Market Trends of Vibration Monitoring Industry
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.
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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.
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