Global Vibration Monitoring Market-industry Analysis
June 24, 2021 ⚊ 3 Min read ⚊ Views 340 ⚊ BUSINESS
Global Vibration Monitoring Market size was valued US$ XX Bn in 2019 and the total revenue is expected to grow at 7.0% through 2020 to 2027, reaching US$ XX Bn. Global Vibration Monitoring Market Drivers and Restrains: Vibration monitoring is one of the core concepts of dynamic control for industrial machinery. The advanced vibration monitoring systems are integrated into the industrial machinery for the deliver of exhaustive, and almost a real-time diagnostic information to the workers on the actual dynamic condition and performance of the machines. The adoption of vibration monitoring is high in the automotive, manufacturing, and energy & power sectors. They utilized predictive analysis that helps manufacturers increase their productivity and maximize operational efficiency.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis. The global vibration monitoring market is driven by the rising use of wireless systems in machine condition monitoring, increasing disposition toward predictive maintenance, and high demand from emerging applications. The advent of secure cloud computing platforms used in condition monitoring, growing adoption of automated condition monitoring technologies in the smart factories will impel the market growth in the forecast period. However, the high initial investment for vibration monitoring solutions on existing machinery, the impact of regulatory standards, and lack of trained technical resources for data analysis are restraining the market growth at the global level. The development of machine learning and big data analytics, and Digitization and Industrial Internet of Things (IIoT) are expected to create beneficial opportunities for the key player in the market during the forecast period. Accessibility to expertise at remote locations and the trend of integration of vibration monitoring systems with other maintenance systems are the major challenge for the Vibration Monitoring market in the near future. Global Vibration Monitoring Market Segmentation Analysis: Based on the industry, the automotive segment has led the vibration monitoring market in 2019 and is estimated to generate more than US$ XX Mn market revenue by 2027, with a CAGR of XX%. These industries acquire heavy and capital-intensive machinery and greatly depend on operational efficiencies for production benefits. The global automotive industry is focused on automation and upgrading assembly lines that require motor monitoring. Motor current signature analysis helps to reduce machine failures and extends the life of machines. The automotive industry is showing significant growth in the number of units produced per day. The machinery on the production floor is required to be appropriately maintained to minimize the production cycle and increase production output. Therefore, the automotive industry segment is creating a huge demand for vibration monitoring systems during the forecast period.
