Electrical And Electronic

Global Vibration Monitoring Market

December 31, 2021
ID: SR/EE-05
Format:Pdf
Pages:220

Global Vibration Monitoring Market, By Component (Hardware, Software, Service), By monitoring Process (Online Monitoring Process and Portable Monitoring Process, By System (Embedded System, Vibration Analysers, and Vibration Meters), By End-User (Energy & Power industry, Pharmaceutical, Steel Industry, Food Processing Industry, Oil and Gas Industry, Automotive Industry, Aerospace & Defense Industry, Railway, Paper Industry, and Others), and By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)-Global Forecast to 2030.

Description

The global vibration monitoring market is estimated to reach USD 9.8 billion in 2030, with a CAGR of 7.2% during the forecast period 2022-2030. It was valued at USD 5.35 billion in 2022.

The increasing use of vibration monitoring systems, increasing online monitoring processes, and advancements in wireless monitoring technologies are the major factors restoring the growth of the global vibration monitoring market. Furthermore, the growing demand for predictive maintenance in the oil and gas, chemical, energy & power, automotive application, rise use of big data analytics on vibration monitoring systems are among the major factors likely over the forecast period to drive the global market’s growth for Vibration Monitoring.

What is Vibration Monitoring?

Vibration monitoring is the recording and measurement of information about the health condition of plant equipment by detecting and recording motion using seismographs and other equipment. It is the most widely used method to identify potential vibration damage problems before construction and address them after construction. Vibration Monitoring is the software, service and hardware facilities that can use Vibration technology. The vibration monitoring process relies on several precision techniques for detecting the Vibration of a machine. Vibration monitoring helps detect faults in the machine and signal machine deterioration before the incidence of other symptoms such as high electrical consumption, lubricant impurities, heat, etc.

Growth Driver

Growing awareness of predictive maintenance

Predictive maintenance techniques have been developed for various industries to determine the condition of equipment and predict when maintenance is needed and where it needs to be performed. This technique promises cost savings or time-dependent maintenance when performing tasks. The vibration monitoring system is the most effective and efficient way to check for rapidly rotating equipment. Vibration monitoring implementations in all manufacturing plants have been further enhanced to help reduce energy consumption. It is, furthermore, owing to Its benefits and availability of better sensors and technologies to pinpoint problems while the machine is operating, a shift to predictive maintenance, even in inaccessible areas.

Opportunities

Big data analytics on Vibration technology is expanding.

The rise of cloud computing platforms for condition monitoring and the growth of big data analytics and machine learning are factors driving the growth of the global vibration monitoring market. Big data analysis has accelerated analyzing the data generated by condition monitoring systems because it can process a large amount of data. Vibration monitoring for big data helps companies reduce the total cost of ownership of their assets and run their businesses proficiently. Some of the benefits of vibration monitoring are reduced production and maintenance costs, minimized unplanned outages and downtime, and optimized maintenance and labor savings.

Pre Covid-19 impact on the global Vibration Monitoring s market

Factors such as growing adoption of embedded systems, cloud-based technology, machine learning and the internet of things, reduced plant operational cost, the increasing awareness about predictive maintenance dive the market growth for vibration monitoring systems, rising demand from HVAC, adoption of smart factories, to decrease plant operating cost across several industrial domains, increasing capital investments in various industries like heavy equipment manufacturing, pulp and paper, chemicals, petrochemicals, and metals. Additionally, growing technological advancements, rising adoption of smart factories, growing need to streamline operations to advance productivity and safety has enhanced the growth of the vibration monitoring market.

Covid-19 impact on the global Vibration Monitoring s market

The pandemic of COVID-19 has forced almost every manufacturer to rethink their strategies and find a quick response to stabilize their supply chains. Many manufacturing companies have stopped production. With the spread of the Covid19 pandemic, wireless communication technology into vibration monitoring systems, the emergence of secure cloud computing platforms for vibration monitoring, and the growing focus on predictive maintenance in the industrial sector. That caused incidental damage to the supply chain and negatively impacted the growth of the vibration monitoring market. In the same year, COVID-19 caused the crude oil price to plummet. It can adversely affect the use of new vibration monitoring systems and solutions in the industry, as they can be expected to recover in the same year.

Post Covid-19 impact on the global Vibration Monitoring s market

The vibration monitoring market will grow significantly over the forecast period. Growing awareness of Predictive maintenance techniques has been developed for various industries to determine the condition of the equipment. The growing adoption of cloud-based technology will provide lucrative opportunities driving the growth of the global vibration monitoring market across the globe. Additionally, vibration monitoring devices in the oil & gas industries develop technology like hydraulic fracturing. Strict government rules and regulations on occupational and personal safety will be driving the vibration monitoring market growth in the coming years.

Component Segmental Analysis

Based on the Component, the global Vibration Monitoring market is segmented into Hardware, Software, and Service. The hardware segment captured the largest market share in 2021 and is expected to grow critically during the forecast period, 2022-2030; Vibration is measured through various types of sensors, like proximity/eddy current, accelerometers, transmitters, and velocity sensors. Accelerometers are used to measure Vibration in ball-bearing machines. Proximity sensors are used on sleeve-bearing machines. Vibration sensors are most appropriate for vibration measuring applications depending on numerous factors, such as sensitivity, vibration amplitude, environmental factors.

