August 06, 2020
According to the research report titled ‘Vibration Monitoring Market Size By Component, By Monitoring Process , By System , By Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global vibration monitoring market is expected to amass significant growth during 2020-2026.
For the record, vibration monitoring process helps to identify the machine vibrations that will detect plausible failure, malfunction, or process restriction. It is considered as an important component in predictive maintenance. Precise monitoring of critical equipment can prevent unscheduled outages, save maintenance & repair cost, and optimize machine performance. Focus towards establishing smart factories is propelling the growth of global vibration monitoring market. However, high initial cost and lack of skilled professionals for data analysis are expected to restrain the market outlook.
Based on the monitoring process, the market is segmented into online and potable. Among them, portable segment is reckoned to grow modestly over the forecast period, owing to the ability of these meters to measure vibration at any given point on an equipment.
With regards to the system type, the industry is segmented into vibration analyzer, vibration meter, and embedded. As per the report, vibration analyzer segment is poised to amass decent return by end of study duration. The system is extensively used for inspection of machineries at construction sites, manufacturing plants, and product development laboratories.
Speaking of application spectrum, vibration monitoring market is categorized into oil & gas, chemical, automotive, metals & mining, energy & power, food & beverages, and others. Among these, market share from chemical segment was 5% in 2019 and is estimated to grow further, owing to increasing adoption of wireless monitoring systems in pipelines and rotating machines.
From regional perspective, the market is segmented into Middle East & Africa, Asia Pacific, Europe, Latin America and North America. MEA vibration monitoring market grew by 10% in 2019 and is slated to record continuous expansion through 2026, due to the abundance of oil reservoirs in the region.