Vibration Monitoring Market by Component (Hardware, Software), System Type (Vibration Analyzer, Embedded Systems); Deployment (On-premise, Cloud); End User (Automotive, Chemicals): Global Market Size Estimates and Forecast (2019-2030)

Code: BMIRE00026949 | Pages: 100 | Industry: Electronics and Semiconductor | Date: Oct 2022 | Type: Global

The market is expected to cross US$ 1455.62 million in 2022 and is projected to hit US$ 2511.20 million by 2030, recording a CAGR of 6.71% during the forecast period.

The emergence of secure cloud computing platforms used for vibration monitoring is expected to propel the market growth over the forecast period.

The innovations and advancements in cloud platforms and the subsequent rise in their adoption offer enterprises new business capabilities and growth potential for the enterprises. Market players need advanced machines equipped with the latest maintenance technologies to avoid decline or interruption in production. These players also require monitoring the health of manufacturing equipment in real time, leading to implementing diagnostic technologies for machine tools. Cloud-based models are usually preferred by firms over machine-centric or personal computer-centric models for vibration monitoring applications, as they combine many computers to synchronize them. The advent of mobile computing technologies and the proliferation of internet-connected devices and cloud computing platforms have increased the Internet of Things (IoT) and the industrial internet of things technologies. Cloud computing uses the Internet network to remove the requirement of purchasing, installing and maintaining independent data centers. Mainstreaming cloud computing has offered much-needed flexibility to businesses to scale and grow globally.

Within the report, the market is segmented into component, system type, deployment, end user, and geography. By component, the market is segmented into hardware, software. Based on system type, the market is segmented into Vibration Analyzer, Embedded Systems. Based on deployment, the market is segmented into On-premise, Cloud.  Based on end user, the market is segmented into automotive, chemicals. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, and rest of the world.

Growing application of vibration monitoring systems in automotive industry is another factor driving the market growth.

The rising application of vibration monitoring systems in the automotive industry globally represents one of the major factors driving the market. It can be attributed to their assistance in growing productivity, declining downtime owing to superior analytics, and reducing human-mediated activities, such as manual inspections and unscheduled corrections. Apart from it, there is an increase in the awareness among the vendors of the manufacturing and energy and power sectors globally about predictive maintenance. It has resulted in the rising adoption of monitoring systems to ensure consistent monitoring of equipment to avoid adversities. Additionally, the key market players use wireless technology and cloud storage in vibration monitoring systems to enable smart factory equipment maintenance. Furthermore, they are also developing advanced technologies like system-on-a-chip (SOC) that allow real-time accurate data acquisition to be relayed immediately on handheld devices, such as smartphones, creating growth potential for the market. Besides this, the advent of online monitoring systems incorporated with onboard logic and decision-making abilities positively impacts the market growth over the forecast period.

Rising Industrial internet of things (IIoT) are expected to create lucrative growth opportunities for the market over the forecast period.

The Industrial Internet of Things (IIoT) has developed new growth potentials for key market players with vibration monitoring needs. Integrating IIoT with existing production processes enables firms to connect sensors for monitoring different machine parameters, such as vibration, temperature, and noise, to the Internet and monitor their assets in real-time. This technology offers a single platform for key market players to integrate and process all data. Additionally, the use of IIoT for condition monitoring and predictive maintenance helps ensure the high uptime of critical assets, particularly for assets with random failure patterns. Furthermore, it creates an opportunity for companies to improve operational performance and reliability by implementing transformative changes through business process automation. Moreover, Industries such as manufacturing, oil, gas, food, and beverage have employed IIoT in their plants over the last few years. The rising adoption of IIoT acts as an opportunity for the growth of the vibration monitoring market.

Recent Strategic Developments in Vibration monitoring market

The Vibration monitoring market has undergone several significant developments, and a few of these have been mentioned below:

  • In January 2021, SKF partnered with Solvang to release predictive maintenance to its fleet of tankers by investing in the new system for manual vibration monitoring, EnlightProCollect from SKF.
  • In April 2020, SKF collaborated with LumenRadio to develop a new wireless monitoring system that measures vibration and temperature.
  • In March 2020, SKF launched a compact and cost-efficient vibration and temperature sensor for monitoring the condition of rotating parts of heavy industrial machinery.

The Vibration monitoring market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Banner Engineering Corp, ERBESSD INSTRUMENTS, Fluke Corporation, HBM, ifm electronic gmbh, Omni instruments, SAP, STI Vibration Monitoring Inc., VibraVista, Vibro-Acoustic srl, are among the prominent players operating in the market.

Target audience for the report:

  • Vibration monitoring manufacturers
  • Raw material providers
  • Vibration monitoring providers
  • Vibration monitoring -related service providers
  • Vibration monitoring -related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Electronics component suppliers
  • Vibration monitoring and devices distributors and sales firms
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Component
    • Hardware
    • Software
  • System Type
    • Vibration Analyzer
    • Embedded Systems
  • Deployment
    • On-premise
    • Cloud
  • End User
    • Automotive
    • Chemicals
  • Region
    • North America
      • US
      • Canada
      • Mexico
    • Europe
    • Asia Pacific (APAC)
    • Rest of World
  • Companies profiles
    • Banner Engineering Corp
    •  ERBESSD INSTRUMENTS
    •  Fluke Corporation
    •  HBM
    •  ifm electronic gmbh
    •  Omni instruments
    •  SAP
    •  STI Vibration Monitoring Inc.
    •  VibraVista
    •  Vibro-Acoustic srl

The List of Companies
- Banner Engineering Corp
- ERBESSD INSTRUMENTS
- Fluke Corporation
- HBM
- ifm electronic gmbh
- Omni instruments
- SAP
- STI Vibration Monitoring Inc.
- VibraVista
- Vibro-Acoustic srl

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