Vibration-based Condition Monitoring Market

Vibration-based Condition Monitoring Market

It is projected that the global market size for vibration-based condition monitoring will expand to USD 1,627.2 million by 2028, with a compounded annual growth rate of 4.6% from 2023 to 2028. Vibration-based condition monitoring technology has reached a level of maturity, characterized by the consistent use of established techniques that have seen limited advancements over the years. These techniques primarily involve the collection of signals and data through accelerometers, as well as velocity or displacement sensors. However, a noteworthy shift has been observed in the industry towards integrating wireless sensors, which has not only simplified the design process but has also led to cost reductions.

In 2022, the largest contributor to the revenue share of vibration-based monitoring equipment was Petroleum, accounting for 36.3%. However, due to the drop in oil prices, there has been a cause for concern. Nonetheless, the industry is expected to recover as the oil rig count increases and vibration-based monitoring equipment continues to be deployed to monitor and manage tanks, compressors, generators, separators, and wellheads.

In terms of geography, North America has emerged as the dominant player in the vibration-based condition monitoring market studied in 2022. Following closely behind are Asia-Pacific and Europe. Both Europe and North America experienced a significant decline in industrial activities due to the COVID-19 pandemic. In Europe, the petroleum sector is expected to witness sluggish growth due to various environmental and government regulations. Uncertain economic conditions have compelled European industries to shift their investments towards solutions that improve operational efficiency and reduce maintenance and repair costs. According to the Tanalyze, European vibration-based condition monitoring industry, in terms of revenue, increased from USD 343.6 million in 2023 is expected to reach USD 422.1 million in 2028 at a CAGR of 4.5% from 2023 to 2028.

In 2022, the revenue from vibration-based condition monitoring equipment was largely concentrated among the top 5 market participants, accounting for around 70% of the total. The prominent players operating in the global vibration-based condition monitoring market include AB SKF, Baker Hughes Company, Brüel & Kjaer Vibro, ChampionX Corporation, Emerson Electric Co., Fortive Corporation, Parker Hannifin Corporation, Rockwell Automation, Inc., SPM Instrument AB, among others.