Vibration Monitoring Market to Rise $1519.1 Million by 2023 End | Top Players: ROCKWELL AUTOMATION, GENERAL ELECTRIC, NATIONAL INSTRUMENTS CORPORATION, EMERSON ELECTRIC COMPANY, HONEYWELL INTERNATIONAL

The global vibration monitoring market was valued at USD 1105.9 million in 2017, and is expected to reach a value of USD 1519.1 million by 2023, at a CAGR of 5.56 %, during the forecast period (2018 - 2023). The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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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, 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.

Key Developments in the Market
• December 2017 - Azima Inc. had announced a global partnership with Flowserve Corporation that delivers a new predictive maintenance solution for industrial pumps and other rotating equipment. With this partnership, industrial pumps and related rotating equipment just got a whole lot smarter by offering benefits such as predicting machine-failure, maximize industrial productivity, and minimize unscheduled downtime, eliminate the cost of unplanned maintenance and avoid catastrophic health, safety and environmental disasters
• May 2017 - Bru00fcel & Kju00e6r Vibro had acquired the US based Setpoint vibration monitoring platform which is renowned for its state-of-the-art machine protection and condition monitoring systems which utilize the powerful OSISoft PI historian. The Setpoint product line is an essential part of the B&K Vibro offering in combination with the existing VIBROCONTROL 6000 Machine Protection System and Compass 6000 Condition Monitoring System and their well-known portfolio of professional system engineering and field services

Major Players:
ROCKWELL AUTOMATION, INC., GENERAL ELECTRIC CORPORATION, NATIONAL INSTRUMENTS CORPORATION, BRUEL & KJAER SOUND & VIBRATION MEASUREMENT, BRu00dcEL & KJu00c6R VIBRO A/S, EMERSON ELECTRIC COMPANY, HONEYWELL INTERNATIONAL INC., MEGGIT PLC, ANALOG DEVICES INC., SPM INSTRUMENT AB, amongst others.

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Industries, such as oil & gas, power, chemical & petrochemical, cement, and pharmaceutical, among others, have to abide by stringent international policies that dictate process efficiency, ergonomics, and employee safety. A large volume of toxic gasses & chemicals, such as polyaromatic hydrocarbons, ethylene, benzene, propylene, hydrogen sulfide, butadiene, butane, and sulfur, are generated as byproducts during manufacturing processes. Therefore, vibration monitoring is gaining momentum, as employment safety has gained paramount prominence. However, lack of customization and high costs may obstruct the growth of the vibration monitoring systems.

Growing Awareness Toward Predictive Maintenance to Drive the Market Growth
Predictive maintenance techniques are designed for various verticals to determine the condition of equipment in order to predict when maintenance is required and where it should be performed. This technique promises cost savings or time-based maintenance when tasks are performed. Vibration monitoring is the most effective and efficient technique in checking high-speed rotating equipment. Implementing vibration monitoring across manufacturing operations has further strengthened, which can provide assistance in reducing energy consumption. For manufacturing companies, OSHA metrics have recorded in a particular time frame for monitoring machine continuously that helps engineers with real-time intelligence and unlocks changes in operating conditions. Also, new advances in technology have opened new and refined methods for tracking conditions of machinery, which has undoubtedly created an impact on the safety of people and machines. End-users are increasingly favoring predictive maintenance. Real-time data collection and analysis, preferably by online detection, is the most favorable modality of predictive maintenance. Due to its advantages and the availability of better sensors and techniques that detect problems during machine functioning accurately, even in inaccessible areas, the shift toward predictive maintenance has been observed in the recent years, which has significantly driven the market.

Oil & Gas Industry to Create Huge Demand for Vibration Monitoring Techniques
Despite the emerging trends of green and renewable energy, traditional sources, such as oil & natural gas, continue to dominate the energy market. Newer resources, such as shale oil are actively explored, due to development of technologies, like hydraulic fracking. Given the recent and continuing dip in global oil & gas prices, it is imperative that oil & gas companies make exploration, production, and transportation processes more efficient and cost-effective. The critical equipment in the industry, like mud pumps, operate continuously and create a complex signature of vibration due to pump generated strokes, which require sensors for accurate data capture and analysis. The rig operations are heavily dependent on the efficient functioning of thrusters, which constantly alter speed and load. Vibration monitoring systems are used to monitor these vital equipment and machinery, such as motors, drilling towers, fans, and pumps in oil rigs. Effective machine condition monitoring hence, provides prompt information on the condition of machines and equipment, avoiding premature breakdown of the same.

North America is expected to hold the Largest Share in the Market
Stringent government regulations regarding safety, new power generation projects in the United States, and significantly growing automotive and aerospace industries are driving the market for vibration monitoring in this region. The oil boom in North American countries, and in particular the drilling project of shale gas have created a lot of market growth opportunities in the region.
The U.S. has more than 900,000 active oil & gas wells in the United States, with more than 130,000 being drilled, since 2010. Moreover, President Trump has mentioned about the plan to double down on the oil & gas industry, lifting regulations and drilling on federal land. Owing to these factors, the oil & gas industry is in need of improved safety and oversight. Thus, condition monitoring offers the opportunity to discover possible defects before and it provides advantages over performing maintenance at only manufacturer-recommended intervals. Also, the aerospace and defence industry in North America is on rise. Owing to the technically advanced factors and increased spending in aerospace industry, the region will be engaged in development of space vehicles, satellites, fixed wing aircraft and helicopters thus, calling for the most advanced analysis and control instrumentation. Vibration testing and remote vibration monitoring will be the major applications of vibration monitoring in the aerospace and defence sector.

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