivers
3.8. Growth potential analysis
3.9. Porter’s analysis
3.9.1. Industry rivalry
3.9.2. Threat of new entrants
3.9.3. Buyer power
3.9.4. Supplier power
3.9.5. Threat of substitutes
3.10. Competitive landscape, 2019
3.10.1. Company market share
3.10.2. Strategy dashboard
3.11. PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/vibration-monitoring-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.