Press release
With 6.8% CAGR, Vibration Monitoring Market Growth to Surpass USD 1.9 billion
The global vibration monitoring market size is projected to reach USD 1.9 billion by 2026 from USD 1.3 billion in 2020; it is expected to grow at a CAGR of 6.8%. Inclination of manufacturing companies toward predictive maintenance techniques is expected to propel the growth of the market.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=29273491
Software segment is expected to grow at highest CAGR during the forecast period
Software is an essential part of vibration monitoring systems. The data extracted via hardware components is in the form of raw data, which is collected, processed, and analyzed by the software. A variety of software solutions are available in the market, working on different technologies featured with common functions such as data integration, diagnostic reporting, order tracking analysis, and parameter calculation. Software solutions are mostly integrated with hardware systems in a vibration monitoring system; the software systems can also be purchased separately and then connected with the hardware. Moreover, the software systems need to be updated on a timely basis for their optimum functionality. Additionally, the cost for software and related license updates is borne by the end users. Customized software solutions with algorithms preprogrammed to comply with the maintenance needs of manufacturers are also available in the market.
Automotive industry projected to grow at highest CAGR of vibration monitoring market during 2021-2026
The automotive industry is emphasizing automating and upgrading its assembly lines, which require motor monitoring. Motor current signature analysis monitoring technique helps reduce machine failures and extend their lifespan. The automotive industry is witnessing significant growth in the number of units produced per day. The machinery on the production floor of the automotive industry requires to be maintained properly for enhanced production cycle and increased production output. Vibration monitoring enables predictive maintenance and helps in efficient operations of the assembly lines in the automotive industry. Hence, the automotive industry is expected to exhibit significant growth from 2021 to 2026.
North America contributed the largest market size of the vibration monitoring market in 2020
The growth of the vibration monitoring market in North America can be attributed to the presence of a large number of vibration monitoring system providers in the US. Some of the prominent players in the vibration monitoring market in North America are GE, Emerson Electric, Honeywell International, National Instruments, and Parker Hannifin. The region is witnessing the growth and adoption of the latest trending technologies such as smart manufacturing, IIoT, and cloud computing. This is supporting the manufacturing industries in the region to ensure efficiency in their operations. Hence, there is high adoption of the online vibration monitoring process in these industries for vibration monitoring.
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A few of the key players in the vibration monitoring market are General Electric (US), Honeywell International (US), Emerson Electric (US), SKF (Sweden), Schaeffler (Germany), Parker Haniffin (US), Rockwell Automation (US), Meggit (UK), Analog Devices (US), and National Instruments (US).
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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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sales@marketsandmarkets.com
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
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