Vibration Monitoring Market size share and Trends

Viberation Monitoring Market Size and Growth

[250 Pages Report] The global vibration monitoring market size is projected to grow from USD 1.85 billion in 2024 to USD 2.69 billion by 2029, at a CAGR of 7.8%. The growing demand for vibration monitoring systems is driven by the increasing adoption of smart manufacturing, which integrates technologies and services through a network to improve production quality. The prevailing global trend of smart manufacturing is expected to improve the efficiency and productivity of industries in the coming years. Vibration monitoring systems save time by eliminating downtime and failures, increasing monitoring flexibility using portable devices, providing automatic error-free solutions, and improving the reliability of factories. The growing demand for vibration monitoring is driven by its ability to enable predictive maintenance, improve efficiency, enhance safety, comply with regulations, and reduce costs.

Vibration Monitoring Market Forecast to 2029

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North America accounted for a significant share of (USD 609.2) million in the vibration monitoring market, and it is considered one of the most advanced regions in terms of technology adoption and infrastructure development. Energy and utilities, aerospace, and manufacturing are some verticals investing increasingly in vibration monitoring solutions and systems in the region. Further, Asia Pacific is expected to grow with the highest CAGR of 8.7% in the vibration monitoring market during the forecast period, owing to the rising need for process optimization in manufacturing industries.

Al is changing vibration monitoring by processing vast reams of data to support complex patterns. This enables advanced anomaly detection, predictive maintenance, and fault diagnosis. These detection, maintenance, and fault diagnosis techniques form the basis for highly accurate assessments of equipment health, optimum maintenance schedules, and reduced downtime. Al helps to gain deeper insight and facilitates faster decision-making. Accelerated growth in the vibration monitoring market is expected through Al, which is driven by increasing demand for predictive solutions to reduce operational costs and improve asset management. As a result, interest from enterprises of different industrial verticals is developing to invest in Al-based vibration monitoring systems so that extra operational efficiency and reliability can help sustain competitiveness.

Viberation Monitoring Market Trends & Dynamics

DRIVERS: Deployment of automation systems across various industries

Automation is among the most significant new technologies adopted in different industries, particularly in industries wherein processes and conditions are repeatable and predictable. These systems are gradually becoming highly flexible and intelligent, eliminating the requirement of close human supervision. They can offer optimal outcomes when a combination of sensors, actuators, microprocessors, and machine intelligence algorithms are used in these systems. Costs of various components used in automated systems have decreased in recent years, subsequently lowering the overall costs of these systems. Automation also reduces production costs and expenses on overall processes and increases the return on investments (Rol). This has resulted in the adoption of vibration monitoring systems by several small and mid-sized companies.

RESTRAINTS: Misconceptions regarding vibration monitoring system reliability and capability

Some operators rely on their instincts and experiences to judge the condition of machines, which is not always a reliable option. There may be instances where operators can overrule the analysis based on their personal experiences or due to a lack of trust in vibration monitoring technology's prediction capabilities. Experienced operators are sometimes skeptical about the diagnostics and predictions provided by vibration monitoring systems owing to mistakes made by these machines in the form of dropped metrics, service outages, and unreliable alerting signals.

OPPORTUNITIES: Rising interest in big data analytics and machine learning

The advent of machine learning, coupled with efficient big data analytics and a parallel processing framework, is transforming the vibration monitoring market. Big data analytics has accelerated the process of data analysis generated by condition monitoring systems owing to its capability of processing large data volumes. Machine learning carries out easy benchmarking of machine performance, enables transparency in data, and supports efficient collaboration among different processes of vibration monitoring systems. Big data-enabled vibration monitoring helps companies reduce overall asset ownership costs and improve business efficiency.

CHALLENGES: Shortage of experts ready to work at remote locations

Vibration monitoring systems are deployed by several companies to achieve operational excellence in their manufacturing processes by reducing equipment failures. It is a predictive maintenance strategy with the main objective of determining the current health condition of assets and predicting their future behavior to carry out maintenance at the most appropriate time. However, technical expertise is necessary for system optimization, software updates, system networking, data transmissions, and others, and it is becoming increasingly difficult to get experts who are ready to work in remote locations. As oil & gas production facilities and power generation plants are located in remote locations, the availability of experts at these locations is a challenge. Therefore, it becomes difficult to implement vibration monitoring systems in locations where access to expertise is difficult.

