The new report by Expert Market Research titled, ‘Global Vibration Monitoring Market Share, Size, Trends, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global vibration monitoring market, assessing the market based on its segments like component, system type, monitoring process, end use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The keyhighlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 1.58 billion
- Forecast CAGR (2023-2028): 6.6%
- Forecast Market Size (2028): USD 2.32 billion
Increased awareness of predictive maintenance, increased concern about product safety and functionality, growing acceptance of wireless systems in machine condition monitoring, growing nature of analytical care, high demand from advancing implementations, increasing acceptance of automated condition monitoring technologies, and penetration of the smart home are some of the major factors driving the growth of the global vibration monitoring industry.
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Rapid industrialisation has increased the demand for vibration monitoring from the end uses sectors as it has given rise to a varied range of applications that uses vibration monitoring. Vibration monitoring is cost-effective in the long run since it can provide a real-time response to changes in asset health conditions, allowing operators to take rapid action. Further, it supports remote condition monitoring and eliminates unnecessary labour, thereby boosting its demand.
Vibration Monitoring Industry Definition and Major Segments
The vibration monitoring market is driven by one of the major components of predictive maintenance, which is vibration monitoring. Steam and gas turbines, pumps, motors, compressors, paper machines, rolling mills, machine tools, and gearboxes are all examples of rotating equipment that employ it. It is utilised to figure out how well these machines work and how well they are maintained.
Vibration analysis has a number of advantages, including the ability to detect growing problems before they become too serious and cause unplanned downtime. This can be accomplished by monitoring machine vibrations on a regular basis, either continuously or at predetermined intervals.
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The major components of vibration monitoring are:
- Hardware
- Software
- Services
The major types of vibration monitoring systems are:
- Embedded Systems
- Vibration Analysers
- Vibration Metres
On the basis of monitoring process, the industry is divided into:
- Online
- Portable
The market can be broadly categorised on the basis of its end uses by:
- Energy and Power
- Metal and Mining
- Oil and Gas
- Automotive
- Food and Beverages
- Others
On the basis of region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Vibration Monitoring Market Trends
Research and development for the integration of artificial intelligence (AI) are expected to create lucrative market opportunities. The growth of machine learning and big data analytics, digitisation, and the industrial internet of things (IIoT) to clarify the new growth avenues are to extend profitable opportunities for the growth of the vibration monitoring market. Oil price fluctuations in the global market are another element contributing to the oil and gas industry’s rising demand to decrease operating expenses.
As a result, vibration monitoring systems and solutions are projected to be used by this industry in order to preserve the efficient operation of its essential assets and prevent downtime. Oil and gas, electricity generation, mining and metals, and other production-intensive businesses, for example, require 24-hour output.
Some equipment failures result in total disaster, significant repair expenses, and a dangerous working environment. As a result, such companies necessitate constant asset and machinery monitoring, making online vibration monitoring ideal for them. Emphasis on plant asset management and the presence of prominent market players contribute to the high demand for vibration monitoring systems globally.
Key Market Players
The major players in the market are SKF AB, General Electrics, Meggitt PLC, Emerson Electric Co., Rockwell Automation INC., and Honeywell International Inc., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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