The global vibration monitoring market size is expected to grow from USD 1.85 billion in 2024 to USD 2.69 billion by 2029, at a CAGR of 7.8% from 2024 to 2029. The rising interest in cloud platforms and their adoption offer enterprises new business capabilities and opportunities. Currently, enterprises require advanced machines equipped with advanced maintenance technologies to avoid any reduction or interruption in production. These enterprises also require monitoring the health of manufacturing equipment in real-time, thereby leading to the employment of diagnostic technologies for machine tools.
Chemical segment is projected to grow at an impressive CAGR during the forecast period.
Chemical processing plants have machines that are vulnerable to failure and unplanned downtime, with the added risk of harmful impact on the environment. Several types of process equipment are used in chemical plants, including boilers, turbines, motors, conveyors, dryers, evaporators, feeders, filters, generators, heat exchangers, mixers, packaging equipment, pumps, reactors, tanks, and valves. A prolonged process interruption can lead to production losses. Most equipment in the chemical processing industry have standard couplings, gearboxes, and rolling element bearings. Thus, the implementation of appropriate protection, prediction, and performance monitoring systems is essential for the profitability of chemical manufacturing plants. Vibration monitoring systems and solutions are used in chemical plants to monitor various chemical processes.The market in Europe is expected to hold significant market share during the forecast period.
Germany is one of the key countries in Europe. The country has a strong automotive manufacturing base. The Government of Germany has undertaken an ambitious Industry 4.0 project to computerize its process industries to increase resource efficiency and industrial output. The technological base for this project is cyber-physical systems, cloud computing, and the Internet of Things. Its goal is to increase digitalization through smart factories and loT. The increasing use of intelligent sensing technologies and Industry 4.0 has significantly enhanced the condition monitoring processes in Germany. Industry 4.0 helps to digitize industrial processes and improve plant efficiency.Breakdown of the profiles of primary participants:
- By Company Type: Tier 1 - 40%, Tier 2 - 35%, and Tier 3 - 25%
- By Designation: C-level Executives - 45%, Directors - 35%, and Others - 20%
- By Region: North America - 40%, Europe - 30%, Asia Pacific - 20%, and RoW - 10%
Research Coverage
The vibration monitoring market has been classified by offering, monitoring process, deployment type, system type, industry, and region. The market by offering has been classified into hardware, software, and services. The monitoring process segment is divided into online and portable. The system type segment is divided into on-premises and cloud. The deployment type segment is divided into on-premises and cloud. The market has been divided into oil & gas, power generation, mining & metals, chemicals, automotive, aerospace, food & beverages, other industries by industry segment. The study also forecasts the market size in four key regions - North America, Europe, Asia Pacific, and RoW.Key Benefits of Buying the Report:
The report provides insights on the following pointers:
- Analysis of key drivers (Rising adoption of wireless communication technology to avoid unplanned shutdowns, Growing use of cloud computing platforms to monitor industrial equipment health, Rising predictive maintenance need in industrial area, Rising development of smart manufacturing to drive vibration monitoring adoption, Benefits associated with vibration monitoring systems), restraints (lack of trust issues associated in prediction capabilities of vibration monitoring systems, Lack of availability of trained resources for data analysis), opportunities (Rising interest towards big data analytics and machine learning, Rising collaborations and partnerships among different market players, Rising interest toward Industrial Internet of Things (IIoT)), and challenges (Unavailability of expertise at remote locations, Additional expenses associated with retrofitting existing systems, System integration issues), influencing the growth of the vibration monitoring market.
- Product Development/Innovation: Detailed insights on new products, technologies, research & development activities, funding activities, industry partnerships, and new product launches in the vibration monitoring market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the vibration monitoring market across regions such as North America, Europe, Asia Pacific, and RoW.
- Market Diversification: Exhaustive information about new products & technologies, untapped geographies, recent developments, and investments in the vibration monitoring market.
- Competitive Assessment: In-depth assessment of market position, growth strategies, and product offerings of leading players like Baker Hughes Company (US), Emerson Electric Co. (US), SKF (Sweden), Schaeffler AG (Germany), Parker Hannifin Corp (US), and among others in the vibration monitoring market.
- Strategies: The report also helps stakeholders understand the pulse of the vibration monitoring market and provides information on key market drivers, restraints, challenges, and opportunities.
Table of Contents
1 Introduction
2 Research Methodology
4 Premium Insights
5 Market Overview
6 Applications of Vibration Monitoring Systems
7 Vibration Monitoring Market, by Offering
8 Vibration Monitoring Market, by System Type
9 Vibration Monitoring Market, by Industry
10 Vibration Monitoring Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent and Relevant Markets
14 Appendix
List of Tables
List of Figures
Companies Mentioned
- Baker Hughes Company
- Emerson Electric Co.
- Skf
- Schaeffler AG
- Parker Hannifin Corp
- Honeywell International Inc.
- Rockwell Automation
- Analog Devices, Inc.
- ALS
- Teledyne Flir LLC
- Ifm Electronic GmbH
- Fluke Corporation
- Pcb Piezotronics, Inc.
- Spm Instrument Ab
- Adash
- Brüel & Kjær Vibro GmbH
- Anhui Ronds Science & Technology Incorporated Company
- Erbessd Instruments
- Istec International
- Petasense Inc.
- Machine Saver
- Kcf
- Sti Vibration Monitoring Inc.
- Hansford Sensors
- Monitran
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 219 |
Published | September 2024 |
Forecast Period | 2024 - 2029 |
Estimated Market Value ( USD | $ 1.85 Billion |
Forecasted Market Value ( USD | $ 2.69 Billion |
Compound Annual Growth Rate | 7.8% |
Regions Covered | Global |
No. of Companies Mentioned | 25 |