Vibration Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted April 15, 2021 by manojshinde

The vibration monitoring market was valued at USD 1.38 billion in 2020 and is expected to reach a value of USD 1.89 million by 2026, at a CAGR of 5.49%, during the forecast period 2021 - 2026.
 
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, is the most recognized benefits, which can also prolong maintenance intervals far beyond preventive maintenance schedules.

- Vibration monitoring decreases unnecessary human-mediated activities, such as manual inspections and unscheduled corrections. New technologies, like system-on-a-chip (SOC), have pushed the boundaries of data acquisition, as they allow real-time accurate data acquisition that can be relayed immediately to handheld devices, such as smartphones. One of the biggest advantages of wireless systems is that critical information can be promptly relayed to all related functional units of the organizations simultaneously.

- Industries, such as oil & gas, power, chemical & petrochemical, among others, have to abide by stringent international policies that dictate process efficiency, ergonomics, and employee safety and have been critical in safety based demand generation.

- Globally, the automotive industry is one of the major capital investors and end users of the vibration monitoring market. High capital investments by automotive companies are directed toward buying properties and equipment, building plants, purchasing and installing vibration monitoring systems, and implementing automation systems and robotics.

Key Market Trends

Growing Awareness Toward Predictive Maintenance

- The adoption of vibration monitoring is high in the manufacturing, automotive, and energy & power sectors. They are used for predictive analysis, which helps manufacturers increase their productivity and maximize operational efficiency. These sectors employ heavy and capital-intensive machinery and greatly rely on operational efficiencies for profit making. Due to the use of heavy machinery, large power consumption and vicinity to flammable material, it becomes imperative to ensure consistent monitoring of equipment to avoid any catastrophe.

- The adoption of vibration sensors in various industries is increasing in line with the demand for preventive and predictive maintenance. Many advances are being made in the field of vibration monitoring and analysis equipment. For example, in roll bearing elements, it can predict and point out misalignment, imbalance, and resonance. Vibration data is regularly collected to observe inconsistent patterns that indicate machinery failure.

- With the increase in adoption of online monitoring, the market studied has been expanding, as heavy machinery can be consistently monitored with negligible human contact and without the persistent requirement of skilled technicians at the site of installation.

China Driving the Demand In Asia-Pacific Region

- China is a global manufacturing hub and has the largest population worldwide, boosting investments in the power as well as in the infrastructure sector. The Chinese government, in past, announced investments worth USD 78 billion to develop 110 nuclear power plants, 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.

- In spite of the falling hydrocarbon energy prices, there is a continued focus on oil & 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 & gas equipment and infrastructures. It has been observed that China has the largest shale oil & as reserve worldwide, and is focusing on tapping the same through joint ventures with oil & gas companies.

- Growing awareness of predictive maintenance and vibration monitoring technologies in the oil & gas, power, chemical and petrochemical, cement, and automotive industries coupled with government initiatives, such as ‘Made in China 2025’, are poised to a create sustained demand for vibration monitoring in Asia-Pacific, during the forecast period.

Competitive Landscape

The vibration monitoring market is highly competitive and consists of several major players. In terms of market share, market share is fragmented with limited market dominance. However, with innovative solution offering and predictive analytics integration, many of the market players are increasing their market worth by product and services differentiation. The current market competitive landscape is characterized by fierce competition between different manufacturers which has emerged owing to the huge competition for the industries for the continuous and proper functioning of industrial equipment. Vibration monitoring differs from predictive analytics and monitoring more towards timing. It monitors the health and condition of a rotating asset like a pump, fan, compressor, mixer, agitator, or conveyor.

- April 2019 - The new solutions offered from Rockwell Automation delivers built-in security based on security standards that are globally accepted to protect control-level communications and overall system integrity and is expected to address the concerns of IIoT and connected machines.

- April 2019 - GE Power announced that Israel Electric Corporation (IEC), the largest generator and supplier of electricity in Israel, awarded a contract for the Orot Rabin modernization project to GE, which includes an order for a 9HA.01 heavy duty gas turbine. These projects are expected to drive the demand for the vibration monitoring solutions to extend the equipment useful life.

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Issued By Statzy Market Research
Country India
Categories Electronics , Semiconductors
Tags vibration monitoring market , vibration monitoring market forecast , vibration monitoring market share , vibration monitoring market size
Last Updated April 15, 2021