Vibration Monitoring Market Forecasts to 2028 – Global Analysis By System Type (Vibration Meters, Vibration Analyzers), Monitoring Process (Online Vibration Monitoring, Portable Vibration Monitoring) and By Geography

Vibration Monitoring Market Forecasts to 2028 – Global Analysis By System Type (Vibration Meters, Vibration Analyzers), Monitoring Process (Online Vibration Monitoring, Portable Vibration Monitoring) and By Geography

According to Stratistics MRC, the Global Vibration Monitoring Market is accounted for $1.41 billion in 2021 and is expected to reach $2.55 billion by 2028 growing at a CAGR of 8.8% during the forecast period. Vibration monitoring is used to deliver exhaustive and almost a real-time diagnostic information to the workers on the actual dynamic condition and performance of the machines. It is an important concept of dynamic control for industrial machinery.

Market Dynamics:

Driver:

Rising use of monitoring and wireless systems

With the growing use of wireless systems in machine condition monitoring and the increasing acceptance of automated condition monitoring technologies and the penetration of the smart factory, the arrival of the secure cloud computing platforms used in condition monitoring is projected to be the most significant factor driving the growth for this market. It is among the machine condition monitoring systems that help in supervising and controlling plant operations from remote locations with the help of real-time data gathered from different devices. Therefore, these systems help eliminate human interference in the supervision of industrial plants. This is expected to lead to an increased deployment of new vibration monitoring systems in different industries soon.

Restraint:

Price fluctuation & lack of technical expertise

The fluctuation of the price of oil and gas is expected to affect the growth of the vi market. The other effects from the potential end-user industries are also affecting the overall growth of the market. The operation and the maintenance of it need skilled professionals in the industry, whereas numerous developing countries lack skilled professionals and this is considered the major restraint to the overall growth of the market.

Opportunity:

Consumer awareness and increased endorsing

The growing adoption of machine learning and big data analytics combined with the advent of the industrial internet of things (IIoT) is estimated to generate lucrative opportunities for the market, which will further expand the 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.

Threat:

Dependability concerns in prediction capabilities

Operators can overrule the analysis based on their personal experiences or due to the lack of trust in its prediction capabilities of it. Skilled operators are at times doubtful about the diagnostics and predictions provided by systems owing to mistakes made by these machines in the form of dropped metrics, service outages, and unreliable alerting signals. Besides, operators may not accept the new way of planning and maintaining the performance of machines, thereby resulting in disapproval of the implementation of successful vibration monitoring programs. This is due to the complexity of production systems that may include multiple assets on which it may be difficult to install vibration monitoring systems and solutions.

Online vibration monitoring segment is expected to be the largest during the forecast period

The online vibration monitoring segment is anticipated to expand at a rapid pace during the forecast period owing to the increasing demand from industries that require continuous monitoring of assets and machinery.

The Oil & Gas segment is expected to have the highest CAGR during the forecast period

The oil and gas industry accounted for the highest market share, due to the increasing pressure of high operating costs of oil & gas plants. This industry is expected to adopt its systems and solutions to maintain the efficient working of its critical assets and reduce downtime. The overall ecosystem of machine condition monitoring ensures uninterrupted operations of production machinery with minimized downtime; this helps reduce maintenance costs and increase the productivity of the machinery used in oil & gas plants.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, owing to the presence of different industrial sectors and increased implementation of vibration monitors for varied manufacturing purposes. Also, the province has a series of regulatory framework that helps in new governmental support for the market growth. Especially China is considered the major manufacturing hub and growing in population as well. Therefore, the demand for energy production and other necessities is increasing across countries like China.

Region with highest CAGR:

North America is projected to have the highest CAGR, owing to rising technological advancements in the countries like US and Canada and the growing adoption of smart manufacturing which generate demand for the market in the province. Additionally, the improved application of these monitors across manufacturing operations in diverse industrial sectors and the severe regulatory framework regarding workforce security in the expanding automotive industry rising acceptance of predictive maintenance tools, competitive pressure to achieve operational competence, an extension of the manufacturing activities, and low labor costs in the advancing countries within the province.

Key players in the market:

Some of the key players profiled in the Vibration Monitoring Market include Teledyne FLIR , SPM Instrument AB , Schaeffler AG, Rockwell Automation, Inc., PCB Piezotronics Inc., Parker Hannifin, National Instruments Corporation, Meggit PLC, Honeywell International Inc., General Electric Corporation, Emerson Electric Company, Data Physics Corporation, Bruel & Kjaer Sound & Vibration Measurement, Azima DLI Corporation, Analog Devices Inc.

Key developments:

In April 2019: GE Power announced that Israel Electric Corporation (IEC), the largest generator and supplier of electricity in Israel, awarded a contract for the Orot Rabin modernization project to GE, which includes an order for a 9HA.01 heavy duty gas turbine. These projects are expected to drive the demand for the vibration monitoring solutions to extend the equipment useful life.

In January 2020: Rockwell computerization businesses, had announced their arrangement to get an Israel-based digital protection supplier called Avnet Data Security, which proactively offered IT/OT digital administrations and infiltration testing.

In April 2019: The Rockwell Automation announced that it delivers built-in security based on security standards that are globally accepted to protect control-level communications and overall system integrity and is expected to address the concerns of IIoT and connected machines.

System Types Covered:
• Vibration Meters
• Vibration Analyzers
• Embedded Systems

Monitoring Processes Covered:
• Online Vibration Monitoring
• Portable Vibration Monitoring

Deployments Covered:
• Cloud
• On- Premises

Offerings Covered:
• Hardware
• Software
• Services

End Users Covered:
• Aerospace & Defense
• Automotive
• Energy & Power
• Oil & Gas
• Food & Beverage
• Mining & Metals
• Chemical
• Marine
• Construction
• Pulp and Paper

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances