Vibration Monitoring market is projected to reach USD 1.9 billion by 2026 | General Electric (US), Honeywell International (US), Emerson Electric (US), SKF (Sweden), Schaeffler (Germany), Parker Haniffin (US), Rockwell Automation (US), Meggit (UK), Analog

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Key Players: 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 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 worldare 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.

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