Vibration Monitoring Market Size

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.