Mar 31, 2020   SOURCE: BusinessWire

Global Vibration Monitoring Market (2020 to 2025) - Players Profiled Include General Electric, Honeywell International, National Instruments & SKF Among Others - ResearchAndMarkets.com

The "Vibration Monitoring Market by Component (Hardware and Software), System Type (Embedded Systems, Vibration Analyzers, and Vibration Meters), Monitoring Process (Online and Portable), Industry, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global vibration monitoring market was valued at USD 1.4 billion in 2019 and is expected to reach USD 2.2 billion by 2025, at a CAGR of 7.4% during 2020-2025.

Vibration monitoring solutions have gradually become an integral part of the various industries for carrying out the predictive maintenance program effectively, with an aim to minimize costly breakdowns of machines affecting the production process. Factors such as the rising trend of remote monitoring through wireless systems, growing awareness toward predictive maintenance, increasing demand from emerging applications such as heating, ventilation and air conditioning (HAVC), and penetration of smart factories in major regions are driving the growth of the vibration monitoring market.

Growth of vibration monitoring industry expected to be driven by the oil & gas industry during 2020-2025.

The oil & gas industry is expected to hold a significant share of the global vibration monitoring market during the forecast period. The oil & gas industry uses extremely complex and expensive equipment such as boilers, pumps, generators, and piping network for their operations. These equipment consume a lot of power and generate an equally large amount of heat. Even a minor fault in the machine may lead to an increase in power consumption and process downtime or trigger the release of potent gases, leading to an explosion. Thus, vibration monitoring systems are in high demand in the oil & gas industry. Besides oil & gas, other industries that hold a significant share in the vibration monitoring industry are energy & power, metals & mining, and chemicals, among others.

Vibration monitoring market in APAC to grow at the highest CAGR during the forecast period.

The market for vibration monitoring in APAC is expected to grow at the highest CAGR between 2020 and 2025. Rapid industrialization, increasing adoption of predictive maintenance tools, and competitive pressure to achieve operational efficiency are fueling the growth of the vibration monitoring market in APAC. The expansion of manufacturing activities as a result of the migration of production bases to Asian countries with low labor costs, such as China, India, and South Korea, is driving the demand for vibration monitoring systems in the region.

Market Dynamics

Drivers

  • Rising Adoption of Wireless Systems in Machine Condition Monitoring
  • Increasing Disposition Toward Predictive Maintenance
  • High Demand From Emerging Applications
  • Growing Adoption of Automated Condition Monitoring Technologies and Penetration of Smart Factory
  • Advent of Secure Cloud Computing Platforms Used in Condition Monitoring

Restraints

  • Additional Retrofitting Costs for Vibration Monitoring Solutions on Existing Machinery
  • Impact of Regulatory Standards
  • Lack of Trained Technical Resources for Data Analysis

Opportunities

  • Development of Machine Learning and Big Data Analytics
  • Digitization and Industrial Internet of Things (IIoT) to Unfold New Growth Avenues

Challenges

  • Accessibility to Expertise at Remote Locations
  • Trend of Integration of Vibration Monitoring Systems With Other Maintenance Systems

Companies Profiled

  • Emerson Electric
  • General Electric
  • Honeywell International
  • National Instruments
  • SKF
  • Rockwell Automation
  • Schaeffler
  • Bruel & Kjaer
  • Meggitt
  • Analog Devices
  • Fluke
  • Symphony Azimaai
  • PCB Piezotronics
  • Parker-Hannifin
  • Spm Instrument
  • ALS
  • Machine Saver
  • Petasense
  • Wilcoxon Sensing Technologies
  • PCMS Engineering

For more information about this report visit https://www.researchandmarkets.com/r/s7v23k