Vibration Monitoring Market Size
| Study Period | 2018 - 2028 |
| Market Size (2023) | USD 1.66 Billion |
| Market Size (2028) | USD 2.25 Billion |
| CAGR (2023 - 2028) | 6.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vibration Monitoring Market Analysis
The Vibration Monitoring Market size is expected to grow from USD 1.66 billion in 2023 to USD 2.25 billion by 2028, at a CAGR of 6.30% during the forecast period (2023-2028).
Maintenance processes have become more streamlined than production processes, and have ample scope for optimization, thus propelling the growth of the machine maintenance industry. Increased productivity and minimal downtime due to superior monitoring, such as predictive maintenance, are the most recognized benefits that can also prolong maintenance intervals beyond preventive maintenance schedules.
- Vibration monitoring is a crucial component of predictive maintenance, driving the growth of the vibration monitoring market. It is primarily found in rotating equipment like steam and gas turbines, pumps, motors, compressors, paper machines, rolling mills, machine tools, and gearboxes. It is used to assess the equipment's operational and mechanical condition. Vibration analysis can detect developing problems before they become too severe and cause unscheduled downtime, which can be accomplished by monitoring machine vibrations continuously or at predetermined intervals.
- Vibration condition monitoring equipment measures the vibration levels from rotating and reciprocating machinery. It is performed by sensors that collect information regarding frequency and amplitude for measuring the vibration patterns of machinery.
- Vibration monitoring is critical for tracking and analyzing the changes in the condition of machinery parts, such as gears and bearings, and predicting a part or equipment failure.
- The introduction of advanced technologies and services associated with IoT is revolutionizing most industrial applications. The initiatives (such as those in factories regarding automation and industrial predictive maintenance) and efforts to build more innovative working environments are creating opportunities for the new entrants and traditional players to offer innovative solutions that change business models.
- Predictive maintenance relies on condition monitoring through measuring and analyzing physical characteristics, such as visual inspection, sound, temperature, or vibration.
- This significance has pushed various verticals to make extra efforts to protect their machinery. The main benefit of fault identification using condition monitoring is to allow personnel to take remedial action to avoid or reduce repair costs and increase machinery safety, thus increasing human safety.
- Due to the COVID-19 outbreak, the demand for remote operations increased significantly. The first quarter of 2020 witnessed a significant drop in revenue growth for many industrial communication enterprises worldwide. The market is gaining traction with the economy's steady recovery and the rising need for remote operations, leading to the adoption of highly automated systems requiring no or less human supervision.
Vibration Monitoring Market Trends
This section covers the major market trends shaping the Vibration Monitoring Market according to our research experts:
Oil and Has to Hold Significant Market Share
- Oil and gas operations, such as offshore drills and petrochemical refineries, function in extreme operating environments. In case of any mechanical failure, there are severe financial and environmental consequences. Thus, the detection and prevention of unexpected oil and gas machinery and component problems are mandated in many parts of the world.
- The volatile oil price environment results in increased adoption of predictive maintenance technologies, as these help companies cut operational expenditures by optimizing maintenance scheduling and driving productivity.
- The oil and gas industry is expected to dominate the expanding market. The energy and power industry includes several segments, such as coal, minerals, nuclear power, and clean fuels. The increased spending from the government and the private sector on alternative energy and power sources in developed and developing countries is resulting in the installation of more energy and power plants, thus fueling the demand for vibration monitoring systems.
- Vibration monitoring solutions are critical in the oil and gas industry as they ensure that the production machinery is operational and downtime is minimized, lowering operating costs and increasing productivity and monetary gains. A vibration monitoring system aids in the reduction of unplanned outages and the optimization of machine performance, thus reducing maintenance and repair costs.
- The demand for downhole vibration monitoring and control systems is expected to increase significantly in the coming years to increase profitability and reduce downtime in upstream operations. In 2021, the United Arab Emirates produced around 3.7 million barrels of oil daily. The application of the downhole vibration monitoring control system is expected to grow further with upcoming exploration and drilling projects in countries such as the United States, Saudi Arabia, and the United Arab Emirates.
- The rising natural gas exploration is driving demand, particularly from shale formations. On the other hand, the high volatility of crude oil prices, combined with the negative impact of the COVID-19 outbreak, decreased the number of drilling activities. Thus, the growth of the market is likely to be hampered in the future.
Asia-Pacific to Witness Significant Growth
- China is a global manufacturing hub and has the largest population worldwide, boosting investments in the power and infrastructure sectors. In the past, the Chinese government announced investments worth USD 78 billion to develop 110 nuclear power plants, which are planned to commence operations by 2030. Such developments are expected to widen the scope of the adoption of modern technologies, including vibration monitoring solutions, to assist condition-based monitoring.
- Despite the falling hydrocarbon energy prices, there is a continued focus on oil and gas exploration activities to achieve energy self-sufficiency by NOCs, such as CNPC in China. These activities are anticipated to create a robust demand for vibration-monitoring solutions to monitor and facilitate the maintenance of oil and gas equipment and infrastructures. China has the most significant shale oil and gas reserve worldwide and is focusing on tapping the same through joint ventures with oil and gas companies.
- Vibration monitoring is an integral part of a predictive maintenance program. Regularly inspecting and monitoring the condition of oil and gas pumps can help identify and address potential problems before they cause failure, thus saving time and money by avoiding unplanned outages and unnecessary repairs.
