Vibration monitoring is a process of checking the condition of machinery or equipment to detect damages and ensure the health and efficiency of machines in the long term. Vibration monitoring systems identify vibrations which may indicate a malfunction, developing failure, or process restriction. It is one of the key components of predictive maintenance. The rise in awareness toward predictive maintenance drives the vibration monitoring market growth.
Vibration monitoring is used primarily on rotating equipment such as steam & gas turbines, pumps, motors, compressors, paper machines, rolling mills, machine tools, and gearboxes. It is used to determine the operating and mechanical condition of these equipment. A major advantage is that vibration analysis can identify developing problems before they become too serious and cause unscheduled downtime. This can be achieved by conducting regular monitoring of machine vibrations either on continuous basis or at scheduled intervals.
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The major companies profiled in the vibration monitoring market share include SKF AB, Emerson Electric Co., General Electric, Meggitt PLC, National Instruments Corp., Rockwell Automation Inc., Honeywell International Inc., Schaeffler Technologies AG & Co. KG, Bruel & Kiaer Sound & Vibration Measurement A/S, and Analog Devices Inc., and others.
The vibration monitoring process is carried in two ways, i.e., online or portable. Online vibration monitoring is widely used process as it is used for critical plants that work continuously and are highly prone to defects. The online vibration monitoring process is used in industries where 24*7 production is maintained, such as oil & gas, energy & power. Therefore, it is expected that the online vibration monitoring segment will dominate the vibration monitoring market.
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There are several players in the market and the growth strategy adopted by the key players are new product launch, product development, merger, and acquisition. For instance, Rockwell Automation launched Thin Manager version 11.0 software. It includes support for 11 local languages in 12 countries, making it easier for global organizations to configure, deploy, and manage thin client devices in their operations using their native language and character sets.
The significant impacting factors for the growth of the vibration monitoring market include growth in awareness toward predictive maintenance, rise in concern related to products safety and functionality, and increase in trend of vibration monitoring through wireless system.
In addition, the restraining factors by which the market is influenced include high installation costs, lack of skilled workforce, and other technical resources for analyzing and predicting the machine condition. Each of these factors is anticipated to have a definite impact on the vibration monitoring market during the forecast period.
The vibration monitoring market is segmented based on component, system type, monitoring process, end use, and region.
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Based on component, the market is categorized into hardware, software, and services. By system type, it is divided into embedded systems, vibration analyzers, and vibration meters. Based on monitoring process, it is bifurcated into online and portable. By end use, the market is categorized into oil & gas, energy & power, metals & mining, chemicals, automotive, aerospace & defense, food & beverages, marine, pulp & paper, and others. Based on region, the market is analyzed across Europe, Asia-Pacific, North America, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
This study comprises analytical depiction of the vibration monitoring market trends with current trends and future estimations to depict the imminent investment pockets.
The overall potential is determined to understand the profitable trends to gain a stronger foothold in the vibration monitoring industry.
The vibration monitoring market analysis report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current market forecast is quantitatively analyzed from 2019 to 2026 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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