Global Vibration Monitoring Market, By Component (Hardware, Software, Services), System Type (Embedded Systems, Vibration Analyzers, Vibration Meters), Monitoring Process (Online, Portable), Deployment Type (On-premises, Cloud), Industry (Oil and Gas, Energy and Power, Metals and Mining, Chemicals, Automotive, Aerospace and Defense. Food and Beverages, Marine, Pulp and Paper, Others) – Industry Trends and Forecast to 2029.
Global Vibration Monitoring Market Analysis and Size
The requirement for preventative and predictive maintenance is driving the usage of vibration monitoring across a variety of sectors. In the realm of vibration monitoring and analysis devices, a lot of technological progress has been done by market players. Consequently, these growth determinants aid the market to have a positive outlook over forecasted timeline.
- The vibration monitoring market was valued at USD 1.39 billion in 2021 and is expected to reach USD 2.45 billion by 2029, registering a CAGR of 7.30% during the forecast period of 2022-2029. The “oil and gas” accounts for the largest industry segment in the vibration monitoring market within the forecasted period owing to the rising pressure of high operating costs of oil and gas plants, which further leads to the rising adoption of vibration monitoring systems and solutions to maintain the efficient working of its critical assets and reduce downtime. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis and pestle analysis.
Global Vibration Monitoring Market Definition
Vibration monitoring is a technique for inspecting equipment to discover faults and assure long-term industrial production efficiency. Vibrations that may signal a malfunction, impending failure, or process constraint are monitored, analyzed, and identified by these systems.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Billion, Volumes in Units, Pricing in USD
By Component (Hardware, Software, Services), System Type (Embedded Systems, Vibration Analyzers, Vibration Meters), Monitoring Process (Online, Portable), Deployment Type (On-premises, Cloud), Industry (Oil and Gas, Energy and Power, Metals and Mining, Chemicals, Automotive, Aerospace and Defense. Food and Beverages, Marine, Pulp and Paper, Others)
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
Market Players Covered
Analog Devices, Inc. (U.S.), Emerson Electric Co. (U.S.), Brüel & Kjær (Denmark), Honeywell International Inc (U.S.)., National Instruments (U.S.), PCB Piezotronics, Inc (U.S.)., Rockwell Automation, Inc. (U.S.), Meggitt PLC. (U.K), Data Physics Corporation (U.S.), SPM Instrument AB (Sweden), General Electric (U.S.), Fluke Deutschland GmbH (Germany), Bachmann electronic GmbH (Austria), PARKER HANNIFIN CORP (U.S.), IFM electronic GMBH (Germany), MACHINE SAVER (U.S.), Petasense Inc. (U.S.) and SCHAEFFLER AG (Germany)
Vibration Monitoring Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Increased Acceptance of Monitoring and Wireless Systems
The growing acceptance of the wireless systems in machine condition monitoring and the increasing acceptance of automated condition monitoring technologies and penetration of the smart factory, the arrival of the secure cloud computing platforms used in condition monitoring are projected to be the most significant factor driving the growth for this market.
- Surging Requirement for Vibration Monitoring
They assist in supervising and directing plant operations from remote places using real-time data collected from various equipment, hence eliminating human involvement in plant supervision. As a result, new vibration monitoring systems are being used at a faster rate in various industries, fueling market expansion.
Additionally, the growing nature concerning the analytical care and high need from the advancing implementations are also estimated to bolster the market's overall growth. The rise in concern related to products safety and functionality also cushions the market’s growth within the forecasted period. The availability of a variety of flavors also acts as a market driver.
- Consumer Awareness and Increased Endorsing
The growing adoption of machine learning and big data analytics combined with the advent of industrial internet of things (IIoT) are estimated to generate lucrative opportunities for the market, which will further expand the vibration monitoring market's growth rate in the future. Additionally, the strategic partnerships and collaborations among different market players and the research and development activities for the integration of artificial intelligence (AI) will also offer numerous growth opportunities within the market.
Restraints/Challenges Global Vibration Monitoring Market
- High Cost
The extra retrofitting expenses for the vibration monitoring solutions on the current machinery is expected to obstruct market growth.
- Lack of Technical Expertise
System optimization, software updates, system networking, data transmissions, and other tasks require technical competence. As a result, installing vibration monitoring devices in places where access to knowledge is limited becomes problematic. The dearth of technical expertise therefore restraint the overall growth of the market.
