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

Market Overview

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.

Scope of the Report

Vibration monitoring is among the core concepts of dynamic control for industrial machinery. With the evolution of technology, current vibration monitoring systems that integrate the complexity and performance are capable to deliver exhaustive, and almost a real-time diagnostic information to the workers on the actual dynamic condition and performance of the machines. Structural vibration monitoring is also one component of the market which is of huge importance as a target for business generation in the market  for the vendors .

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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.
   

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