Global Vibration Monitoring Market is expected to rise from its initial estimated value of USD 1.48 billion in 2018 to an estimated value of USD 2.51 billion by 2026, registering a CAGR of 6.8% in the forecast period of 2019-2026. This rise in market value can be attributed to the rising trend of wireless vibration monitoring systems.
Some of the major competitors currently working in the vibration monitoring market are AZIMA DLI CORPORATION (US), Analog Devices, Inc. (US), Emerson Electric Co. (US), Brüel & Kjær (Europe), Honeywell International Inc. (US), National Instruments (US), PCB Piezotronics, Inc. (US), GENERAL ELECTRIC (US), Rockwell Automation, Inc. (US), Meggitt PLC. UK), SKF (Europe), Data Physics Corporation (USA), SPM Instrument AB (USA), (US), PRÜFTECHNIK Dieter Busch AG (Germany), Bachmann electronic GmbH (Germany), PARKER HANNIFIN CORP (UK), ifm electronic gmbh (Germany) and others.
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Vibration monitoring systems are used for the purpose of decreasing the cost of operation by reducing the occurrences of unplanned outages and maintenance cost. These systems are further utilized for optimizing several maintenance activities at the time of a planned shutdown. The latest trend in this market is wireless vibration monitoring systems, which are handy and easy to use and company awareness towards unplanned maintenance. These systems are gaining rising trends in the small factories to reduce the unpredicted outages and predictive maintenance. This system detects the faults in the system, so they are widely used to reduce the future risk in the industries.
- Growing awareness toward predictive maintenance, this significant act as a driver for the market.
- Rising demand from emerging applications, increasing of demand act as a driver for the market.
- Additional cost associated with existing machinery, this make restraints to the market.
Segmentation: Global Vibration Monitoring Market
By Monitoring System
- Route-Based Monitoring
- Portable Machine Diagnostics
- Online Machine Monitoring
- Online Machine Protection
- Factory Assurance Test
By Monitoring Technology
- Vibration Analysis
- Corrosion monitoring
- Lubricant Analysis
- Infrared Thermography
- Ultrasound Testing
- Motor Condition Monitoring
- Renewable Energy
- Oil & Gas
- Proximity Probes
- Velocity Sensors
- Metals and Mining
- Aerospace and Defense
- Food and Beverages
- Pulp and Paper
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
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Key Developments in the Market:
- In November 2015, Honeywell International Inc. (US) launched the RTU2020 process controller. This new process controller would help the companies operating in the oil and gas, mining, and other process industries to manage complex remote automation and control applications effectively.
- In September 2015, General Electric introduced a new version of system 1 Evolution software offered by Bently Nevada for online condition monitoring of highly critical equipment.
Competitive Analysis: Global Vibration Monitoring Market
Global vibration monitoring market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of vibration monitoring market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved