Vibration Monitoring Market is Forecasted to Reach US$ 2.91 Billion in 2030, Says Stratview Research

The global vibration monitoring market is projected to witness a growth rate of 7.9% annually from 2024 to 2030 with an anticipated size of US$ 2.91 billion by 2030, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global vibration monitoring market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Report Highlights:
Market Size in 2030: US$ 2.91 billion
Growth (CAGR): 7.9% during 2024-2030
Forecast Period: 2024-2030
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Vibration Monitoring Market:

The global vibration monitoring market is segmented based on component type, monitoring process type, system type, application type, and region.

Based on component type - The market is segmented into hardware, software, and services. In 2023, the hardware segment had a market share of more than 60%, and this growth is expected to be approximately 6% during the forecast period. Sensors, transmitters, accelerometers, and proximity probes are among the hardware components utilized in the vibration monitoring system. The sensors allow for the detection of excessive levels of vibration in the rotary machine and improve the precision of the monitoring system, resulting in increased market demand.

Based on system type - The market is segmented as embedded, vibration analyzer, and vibration meter. Embedded systems account for the majority of the market and are expected to increase at a CAGR of over 6% throughout the forecast period. These systems, which are mounted directly on the machine and provide continuous and effective monitoring, have significant market growth potential. Embedded systems have analysis, sensing, storing, and alarm capabilities, allowing them to send out rapid messages in the event of irregular vibrations. As a result, market possibilities for these systems exist in the oil and gas, metals and mining, and energy and power industries, all of which require constant monitoring in crucial operations.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/1869/vibration-monitoring-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that the Asia-Pacific is estimated to be the fastest-growing region during the forecast period. This growth outlook is majorly attributed to the following-

• Owing to rising coal output in China. According to the China National Energy Administration (NEA), in 2023, China added an estimated 234 million tons per annum (Mtpa) of new coal capacity, largely through upgrades in major coal-producing regions like Shanxi, Shaanxi, and Inner Mongolia.
• This expansion is anticipated to carry into 2024, with coal production forecasted to meet increasing electricity demands and prevent energy shortages seen in previous years.
• According to the NEA, China's total operational coal capacity reached approximately 6.2 billion tons annually by the end of 2023, with ongoing projects to bring additional capacity online as early as next year. This will augment the use of vibration monitoring in coal mines for continuous monitoring, affecting the market income.
• North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Vibration Monitoring Market Drivers:

Some of the key drivers listed in the report are given below.

• Adoption of Industry 4.0: Trends like Artificial Intelligence (AI), Industrial Internet of Things (IIoT), etc., enable predictive maintenance. Thus, growing R&D in the implementation of such trends is expected to create productive market opportunities for vibration monitoring.
• Increasing focus on safety and regulatory compliances: In industries such as Oil and Gas, Power generation, mining, etc., safety and regulatory compliances are increasing that in turn is driving the need for accurate and reliable vibration monitoring solutions. These solutions help in reducing the risks/accidents and damages.
• Acceptance of wireless systems: The growing acceptance of wireless systems in condition monitoring solutions, penetration of smart factories, and the arrival of the secure cloud computing platforms used in condition monitoring are projected to be significant factors driving the growth of this market.

Top Companies in the Vibration Monitoring Market:

Stratview Research has identified the following companies as the top market players.
• AB SKF
• ALS Limited
• Analog Devices, Inc.
• Brüel & Kjær Vibro GmbH
• Emerson Electric Co.
• Fluke Corporation
• General Electric
• Honeywell International Inc
• MACHINE SAVER
• Meggitt SA

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Vibration Monitoring Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Mining Condition Monitoring System Market: https://stratviewresearch.com/2585/mining-condition-monitoring-system-market.html
• Oil and Gas Condition Monitoring System Market: https://stratviewresearch.com/2586/oil-and-gas-condition-monitoring-system-market.html

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This release was published on openPR.