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  • Vibration Monitoring Market Forecast & Growth Analysis | 2022-2028

    Vibration Monitoring Market Forecast & Growth Analysis | 2022-2028

    Vibration Monitoring Market Forecast & Growth Analysis | 2022-2028
    Report code - SR1029 Delivery - 2 Weeks
    Vibration Monitoring Market Size, Share, Dynamics, Forecast, & Growth Analysis– See more...

    Market Insights

    The vibration monitoring market was estimated at USD 1.45 billion in 2021 and is likely to grow at a CAGR of 6.8% during 2022-2028 to reach USD 2.3 billion in 2028.

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    What is Vibration Monitoring?

    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.

    Vibration Monitoring Market Highlights

    Market Size in 2021

    USD 1.45 billion

    Market Size in 2028

    USD 2.3 billion

    Market Growth (2022-2028)

    6.8% CAGR

    Base Year of Study

    2021

    Trend Period

    2017-2020

    Forecast Period

    2022-2028

    Market Dynamics

    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 the 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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    Segment Analysis

    By Component Type

    Based on the component type, the market is segmented into hardware, software, and services. In 2021, the hardware segment had a market share of over 65 percent, 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), additional coal production capacity was permitted for roughly 141 million tons from January to June 2019, up from 25 million tons in 2018. In the first half of 2019, the country's coal output escalated by 2.6 percent to 1.76 billion tons. 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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    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 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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    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

    Research Methodology

    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 10 detailed primary interviews with the market players across the value chain in all four regions and with 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 the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Vibration Monitoring Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Report Customization

    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)

    The vibration monitoring market was valued at US$ 1.45 billion in 2021.

    The vibration monitoring market is likely to reach US$ 2.3 billion in 2028.

    The vibration monitoring market is expected to witness an impressive growth of 6.8% CAGR in the foreseeable future.

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

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

    Machine and installation vibration monitoring systems are utilized for condition-based maintenance. They aid in the early detection of machine damage and the avoidance of costly secondary damage.

    Hardware segment had the major share of over 65 percent of the market.

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