Vibration Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Vibration Monitoring Market Analysis

The vibration monitoring market is expected to register a CAGR of 5.4% over the forecast period. 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, are the most recognized benefits that can also prolong maintenance intervals beyond preventive maintenance schedules.

• Vibration monitoring is a crucial component of predictive maintenance, driving the growth of the vibration monitoring market. It is primarily found in rotating equipment like steam and gas turbines, pumps, motors, compressors, paper machines, rolling mills, machine tools, and gearboxes. It is used to assess the equipment's operational and mechanical condition. Vibration analysis can detect developing problems before they become too severe and cause unscheduled downtime, which can be accomplished by monitoring machine vibrations continuously or at predetermined intervals.
• Vibration condition monitoring equipment measures the vibration levels from rotating and reciprocating machinery. It is performed by sensors that collect information regarding frequency and amplitude for measuring the vibration patterns of machinery.
• Vibration monitoring is critical for tracking and analyzing the changes in the condition of machinery parts, such as gears and bearings, and predicting a part or equipment failure.
• The introduction of advanced technologies and services associated with IoT is revolutionizing most industrial applications. The initiatives (such as those in factories regarding automation and industrial predictive maintenance) and efforts to build more innovative working environments are creating opportunities for the new entrants and traditional players to offer innovative solutions that change business models.
• Predictive maintenance relies on condition monitoring through measuring and analyzing physical characteristics, such as visual inspection, sound, temperature, or vibration.
• This significance has pushed various verticals to make extra efforts to protect their machinery. The main benefit of fault identification using condition monitoring is to allow personnel to take remedial action to avoid or reduce repair costs and increase machinery safety, thus increasing human safety.
• Due to the COVID-19 outbreak, the demand for remote operations increased significantly. The first quarter of 2020 witnessed a significant drop in revenue growth for many industrial communication enterprises worldwide. The market is gaining traction with the economy's steady recovery and the rising need for remote operations, leading to the adoption of highly automated systems requiring no or less human supervision.

Vibration Monitoring Industry Segments

The vibration monitoring market is segmented by type (hardware(displacement, velocity, accelerometer)), software, and services), end-user industry (automotive, oil and gas, energy and power, mining, food and beverage, and chemicals), and geography. Vibration monitoring is among the core concepts of dynamic control for industrial machinery. With the evolution of technology, current vibration monitoring systems that integrate complexity and performance can deliver exhaustive and almost real-time diagnostic information to the workers on the machines' actual dynamic conditions and performance. Structural vibration monitoring also holds importance as a target for business generation for vendors.

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Vibration Monitoring Market Trends

This section covers the major market trends shaping the Vibration Monitoring Market according to our research experts:

Oil and Has to Hold Significant Market Share

• Oil and gas operations, such as offshore drills and petrochemical refineries, function in extreme operating environments. In case of any mechanical failure, there are severe financial and environmental consequences. Thus, the detection and prevention of unexpected oil and gas machinery and component problems are mandated in many parts of the world.
• The volatile oil price environment results in increased adoption of predictive maintenance technologies, as these help companies cut operational expenditures by optimizing maintenance scheduling and driving productivity.
• The oil and gas industry is expected to dominate the expanding market. The energy and power industry includes several segments, such as coal, minerals, nuclear power, and clean fuels. The increased spending from the government and the private sector on alternative energy and power sources in developed and developing countries is resulting in the installation of more energy and power plants, thus fueling the demand for vibration monitoring systems.
• Vibration monitoring solutions are critical in the oil and gas industry as they ensure that the production machinery is operational and downtime is minimized, lowering operating costs and increasing productivity and monetary gains. A vibration monitoring system aids in the reduction of unplanned outages and the optimization of machine performance, thus reducing maintenance and repair costs.
• The demand for downhole vibration monitoring and control systems is expected to increase significantly in the coming years to increase profitability and reduce downtime in upstream operations. In 2021, the United Arab Emirates produced around 3.7 million barrels of oil daily. The application of the downhole vibration monitoring control system is expected to grow further with upcoming exploration and drilling projects in countries such as the United States, Saudi Arabia, and the United Arab Emirates.
• The rising natural gas exploration is driving demand, particularly from shale formations. On the other hand, the high volatility of crude oil prices, combined with the negative impact of the COVID-19 outbreak, decreased the number of drilling activities. Thus, the growth of the market is likely to be hampered in the future.

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