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Vibration Monitoring Market Size
- Report ID: GMI4647
- Published Date: Apr 2020
- Report Format: PDF
Vibration Monitoring Market Size
Vibration Monitoring Market size exceeded USD 1 billion in 2019 and is poised to grow at a CAGR of over 5% between 2020 and 2026.
Proliferation of IoT technology has augmented the vibration monitoring market growth. It enables manufacturers to monitor the condition of process equipment and machines in real-time. Therefore, they can take predictive measures regarding the malfunction and schedule the service maintenance to avoid failure.
In process manufacturing, the sensors collect the vibration data and further transmit to cloud for analysis to identify equipment condition in potential critical state, driving the demand for IoT-based monitoring systems. Moreover, to cater to the high demand among competitors, companies are continuously involving in developing new components for Industrial IoT.
| Report Attribute | Details |
|---|---|
| Base Year: | 2019 |
| Vibration Monitoring Market Size in 2019: | USD 1 billion |
| Forecast Period: | 2020 to 2026 |
| Forecast Period 2020 to 2026 CAGR: | 5% |
| 2026 Value Projection: | USD 2 billion |
| Historical Data for: | 2016 to 2019 |
| No. of Pages: | 190 |
| Tables, Charts & Figures: | 247 |
| Segments covered: | Component, Monitoring Process, System, Application, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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However, COVID-19 has affected the overall production capacity of various industries including automotive, chemicals, metals, food & beverages, etc. This is likely to restrain the demand for vibration monitoring market. Although, the major players are focusing to contribute in the current pandemic situation by substituting their production for the healthcare sector such as ventilators and healthcare devices.
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Vibration Monitoring Market Scope