- Growing awareness of predictive maintenance and vibration monitoring technologies in the oil and gas, power, chemical and petrochemical, cement, and automotive industries, coupled with government initiatives, such as ‘Made in China 2025’, may create sustained demand for vibration monitoring in Asia-Pacific during the forecast period.
Vibration Monitoring Industry Overview
The vibration monitoring market is significantly competitive in nature. Some of the significant players in the market are Rockwell Automation Inc., National Instruments Corporation, General Electric Corporation, Emerson Electric Company, Honeywell International Inc., and Bruel & Kjaer Sound & Vibration Measurement. The companies are increasing their market share by forming multiple partnerships and introducing new products to earn a competitive edge.
- August 2022 - Rockwell Automation Inc. partnered with Bravo Motor Company, a California-based business offering applied innovation around decarbonization, focusing on producing batteries, vehicles, and energy-storage systems. Automotive manufacturers depend on noise, vibration monitoring, and harshness (NVH) testing to optimize vehicle performance and maintain a standard of comfort across their vehicle catalog.
Vibration Monitoring Market Leaders
Rockwell Automation, Inc.
National Instruments Corporation
General Electric Corporation
Emerson Electric Company
Honeywell International Inc.
*Disclaimer: Major Players sorted in no particular order
Vibration Monitoring Market News
- MAY 2022 - STMicroelectronics released ASM330LHHX, the first inertial measurement unit (IMU), taking a step closer to high levels of automation with its machine-learning (ML) core. The ML core enables fast real-time response and sophisticated functions with low system power demand. The ASM330LHHX has two operating modes. One of them is the low-power mode for running always-on applications like telematics, anti-theft systems, motion-activated functions, and vibration monitoring and compensation.
- APR 2022 - Banner Engineering introduced a new IIoT product line, Snap Signal. It captures data from nearly any industrial machine’s device and converts it to a standard protocol, thereby enabling an upgrade to Industry 4.0 and higher productivity. Snap Signal's products are used to build a brand-agnostic IIoT platform composed of modular hardware and software. Snap Signal can be used to unlock facilities’ potential in vibration monitoring system applications.
Vibration Monitoring Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Awareness About Predictive Maintenance and Augmenting it with Analytics
5.1.2 Increasing Use of Wireless Systems for Vibration Monitoring
5.2 Market Challenges
5.2.1 Lack of Customization and High Initial Investment
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Hardware
6.1.1.1 Accelerometer
6.1.1.2 Velocity
6.1.1.3 Displacement
6.1.1.4 Other Hardware
6.1.2 Software
6.1.3 Services
6.2 By End-user Industry
6.2.1 Automotive
6.2.2 Oil and Gas
6.2.3 Energy and Power
6.2.4 Mining
6.2.5 Food and Beverage
6.2.6 Chemicals
6.2.7 Other End-user Industries
6.3 By Geography
6.3.1 North America
6.3.2 Europe
6.3.3 Asia-Pacific
6.3.4 Latin America
6.3.5 Middle-East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Rockwell Automation Inc.
7.1.2 National Instruments Corporation
7.1.3 General Electric Corporation
7.1.4 Emerson Electric Company
7.1.5 Honeywell International Inc.
7.1.6 Bruel & Kjaer Sound & Vibration Measurement
7.1.7 Meggit PLC
7.1.8 Analog Devices Inc.
7.1.9 SPM Instrument AB
7.1.10 Schaeffler AG
7.1.11 STMicroelectronics
7.1.12 PCB Piezotronics Inc.
7.1.13 Banner Engineering
7.1.14 SKF
7.1.15 Azima DLI Corporation
7.1.16 Data Physics Corporation
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Vibration Monitoring Industry Segmentation
The vibration monitoring market is segmented by type (hardware(displacement, velocity, accelerometer)), software, and services), end-user industry (automotive, oil and gas, energy and power, mining, food and beverage, and chemicals), and geography. Vibration monitoring is among the core concepts of dynamic control for industrial machinery. With the evolution of technology, current vibration monitoring systems that integrate complexity and performance can deliver exhaustive and almost real-time diagnostic information to the workers on the machines' actual dynamic conditions and performance. Structural vibration monitoring also holds importance as a target for business generation for vendors.
| By Type | ||||||
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| Software | ||||||
| Services |
| By End-user Industry | |
| Automotive | |
| Oil and Gas | |
| Energy and Power | |
| Mining | |
| Food and Beverage | |
| Chemicals | |
| Other End-user Industries |
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle-East and Africa |
Vibration Monitoring Market Research FAQs
How big is the Vibration Monitoring Market?
The Vibration Monitoring Market size is expected to reach USD 1.66 billion in 2023 and grow at a CAGR of 6.30% to reach USD 2.25 billion by 2028.
What is the current Vibration Monitoring Market size?
In 2023, the Vibration Monitoring Market size is expected to reach USD 1.66 billion.
Who are the key players in Vibration Monitoring Market?
Rockwell Automation, Inc., National Instruments Corporation, General Electric Corporation, Emerson Electric Company and Honeywell International Inc. are the major companies operating in the Vibration Monitoring Market.
Which is the fastest growing region in Vibration Monitoring Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Vibration Monitoring Market?
In 2023, the North America accounts for the largest market share in the Vibration Monitoring Market.
Vibration Monitoring Industry Report
Statistics for the 2023 Vibration Monitoring market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vibration Monitoring analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
