North America vibration monitoring market stood at more than $ 738 million in 2019 and is forecast to grow at an impressive rate more than 7.5% CAGR by 2026, owing to growing focus of companies towards reducing maintenance & labor costs, improving machinery uptime, streamlining manufacturing process and boosting productivity. Moreover, rising demand for comprehensive vibration monitoring solutions integrating machine learning, cloud computing and big data analytics capabilities would positively influence the region’s vibration monitoring market. Some of the other key factors that are expected to drive the market are growing oil & gas production, increasing application of Internet of Things (IoT) to develop smart factories and rising adoption of wireless & online vibration monitoring.
The North America vibration monitoring market is segmented by offering, by monitoring process, by steam type, and by industry. Based on the offering segment of the market the North America vibration monitoring market is further bifurcated into hardware and software monitoring. The market asserts a need for real-time and remote condition monitoring, this increases the deployment of vibration monitoring software to facilitate the proactive management of assets. Moreover, data volume being generated from vibration monitoring hardware is increasing at a robust pace, leading to the demand for efficient, reliable, and secure data storage and effective management as well as data analysis.
Some of the major players operating in North America vibration monitoring market are Baker Hughes, a GE Company, LLC, Emerson Electric Co., SKF USA Inc., Honeywell International Inc., National Instruments Corporation, Schaeffler Group USA Inc., Rockwell Automation, Inc., Meggitt (North Hollywood), Inc., Analog Devices, Inc., and Bruel & Kjaer North America Inc.
Years considered for this report
Historical Years2016-2019
Base Year2020
Estimated Year2021
Forecast Period2022-2026
Objective of the Study
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· To analyze and forecast North America vibration monitoring market size.
· To analyze and forecast North America vibration monitoring market with respect to offeringhardware and software.
· To analyze and forecast North America vibration monitoring market with respect to monitoring processportable and online.
· To analyze and forecast North America vibration monitoring market with respect to system typevibration analyzer, embedded systems and vibration meters.
· To analyze and forecast North America vibration monitoring market with respect to industry (oil & gas, energy & power, chemicals, marine, automotive and others).
· To assess the detailed market segmentation and forecast the market size by segmenting North America vibration monitoring market into countries, namely – United States, Canada and Mexico.
· To identify the tailwinds and headwinds for North America vibration monitoring market.
· To identify the drivers and challenges for North America vibration monitoring market.
· To strategically profile leading players driving innovation and technological advancements in North America vibration monitoring market.
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Market Insights Research performed exhaustive secondary research as well as primary research for this study. Initially, Market Insights Research sourced a list of vibration monitoring companies across the region. Subsequently, Market Insights Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, Market Insights Research was able to include the providers which could not be identified due to the limitations of secondary research. Market Insights Research analyzed the product offerings, distribution channels, and presence of all major vibration monitoring companies in North America.
Market Insights Research calculated North America vibration monitoring market size using a bottom-up approach,
Key Target Audience
- Vibration Monitoring solution providers and other stakeholders
- Associations, organizations, forums and alliances related to vibration monitoring
- Government bodies such as regulating authorities and policymakers
- Research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as vibration monitoring equipment OEMs, software & service providers, distributors and partners. The report also provides useful insights about which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth opportunities.