Vibration Monitoring Market Ecosystem

Prominent companies in this market include well-established, financially stable vibration monitoring solutions providers such as Baker Hughes Company (US), Emerson Electric Co. (US), SKF (Sweden), Schaeffler AG (Germany), and Parker Hannifin Corp (US). These companies have been operating in the market for several years and possess a diversified product portfolio and strong global sales and marketing networks. Along with the well-established companies, many small and medium companies operate in this market, such as Machine Saver (US) and Petasense Inc. (US). Vibration monitoring plays an important role in the vast market ecosystem of industrial and process automation, as shown in the diagram below:

On-premises software segment is projected to hold largest market share during forecast period.

On-premises deployment is the conventional method of deploying vibration monitoring solutions and systems. Organizations have complete control over the on-premises data flow, as it is physically stored in the organizations where these solutions and systems are deployed. This is one of the key reasons for adopting on-premises vibration monitoring solutions and systems. On-premises deployment is feasible for small and medium-sized enterprises as data management becomes easy for them.

On-premises vibration monitoring solutions and systems collect data in real time with high accuracy, thereby reducing the response time for solving issues. On-premises deployment of vibration monitoring solutions and systems provides more control over data security than cloud deployment, leading to increased adoption of these solutions and systems over cloud deployment. However, high installation, setup, and maintenance costs restrict the adoption of on-premises deployment of vibration monitoring solutions and systems.

Automotive segment to exhibit highest CAGR during forecast period.

The automotive sector has a wide range of companies operating in it that are involved in the process of designing, developing, manufacturing, and selling motor vehicles. As customer requirements change, the automotive industry faces a technological shift from traditional manufacturing processes to new ones. The global automotive industry depends on the performance of assets to effectively perform core business activities, as system downtime can affect the revenues of automobile companies. Time plays a crucial role in the automotive industry, and any unplanned asset breakdown can significantly impact the company’s brand image and sales. Vibration monitoring systems and solutions help automobile organizations manage component wear and failures in an improved manner.

North America to hold substantial market share in 2029.

The vibration monitoring market in North America has been studied for US, Canada, and Mexico. This region is a key market for vibration monitoring solutions and systems as it is home to some of the largest multinational corporations in this market, including Baker Hughes Company (US), Honeywell International Inc. (US), Emerson Electric Co. (US), Parker Hannifin Corp (US), Rockwell Automation (US), etc. Within the complete ecosystem of vibration monitoring solutions and systems, vibration monitoring systems and solutions can accurately forecast equipment failure and help organizations reduce their maintenance and operational expenses.

Vibration Monitoring Market by Region

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Top Companies Viberation Monitoring - Key Market Players

Baker Hughes Company (US), Emerson Electric Co. (US), SKF (Sweden), Schaeffler AG (Germany), and Parker Hannifin Corp (US) are among a few top players in the vibration monitoring companies.

Scope of the Viberation Monitoring Market Report

Vibration Monitoring Market Highlights

This research report categorizes the vibration monitoring market by offering, monitoring process, deployment type, application, and industry, and region.

Recent Developments

• In November 2023, SKF launched the SKF Enlight Collect IMx-1-EX sensor solution, which helps wirelessly monitor assets and predict machine failure before it escalates into a serious problem or unscheduled shutdown.
• In May 2023, Schaeffler AG combined its OPTIME Condition Monitoring system with OPTIME 3, OPTIME 5, and OPTIME 5 Ex sensors and OPTIME C1 for automated lubrication to form one solution: the OPTIME Ecosystem. This solution provided a cost-effective predictive maintenance solution that minimizes downtimes and high maintenance costs in production facilities.
• In October 2022, Emerson Electric Co. launched the AMS Condition Monitoring Service. This solution is designed to build comprehensive monitoring strategies to handle large amounts of data when there is insufficient time or staff to process and analyze it.

Frequently Asked Questions (FAQs)

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