The future of the global vibration monitoring market looks promising with opportunities in the oil and gas, energy and power, metals and mining, chemical, automotive, aerospace and defense, and food and beverage markets. The global vibration monitoring market is expected to reach an estimated $2.5 billion by 2030 with a CAGR of 6.6% from 2024 to 2030. The major drivers for this market are constant technological progress to provide increasingly affordable and efficient solutions for vibration monitoring, rising embrace of wireless systems in the realm of machine condition monitoring, and growing adoption of machine learning and big data analytics.
Some of the key questions
answered in this exclusive report are:
Q.1. What are some of
the most promising, high-growth opportunities for the vibration monitoring market
by offering (hardware, software, and services), system (embedded, vibration
analyzers, and vibration meters), monitoring process (online and portable), end
use industry (oil and gases, energy and power, metals and mining, chemicals,
automotive, aerospace and defense, food and beverages, and others), and region
(North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will
grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and
why?
Q.4. What are the key
factors affecting market dynamics? What are the key challenges and business
risks in this market?
Q.5. What are the
business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market
and the reasons behind them?
Q.7. What are some of
the changing demands of customers in the market?
Q.8. What are the new
developments in the market? Which companies are leading these developments?
Q.9. Who are the major
players in this market? What strategic initiatives are key players pursuing for
business growth?
Q.10. What are some of
the competing products in this market and how big of a threat do they pose for
loss of market share by material or product substitution?
Q.11. What M&A
activity has occurred in the last 5 years and what has its impact been on the
industry?
Market Segmentation:
In this market,
hardware, software, and services are the major segments of vibration monitoring
market by offering. Lucintel forecasts that hardware will remain the largest
segment over the forecast period because the vibration monitoring system
incorporates hardware components such as sensors, transmitters, accelerometers,
and proximity probes, which helps in detecting elevated levels of vibration in
rotary machines enhancing the overall accuracy of the monitoring system.
Within this market, oil
and gas will remain the largest segment over the forecast period because of
growing challenge of managing the high operational expenses in oil and gas
plants led to greater adoption of vibration monitoring systems and solutions to
ensure the continuous efficient operation of vital assets while minimizing
downtime.
APAC will remain the
highest growing region over the forecast period due to government regulations
pertaining to workplace and personnel safety, as well as a heightened emphasis
on maximizing asset utilization and enforcing rigorous quality control
standards within the oil and gas, chemical, and food and beverage industries in
the region.
SKF, Emerson Electric,
General Electric, Rockwell Automation, Honeywell International, Schaeffler
Technologies, and Analog Devices are the major suppliers in the vibration
monitoring market.
About
Lucintel
Lucintel, the premier global
management consulting and market research firm, creates winning strategies for
growth. It offers market assessments, competitive analysis, opportunity
analysis, growth
consulting, M&A, and due diligence services to executives and
key decision-makers in a variety of industries.
Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. 972.636.5056
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