The vibration monitoring market was valued at USD 1.3 billion in 2020 and is projected to reach USD 1.9 billion by 2026. It is expected to grow at a CAGR of 6.8% during the forecast period. Rising need for remote operations owing to the spread of COVID-19, adoption of wireless communication technology in vibration monitoring, advent of secure cloud computing platforms used for vibration monitoring, rising focus toward predictive maintenance in the industrial sector, and deployment of vibration monitoring technologies in the ecosystem of smart manufacturing, and realization of benefits of vibration monitoring systems by manufacturers across the world are contributing to the growth of the vibration monitoring market. Rising adoption of machine learning and big data analytics, strategic partnerships and collaborations among different market players, and advent of Industrial Internet of Things (IIoT) act as a growth opportunity for the market players.
Based on the offering, hardware to account the largest share during 2021–2026.
The hardware segment is expected to hold the largest share of the vibration monitoring market.Vibration can be measured through various types of sensors.
Based on different types of vibrations, there are sensors designed to measure displacement, velocity, and acceleration, with different measuring devices and sensors such as accelerometers, proximity probes, velocity sensors, and transmitters.These devices are considered to be the main components of vibration monitoring systems.
They are the main sources through which the data related to vibration levels in machinery is obtained well in advance. The data extracted by hardware components enables an effective predictive maintenance program to avoid costly downtime.
Online vibration monitoring to grow sat the highest CAGR during the forecast period. Online vibration monitoring is an advanced monitoring process, and it provides real-time plant data to operators, resulting in its higher adoption than the portable vibration monitoring process.Online vibration monitoring systems have applications in industries where a 24-hour production is required.
In production-intensive industries, such as oil & gas, power generation, and mining & metals, failure of some devices leads to complete system overhauls, high repair costs, and an unsafe work environment.Thus, such industries require continuous monitoring of assets and machinery.
In industries with production plants at remote locations, vibration monitoring using portable monitoring processes is difficult; therefore, industries such as oil & gas, power generation, and mining & metals rely increasingly on online vibration monitoring systems.
Oil & gas industry accounted for the largest share of the vibration monitoring market during the forecast period The oil & gas industry accounted for the largest share of the vibration monitoring market in 2020.The industry has been emphasizing increasing its profitability owing to the rising pressure of high operating costs of oil & gas plants.
Fluctuations in oil prices in the global market are another factor contributing to the increasing pressure on the oil & gas industry to reduce its operating costs.Thus, this industry is expected to adopt vibration monitoring systems and solutions to maintain the efficient working of its critical assets and reduce downtime.
The overall ecosystem of machine condition monitoring ensures uninterrupted operations of production machinery with minimized downtime; this helps reduce maintenance costs and increase the productivity of the machinery used in oil & gas plants.Moreover, the increasing demand for online vibration monitoring solutions is expected to further drive the vibration monitoring market for oil & gas industry.
Though the industry accounted for the largest share of the vibration monitoring market in 2020, there was a sharp decline in oil prices owing to the COVID-19 in the same year. This may adversely affect the deployment of new vibration monitoring systems and solutions in the industry in 2021, as it is expected to start recovering in the same year, and the deployment of new vibration monitoring systems and solutions will result in increased expenses for oil & gas companies.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the vibration monitoring marketplace.
• By Company Type: Tier 1 - 18%, Tier 2 – 22%, and Tier 3 - 60% • By Designation: C-Level Executives - 21%, Managers - 35%, and Others – 44% • By Region: North America - 22%, Europe - 26%, APAC - 39%, and RoW - 13%
General Electric (US), Honeywell International (US), Emerson Electric (US), SKF (Sweden), Schaeffler (Germany), Parker Haniffin (US), Rockwell Automation (US), Meggit (UK), Analog Devices (US), and National Instruments (US) are the key players in the vibration monitoring market . These top players have strong portfolios of products and services and presence in both mature and emerging markets.
The study includes an in-depth competitive analysis of these key players in the vibration monitoring market, with their company profiles, recent developments, and key market strategies.
Research Coverage The report defines, describes, and forecasts the vibration monitoring market based on offering, monitoring process, deployment type, system type, industry, and geography.It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the vibration monitoring market.
It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and developments carried out by the key players to grow in the market.
Key Benefits of Buying the Report The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall vibration monitoring market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Our reports have been used by over 10K customers, including:
The market for dust control systems and suppression chemicals is valued at USD 12,350 million in 2020 and is expected to grow at a CAGR of more than 4% during the forecast period. Restrictions by governments in various countries due to the spread of COVID-19 have placed difficulties on mining companies operating in affected countries....
The laser cladding market is estimated to be valued at USD 483 million in 2021; it is expected to grow at a CAGR of 9.6% during 2021–2026 to reach USD 823 million by 2026. Over the years, new and more advanced variants of laser cladding technology have emerged, especially the extreme high-speed laser application (EHLA). EHLA is a novel technology...
The Australia Oil and Gas Market is expected to grow at a CAGR of around 3% over the forecast period of 2021-2026. The COVID-19 outbreak has negatively impacted the oil and gas operation in the country owing to the lower prices in the global market and the sudden decline of demand globally. The planned investments in the upstream and midstream...
The global process analytical instrumentation market is expected to witness a CAGR of 7.56% over the forecast period (2021-2026). In the market analyzed, the recent COVID-19 outbreak resulted in high demand. During the COVID-19 outbreak, the need for accelerated research has grown substantially, and the public expects exceptional progress...
The global operating oil and gas pipeline length was estimated to be around 2079.72 thousand km in 2020, which is expected to reach 2353.86 thousand km by the end of 2026, registering a CAGR of 1.9%. The oil and gas midstream was fairly unaffected by the COVID-19 pandemic since the constant usage of storage facilities for storing hydrocarbons,...
Executive Summary The Global Coiled Tubing Market was valued at USD 2985.67 Million in the year 2020. Rising demand for oil and natural gas, improved viability of Deepwater and ultra-Deepwater projects and price regulations of oil drive offshore exploration activities are the few factors responsible for high CAGR of the...
The market for zero liquid discharge systems is expected to register a CAGR of over 9%, during the forecast period. One of the major factors driving the market is the rapidly increasing demand for freshwater. However, the high capital and energy cost of ZLD system technology is likely to restrain the market. - Rising expenses for wastewater...
The global machine condition monitoring market size is projected to grow from USD 2.6 billion in 2021 to USD 3.6 billion by 2026; it is expected to grow at a CAGR of 7.1% from 2021 to 2026. The growth of the machine condition monitoring market is majorly driven by significance of remote operations owing to spread of COVID-19, advent of secure...
The well intervention market is projected to reach USD 9.3 billion by 2026 from an estimated USD 7.6 billion in 2021, at a CAGR of 4.2% during the forecast period. The growing need for maximizing production potential of mature oil and gas fields is the main driver for the well intervention market. Growing demand for offshore and subsea well...
The offshore decommissioning market is projected to reach USD 8.0 billion by 2027 from an estimated USD 5.2 billion in 2021, at a CAGR of 7.4% during the forecast period. The factors driving the market include maturing oil & gas fields, low crude oil prices, and aging offshore infrastructure. Offshore decommissioning refers to ending oil &...
Oil And Gas
Crude Oil Price
Crude Oil Production
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.