Also, the influence of the governing ethics and the absence of qualified technical resources for data analysis also restricts the market. Furthermore, the availability towards the proficiency at distant sites and the tendency to incorporate vibration monitoring systems with other maintenances are projected to be challenges for the vibration monitoring market over the forecast period.
This vibration monitoring market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the vibration monitoring market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Post Covid-19 Impact on Vibration Monitoring Market
The vibration monitoring market was immensely impacted by the outbreak of COVID-19. The COVID-19 epidemic and dissemination have resulted in significant health and economic damages around the world. Plant closures and supply chain disruptions have impacted the process and manufacturing industries around the world. Various social distancing restrictions also had an impact on the functioning of numerous enterprises. Many manufacturing enterprises have suspended operations, causing collateral harm to the supply chain and limiting the expansion of the vibration monitoring market. The breakout of COVID-19 has compelled practically all manufacturing organizations to rethink their strategies and devise swift countermeasures in order to maintain supply chain stability.
On the brighter side, due to the spread of COVID-19, there has been an increased demand for remote operations. The first quarter of 2020 saw a dramatic drop in revenue growth for many industrial communication enterprises around the world. The vibration monitoring market is gaining traction with the economy's steady recovery and the rising need for remote operations, leading to the necessity to adopt highly automated systems that require no or no human supervision.
- In January 2021, SKF collaborated with Solvang to introduce predictive maintenance to its fleet of tankers by investing in the new system for manual vibration monitoring, Enlight ProCollect from SKF. Solvang, which transports a variety of petrochemicals, will monitor a variety of onboard rotating machinery with SKF's QuickCollect vibration sensors and ProCollect software.
Global Vibration Monitoring Market Scope
The vibration monitoring market is segmented on the basis of component, system type, monitoring process, deployment type and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
On the basis of component, the vibration monitoring market is segmented into hardware, software and services. Hardware is further sub segmented into accelerometers, proximity probes, velocity sensors, transmitters and others.
- Embedded Systems
- Vibration Analyzers
- Vibration Meters
On the basis of system type, the vibration monitoring market is segmented into embedded systems, vibration analyzers and vibration meters.
On the basis of monitoring process, the vibration monitoring market is segmented into online and portable.
On the basis of deployment type, the vibration monitoring market is segmented into on-premises and cloud.
- Oil and Gas
- Energy and Power
- Metals and Mining
- Aerospace and Defense
- Food and Beverages
- Pulp and Paper
On the basis of industry, the vibration monitoring market is segmented into oil and gas, energy and power, metals and mining, chemicals, automotive, aerospace and defense, food and beverages, marine, pulp and paper and others. The oil and gas segment is estimated to register largest market share owing to the rising pressure of high operating costs of oil and gas plants, which further leads to the rising adoption of vibration monitoring systems and solutions to maintain the efficient working of its critical assets and reduce downtime.
Vibration Monitoring Market Regional Analysis/Insights
The vibration monitoring market is analyzed and market size insights and trends are provided by country, component, system type, monitoring process, deployment type and industry as referenced above.
The countries covered in the vibration monitoring market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the vibration monitoring market because of the improved application of these monitors across manufacturing operations in diverse industrial sectors and the severe regulatory framework about workforce security in the expanding automotive industry rising acceptance of predictive maintenance tools, competitive pressure to achieve operational competence, extension of the manufacturing activities, and low labor costs in the advancing countries within the region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to government regulations for workplace and personnel safety, the increased focus on optimum asset utilization and stringent quality control in the oil and gas, chemical and food and beverage industries within the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Vibration Monitoring Market Share Analysis
The vibration monitoring market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to vibration monitoring market.
Some of the major players operating in the vibration monitoring market are
- Analog Devices, Inc. (U.S.)
- Emerson Electric Co. (U.S.)
- Brüel & Kjær (Denmark)
- Honeywell International Inc (U.S.)
- National Instruments (U.S.)
- PCB Piezotronics, Inc (U.S.)
- Rockwell Automation, Inc. (U.S.)
- Meggitt PLC. (U.K)
- Data Physics Corporation (U.S.)
- SPM Instrument AB (Sweden)
- General Electric (U.S.)
- Fluke Deutschland GmbH (Germany)
- Bachmann electronic GmbH (Austria)
- PARKER HANNIFIN CORP (U.S.)
- IFM electronic GMBH (Germany)
- MACHINE SAVER (U.S.)
- Petasense Inc. (U.S.)
- SCHAEFFLER AG (Germany)
Research Methodology : Global Vibration Monitoring Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-vibration-monitoring-market
Customization Available : Global Vibration Monitoring Market
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