Vibration Monitoring Market

The global vibration monitoring market size is expected to reach from $1.33 billion in 2019 to $2.17 billion by 2027, growing at a CAGR of 6.6% from 2020 to 2027. Vibration monitoring is a technique for examining machines to detect damages and ensure the efficiency of industrial production in the long term. These systems monitor, analyze, and identify vibrations, which may indicate a malfunction, fore-coming failure, or process restriction. 

Vibration monitoring is one of the major components of predictive maintenance that drives the vibration monitoring market growth. It 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 vibration monitoring process is carried in two ways, that is, online or portable. Online vibration monitoring is widely used process as it is used for critical plants that work continuously and are highly prone to defects. The online vibration monitoring process is used in industries where 24*7 production is maintained, such as oil & gas, energy & power. Therefore, it is expected that the online vibration monitoring segment will dominate the market. There are several players in the market and the growth strategy adopted by the key players are new product launch, product development, merger, and acquisition. For instance, Rockwell Automation launched Thin Manager version 11.0 software. It includes support for 11 local languages in 12 countries, making it easier for global organizations to configure, deploy, and manage thin client devices in their operations using their native language and character sets.

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 growth. 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.

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. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Top Impacting Factors

The significant impacting factors for the growth of the vibration monitoring market include 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. In addition, the restraining factors by which the market is influenced include high installation costs, lack of skilled workforce, and other technical resources for analyzing and predicting the machine condition. On the contrary, R&D for integration of AI is expected to create lucrative market opportunities. Each of these factors is anticipated to have a definite impact on the vibration monitoring market during the forecast period. 

Major factor impacting the vibration monitoring market growth is given below:

Increase in trend of vibration monitoring through wireless system 

The developments in vibration monitoring systems has integrated wireless technology and cloud storage. Wireless connectivity in the system using Bluetooth, also provides seamless functioning. For instance, STMicroelectronics, a semiconductor manufacturer, has launched a new vibration-sensing solution optimized to enable smart maintenance of factory equipment. The IIS3DWB is a 3-axis MEMS accelerometer optimized for industrial vibration sensing. The STEVAL-STWINKT1 simplifies prototyping and testing by integrating the IIS3DWB with additional sensors, an ultra-low-power microcontroller and algorithms for vibration processing, Bluetooth wireless module, and USB connection. Housed in a plastic enclosure with a battery, the kit is ready to begin application development and presents a convenient reference design. High-speed data-logger and cloud-dashboard utilities are included to help collect, analyze, and visualize the results.

Competition Analysis

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.

Key Benefits For Stakeholders

• This study comprises analytical depiction of the global vibration monitoring market share along with the current trends and future estimations to depict the imminent investment pockets.
• The overall vibration monitoring market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current vibration monitoring market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the market.

 Vibration Monitoring Market Report Highlights