Vibration Monitoring Market Size, Share & Growth Report 2031

Report Description

The global vibration monitoring market size was valued USD 1.3 Billion in 2020 and is expected to reach USD 2.2 Billion by 2028, expanding at a CAGR of 6.8% during the forecast period, 2021-2028. Vibration monitoring is one of the fundamental principles of dynamic control for industrial machines.

With the advancement in technology, modern vibration monitoring systems that incorporate complexity and performance are capable of providing employees with comprehensive, near-real-time diagnostic information on the actual dynamic state and performance of the machines. Structural vibration monitoring is another market component that is quite important as a goal for business development in the market for suppliers.

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Market Trends, Drivers, Restraints, and Opportunities:

• The advent of low-cost, modern vibration monitoring devices with rapid processing features, direct communication processes, and the availability of automation software is expected to play as a major driver for the growth of the vibration monitoring market during the projection period.
• A scarcity of competent experts for data analysis can constrain the market growth.
• Rising usage of wireless technologies to monitor machine conditions can provide industry participants with significant prospects in the future.

Scope of the report:

The report on the global vibration monitoring market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Global Vibration Monitoring Market Segment Insights:

Hardware segment expected to hold a major market share

Based on the components, the global vibration monitoring market can be segmented into hardware, software, and services. The hardware segment can be further divided into accelerometer, velocity, displacement, and others. The hardware segment is anticipated to hold a significant share of the vibration monitoring market. Sensors, transmitters, accelerometers, and proximity probes are among the hardware components utilized in the vibration monitoring system. The sensors detect high levels of vibration in rotary machines and improve the accuracy of the monitoring system, boosting the market growth.

Online vibration monitoring segment held a significant share in 2020

On the basis of monitoring process, the global vibration monitoring market can be segregated into online vibration monitoring and portable vibration monitoring. Online vibration monitoring is a more sophisticated surveillance technique that delivers real-time plant data to operators, making it more preferred than portable vibration monitoring. Online vibration monitoring systems are useful in businesses that demand 24-hour output. Failure of various equipment in production-intensive sectors such as oil & gas, power generation, and mining and metals results in entire system overhauls, significant repair costs, and a dangerous work environment. As a result, such businesses require constant asset and machinery monitoring.

Cloud segment is expected to grow at substantial rate

In terms of deployment modes, the global vibration monitoring market can be divided into on-premises and cloud. The cloud segment is anticipated to grow at substantial rate attributing to internet penetration and adoption of new technologies such as machine learning. Conversely, the on-premises segment to grow at a sustainable rate in the coming years.

Embedded systems segment to grow at a steady rate

Based on system types, the global vibration monitoring market can be classified as embedded systems, vibration analyzers, and vibration meters. The embedded systems segment is anticipated to hold a significant share of vibration monitoring market. These systems, which are placed directly on the machine and enable continuous and effective monitoring, have a significant market development potential. Embedded systems include analysis, sensing, storing, and alarm capabilities, allowing them to provide timely warnings in response to rare vibrations. This creates market opportunities for these systems in the oil & gas, metal and mining, and energy and power industries, all of which require constant monitoring of vital operations.

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Oil & gas segment to exhibit a sustainable CAGR

On the basis of end-users, the global vibration monitoring market is segmented into oil & gas, power generation, mining & metals, chemical, automotive, aerospace & defense, food & beverage, marine, others. The oil & gas industry is estimated to exhibit a sustainable CAGR during the forecast period due to the increasing pressure of high operating costs of oil and gas facilities. Fluctuations in global oil prices are another element leading to increased pressure on the oil & gas sector to cut operational expenses. This industry is anticipated to use vibration monitoring systems and solutions in order to keep its key assets running efficiently and decrease downtime. The whole ecosystem of machine condition monitoring guarantees that production machinery operates continuously with little downtime, lowering maintenance costs, and increasing the productivity of machinery used in oil and gas facilities. The growing demand for online vibration monitoring solutions is projected to fuel the vibration monitoring market in the oil and gas industry, during the forecast period.

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North America dominates the global market

In terms of regions, the global vibration monitoring market can be fragmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominates the vibration monitoring market due to the growing adoption of technically novel solutions in a variety of end-use sectors, as well as the growing number of manufacturers offering vibration monitoring solutions. Furthermore, the presence of leading market players, increased R&D efforts, and ease of application of advanced technology in various end use industries can drive the vibration monitoring market in the area during the projected period.

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