According to a recent report published by Allied Market Research, titled, “Vibration Monitoring Market by Component, System Type, Monitoring Process, and End Use: Opportunity Analysis and Industry Forecast, 2020-2027,” the global vibration monitoring industry size was valued at $1.33 Billion in 2019, and is projected to reach $2.17 Billion by 2027, growing at a CAGR of 6.6% from 2020 to 2027.
Vibration monitoring is a process of checking the condition of machinery or equipment to detect damages and ensure the health and efficiency of machines in the long term. These systems identify vibrations which may indicate a malfunction, developing failure, or process restriction. It is one of the key components of predictive maintenance. Rise in awareness toward predictive maintenance drives the vibration monitoring market growth.
Vibration monitoring is used primarily on rotating equipment such as steam & gas turbines, pumps, motors, compressors, paper machines, rolling mills, machine tools, and gearboxes. It is used to determine the operating and mechanical condition of these equipment. A major advantage is that vibration analysis can identify developing problems before they become too serious and cause unscheduled downtime. This can be achieved by conducting regular monitoring of machine vibrations either on continuous basis or at scheduled intervals.
The factors such as growth in awareness toward predictive maintenance, rise in concern related to products safety and functionality, and increase in trend of vibration monitoring through wireless system drive the growth of the vibration monitoring market. However, high installation costs, lack of skilled workforce, and other technical resources for analyzing and predicting the machine condition across the world hamper the market growth. On the contrary, R&D for integration of AI is expected to create lucrative market opportunities.
The global vibration monitoring market is segmented on the basis of component, system type, monitoring process end use, and region. Based on the component, the market is divided into hardware, software, and services. By system type, the market is classified into embedded systems, vibration analyzers, and vibration meters. Based on monitoring process, the market is bifurcated into online and portable. Based on the end use, the market is divided into energy & power, metals & mining, automotive, food & beverages, and others. Region wise, the vibration monitoring market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue generator in 2019, accounting for more than 30% share in 2019, owing to wide presence of key manufactures in the region.
The major companies profiled in the vibration monitoring market report include SKF AB, Emerson Electric Co., General Electric, Meggitt PLC, National Instruments Corp., Rockwell Automation Inc., Honeywell International Inc., Schaeffler Technologies AG & Co. KG, Bruel & Kiaer Sound & Vibration Measurement A/S, and Analog Devices Inc., and others. The global vibration monitoring industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements, among others to influence the market growth.
COVID-19 has impacted the growth of the vibration monitoring market. Due to lockdown and various international restrictions by the governments of many countries, the process of vibration monitoring system development has been delayed. Furthermore, the slowdown in industrial growth has also been impacted, which has affected the market. The COVID-19 impact on the vibration monitoring market is expected to last till end of 2020, post which the market is expected to pick-up pace.
Key Findings Of The Study
- By component, the hardware held the leading position in 2019 and contributed a major part in vibration monitoring market share.
- By system type, the embedded system segment held the highest revenue of in 2019.
- As per the vibration monitoring market analysis, the oil & gas industry held the highest revenue share in 2019.
- By region, North America is expected to dominate the market, garnering a major share during the forecast period.