Monitoring Process Segmental Analysis

The global vibration monitoring market is categorized into online and portable monitoring processes based on the monitoring process. The online monitoring process segment holds the largest market share in 2021 and is expected to grow significantly during the forecast period, 2022-2030. The growth of the online monitoring process is attributed to the higher adoption rate than the portable monitoring process because it provides real-time data to operators. Energy and power, oil and gas, steel, and automotive industries require 24-hour production, so they are expanding their online vibration monitoring process.

System Segmental Analysis

Based on the System, the global Vibration Monitoring s market is categorized into Embedded systems, Vibration Analysers, and Vibration Meters. The Embedded System segment accounted for the highest market percentage in 2021 is expected to generate a sizeable revenue during the forecast period, 2022-2030. The Embedded System segment growth is attributed to the rise adoption of embedded systems across industries like oil & gas, steel, automotive, chemical, and others. The embedded system allows real-time assessment of the operative condition and constant monitoring when installed directly into the machines.

End-User Segmental Analysis

Based on the End-User, the global vibration monitoring market is segregated into the energy & power industry, pharmaceutical, steel industry, food processing industry, oil and gas industry, automotive industry, aerospace & defense industry, railway, paper industry, and others. The oil and gas industry segment captured the largest market share in 2021 and is likely to generate maximum profit during the forecast period, 2022-2030. It is attributed to the utilization of vibration monitoring devices in the oil & gas industries to develop technology like hydraulic fracturing. With the continued and recent decline in global oil and gas prices, oil and gas companies must make exploration, production, and transportation processes more efficient and profitable. Critical industrial equipment, like slurry pumps, which operate continuously and produce a complex vibration signature due to the strokes generated by the pump, requires sensors to collect and analyze data.

Region Segmental Analysis

The global Vibration Monitoring s market is characterized by North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America has the largest market share in 2021 and is estimated to grow significantly during the forecast period, 2022-2030. This growth is concerned with the growing attention to optimizing asset utilization: strict government rules and regulation on occupational and personal safety. Strict quality control in the oil & gas, food processing, industries is driving demand for vibration monitoring in North America Region.

Competitor Analysis

Companies include Emerson Electric Company, Analog Devices Inc., National Instruments, General Electric Co., Rockwell Automation Inc., Meggitt PLC, SKF, Honeywell International Inc., Erbessed Instruments Technologies Inc., Azima DLI, Schaffler Technology AG& Co. Other Prominent Players are the key players in the global vibration monitoring market.

Key Stakeholders

Market research and consulting firms
Industry associations
Global Vibration Monitoring manufacturing firm
Global Vibration monitoring providers
Local Governments
Regulatory bodies
Suppliers
Retailers

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 1.35 Billion
The revenue forecast in 2027	USD 2.112 Billion
Growth Rate	CAGR of 6.6% from 2020 to 2027.
Historical data	2017-2019
Forecast period	2021 – 2027
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Emerson Electric Company, Analog Devices Inc., National Instruments, General Electric Co., Rockwell Automation Inc., Meggitt PLC, SKF, Honeywell International Inc., Erbessed Instruments Technologies Inc., Azima DLI, Schaffler Technology AG& Co., Other Prominent Players

Market Modelling

By Component

Hardware
Software
Service

By monitoring Process

Online Monitoring Process
Portable Monitoring Process

By System

Embedded System
Vibration Analysers
Vibration Meters

By Application

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is Vibration Monitoring?

A Vibration Monitoring system allows the recognition of a certain characteristic of an individual using mathematical algorithms and biometric data.

What is the growth rate of the Vibration Monitoring s market?

The global vibration monitoring market is estimated to reach USD 9.8 billion in 2030, with a CAGR of 7.2% during the forecast period 2022-2030. It was valued at USD 5.35 billion in 2022.

What are the driving factors for the global Vibration Monitoring market?

With the increasing use of vibration monitoring systems, rising online monitoring process technology, Predictive maintenance techniques have been developed for various industries to determine the condition of the equipment. This technique promises cost savings or time-dependent maintenance when performing tasks are the factors restoring the growth of the global Vibration Monitoring s market.

What are the impacts of the COVID-19 pandemic on the global Vibration Monitoring market?

With the spread of the Covid19 pandemic, wireless communication technology into vibration monitoring systems, the emergence of secure cloud computing platforms for vibration monitoring, and the growing focus on predictive maintenance in the industrial sector.

Which region is expected to have the largest share in global Vibration Monitoring?

North America captured the largest market share in 2021 and is estimated to grow significantly during the forecast period, 2022-2030.

Who are the major players in global Vibration Monitoring?

Companies include Emerson Electric Company, Analog Devices Inc., National Instruments, General Electric Co., Rockwell Automation Inc., Meggitt PLC, SKF, Honeywell International Inc., Erbessed Instruments Technologies Inc., Azima DLI, Schaffler Technology AG& Co.; other Prominent Players are the key players in the vibration monitoring market.

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Global Vibration Monitoring Market

What is Vibration Monitoring?

Growth Driver

Growing awareness of predictive maintenance

Opportunities

Big data analytics on Vibration technology is expanding.

Pre Covid-19 impact on the global Vibration Monitoring s market

Covid-19 impact on the global Vibration Monitoring s market

Post Covid-19 impact on the global Vibration Monitoring s market

Component Segmental Analysis

Monitoring Process Segmental Analysis

System Segmental Analysis

End-User Segmental Analysis

Region Segmental Analysis

Competitor Analysis

Scope of the Report

Market Modelling

Report Content

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