Stratview Research publishes a new report titled Vibration Monitoring Market which is segmented by Component Type (Hardware, Software, and Services), by Monitoring Process Type (Online and Portable), by System Type (Embedded, Vibration Analyzer, and Vibration Meter), by Application Type (Oil Gas, Energy Power, Metals Mining, Chemical, Automotive, and Food Beverages), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Insights
The vibration monitoring market size was valued.at USD 1.45 billion in 2021 and is likely to grow at a CAGR of 6.8% during 2022-2028 to reach USD 2.3 billion in 2028.
Machine and installation vibration monitoring systems are utilized for condition-based maintenance. They aid in the early detection of machine damage and the avoidance of costly secondary damage.
COVID-19 IMPACT
The global pandemic Covid-19 has negatively impacted the growth of the vibration monitoring market. Lockdowns and various international restrictions have been the key factor behind the declining growth. However, the market is expected to revamp post-pandemic.
Market Drivers
The growth of IoT technologies has aided the expansion of the vibration monitoring market. It allows producers to keep track of the status of process equipment and machinery in real time. As a result, they can take preventative action in the event of a problem and plan service maintenance to avert failure.
Global Vibration Monitoring Market Report Segments:
The market is segmented into the following categories.
By Component Type
- Hardware
- Software
- Services
By Monitoring Process Type
- Online
- Portable
By System Type
- Embedded
- Vibration Analyzer
- Vibration Meter
By Application Type
- Oil Gas
- Energy Power
- Metals Mining
- Chemical
- Automotive
- Food Beverages
By Region
- North America (Country Analysis: the USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)
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