Vibration Monitoring Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

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.

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Hardware to account for the largest share of the vibration monitoring market

The hardware segment is expected to hold the largest share of the vibration monitoring market. The hardware segment led the vibration monitoring market in 2020, holding a larger share of the 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.

Oil & Gas industry accounted for the largest share of the vibration monitoring market in 2020

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.

North America to account for the largest share of the vibration monitoring market by 2026

North America to account for the largest share of the vibration monitoring market by 2026. Factors such as increased focus on optimum asset utilization; tight government regulations for workplace and personnel safety; and stringent quality control in the oil & gas, chemical, and food & beverage industries drive the demand for vibration monitoring systems and solutions in North America. Emphasis on plant asset management and presence of prominent market players such as Emerson Electric, General Electric, Honeywell International, National Instruments, and Parker Hannifin in the US contribute to the high demand for vibration monitoring systems in the country. The aerospace and oil & gas industries are developing at a rapid pace in Canada and Mexico. This is also expected to drive the market in North America. The post-COVID-19 scenario is expected to be characterized by supply chain disruptions and suspension of commercial and industrial activities. Consequently, the demand for semiconductor devices in these segments is anticipated to reduce remarkably. The US, which is home to the majority of manufacturers of vibration monitoring systems, has witnessed the impact of the COVID-19 on the production of sensors and other components owing to disruptions in the manufacturing activities caused by lockdowns and shutdowns of production facilities.

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A few of the key players in the vibration monitoring market are 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).

News also Covered: https://www.globenewswire.com/en/news-release/2022/07/21/2483765/0/en/Vibration-Monitoring-Market-Size-worth-1-9-billion-by-2026.html

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This release was published on openPR.