Stratview Research published a new report on the “Vibration Monitoring Market” that offers detailed segmentation of the market based on Component Type, System Type, Monitoring Process Type, Application Type, and Region.
According to the report, the vibration monitoring market 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.
Key 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
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