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  • Vibration Monitoring Market Analysis | 2024-2030

    Vibration Monitoring Market Analysis | 2024-2030

    Vibration Monitoring Market Analysis | 2024-2030
    Report code - SR1029 Delivery - 2 Weeks
    Vibration Monitoring Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis See more...

    Market Insights

    The vibration monitoring market was estimated at USD 1.7 billion in 2023 and is likely to grow at a CAGR of 7.9% during 2024-2030 to reach USD 2.91 billion in 2030.

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    Market Dynamics

    Introduction

    Vibration monitoring involves the measurement and analysis of mechanical vibrations in machines and equipment. Sensors placed on the equipment detect vibrations and transmit the data to monitoring systems that further analyze the data and detect potential issues such as misalignment, unbalance, etc., which can lead to equipment failure. Early detection of such problems via vibration monitoring helps companies optimize their maintenance schedules, cut costs, and ensure safe operations.

    COVID-19 IMPACT

    The global pandemic Covid-19 has negatively impacted the growth of the vibration monitoring market. Lockdowns and various international restrictions have been the key factor behind the declining growth. However, the market is expected to revamp post-pandemic.

    Market Drivers

    There are several factors that contribute to the growth of the vibration monitoring market. One of them is that vibration monitoring is a key component of predictive maintenance systems. The growing awareness of predictive maintenance has aided the expansion of the vibration monitoring market. Below given are a few more factors:

    • Adoption of Industry 4.0: Trends like Artificial Intelligence (AI), Industrial Internet of Things (IIoT), etc., enable predictive maintenance. Thus, growing R&D in the implementation of such trends is expected to create productive market opportunities for vibration monitoring.
    • Increasing focus on safety and regulatory compliances: In industries such as Oil and Gas, Power generation, mining, etc., safety and regulatory compliances are increasing that in turn is driving the need for accurate and reliable vibration monitoring solutions. These solutions help in reducing the risks/accidents and damages.
    • Acceptance of wireless systems: The growing acceptance of wireless systems in condition monitoring solutions, penetration of smart factories, and the arrival of the secure cloud computing platforms used in condition monitoring are projected to be significant factors driving the growth of this market.

    The restraining factors by which the market is influenced include high installation costs, lack of skilled workforce, and other technical resources for analyzing and predicting the machine condition. On the contrary, R&D for the integration of AI is expected to create lucrative market opportunities. Each of these factors is anticipated to have a definite impact on the vibration monitoring market during the forecast period.

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    Key Players

    The key players in the market are-

    • AB SKF
    • ALS Limited
    • Analog Devices, Inc.
    • Brüel & Kjær Vibro GmbH
    • Emerson Electric Co.
    • Fluke Corporation
    • General Electric
    • Honeywell International Inc
    • MACHINE SAVER
    • Meggitt SA

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Segment Analysis

    Segmentations

    List of Sub-Segments

    Segments with High Growth Opportunity

    Component Type Analysis

    Hardware, Software, and Services

    In 2023, the hardware segment had a market share of more than 60%, and this growth is expected to be approximately 6% during the forecast period.

    System Type Analysis

    Embedded, Vibration Analyzer, and Vibration Meter

    Embedded systems account for the majority of the market and are expected to increase at a CAGR of over 6% throughout the forecast period.

    Regional Analysis

    North America, Europe, Asia-Pacific, and Rest of the World

    Asia-Pacific is estimated to be the fastest-growing region during the forecast period.

    By Component Type

    Based on the component type, the market is segmented into hardware, software, and services. In 2023, the hardware segment had a market share of more than 60%, and this growth is expected to be approximately 6% during the forecast period. Sensors, transmitters, accelerometers, and proximity probes are among the hardware components utilized in the vibration monitoring system. The sensors allow for the detection of excessive levels of vibration in the rotary machine and improve the precision of the monitoring system, resulting in increased market demand.

    By System Type

    Based on the system type, the market is segmented as embedded, vibration analyzer, and vibration meter. Embedded systems account for the majority of the market and are expected to increase at a CAGR of over 6% throughout the forecast period. These systems, which are mounted directly on the machine and provide continuous and effective monitoring, have significant market growth potential. Embedded systems have analysis, sensing, storing, and alarm capabilities, allowing them to send out rapid messages in the event of irregular vibrations. As a result, market possibilities for these systems exist in the oil and gas, metals and mining, and energy and power industries, all of which require constant monitoring in crucial operations.

    Regional Insights

    In terms of regions, the Asia-Pacific is estimated to be the fastest-growing region during the forecast period, owing to rising coal output in China. According to the China National Energy Administration (NEA), in 2023, China added an estimated 234 million tons per annum (Mtpa) of new coal capacity, largely through upgrades in major coal-producing regions like Shanxi, Shaanxi, and Inner Mongolia. This expansion is anticipated to carry into 2024, with coal production forecasted to meet increasing electricity demands and prevent energy shortages seen in previous years. According to the NEA, China’s total operational coal capacity reached approximately 6.2 billion tons annually by the end of 2023, with ongoing projects to bring additional capacity online as early as next year. This will augment the use of vibration monitoring in coal mines for continuous monitoring, affecting the market income. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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    Research Methodology

    • This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects vibration monitoring market realities and future market possibilities for the forecast period.
    • The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
    • The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
    • This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
    • More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
    • We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
    • COVID-19 impact and its recovery curve
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The vibration monitoring market is segmented into the following categories:

    By Component Type

    • Hardware
    • Software
    • Services

    By Monitoring Process Type

    • Online
    • Portable 

    By System Type

    • Embedded
    • Vibration Analyzer
    • Vibration Meter

    By Application Type

    • Oil & Gas
    • Energy & Power
    • Metals & Mining
    • Chemical
    • Automotive
    • Food & Beverages

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the system types by application type.

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Vibration monitoring involves the measurement and analysis of mechanical vibrations in machines and equipment. Sensors placed on the equipment detect vibrations and transmit the data to monitoring systems that further analyze the data and detect potential issues such as misalignment, unbalance, etc., which can lead to equipment failure. Early detection of such problems via vibration monitoring helps companies optimize their maintenance schedules, cut costs, and ensure safe operations.

    The vibration monitoring market was estimated at USD 1.7 billion in 2023.

    The vibration monitoring market is likely to reach USD 2.91 billion in 2030.

    The vibration monitoring market is likely to grow at a CAGR of 7.9% during 2024-2030.

    AB SKF., ALS Limited, Analog Devices, Inc., Brüel & Kjær Vibro GmbH., Emerson Electric Co., Fluke Corporation, General Electric., Honeywell International Inc, MACHINE SAVER., Meggitt SA are the top players in the market.

    The Asia-Pacific market will increase at a rate of over 6%, during the forecast period.

    The hardware segment had a market share of more than 60%, and this growth is expected to be approximately 6% during the forecast period.

    The growth of IoT technologies is the major factor driving the growth of the market.