Global Vibration Monitoring Market to Grow at a CAGR of 6.6% in the Forecast Period of 2024-2032, Aided by the Rising Industrialisation

The vibration monitoring industry growth has been driven by the rising demand in the oil and gas industry. The fluctuating prices are likely to increase the growth as prices are rising due to the increasing operating costs of plants. Thus, it is expected that the oil and gas industry is likely to adopt vibration monitoring systems and solutions to regulate the efficient working of its critical assets and reduce downtime. It is used in rotating equipment such as steam and gas turbines, pumps, motors, and compressors, among others, to find the deviation between the current frequency and the standards. Increasing vibrations can be a symbol of developing failure, imbalance, looseness, misalignment, or bearing wear in equipment prior to failure. Industrialisation and globalisation have driven the growth of the vibration monitoring industry as it has brought in wide application of the systems in many industries. In the long run, it has proved to be cost effective because increasing vibrations can adversely affect the health of the asset. The overall monitoring enables uninterrupted operations of machinery with minimized downtime; this helps reduce maintenance costs and increase the productivity of the machinery. The development of online vibration monitoring systems has accelerated the growth of the industry as it provides real time reaction to change in the behaviour of the asset. It supports remote condition monitoring, eliminating unnecessary labour.

The rising competition among the key players is also providing an impetus to the market growth. In August 2021, General Electrics (NYSE: GE), announced acquisition of Commtest products into its portfolio. It provides machinery protection and condition monitoring for refineries, petrochemical plants, hydroelectricity facilities, and wind farms. The acquisition will allow them to upgrade their portable data collection and vibration analysis capacities significantly.

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Market Analysis by Components, System Type, Monitoring Process, End Users, and Regions:

• Based on components, the industry can be divided into hardware, software, and services.

• The major types of vibration monitoring systems are embedded systems, vibration analysers, and vibration metres.

• The monitoring process can be divided into online and portable.

• On the basis of its end users, the market can be divided into energy and power, metal and mining, gas and oil, automobile, food and beverage, among others.

• The regional markets for vibration monitoring include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Wide applicability of vibration monitoring systems in crucial industries is driving the growth of vibration monitoring market.

• Cost effective factor in the long run, boosts the demand for vibration monitoring.

• The ability to detect any deviation, thus saving from accidents, is fuelling the demand for vibration monitoring.

• The COVID-19 pandemic has also been propelling the market growth as due to lockdowns and restrictions, companies had to shift from manual labour to online vibrating systems.

Key Offerings of the Report:

• The EMR report gives an overview of the global vibration monitoring market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for the components, system type, monitoring process, end users, and regions of vibration monitoring.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global vibration monitoring industry are SKF AB, General Electrics, Meggitt PLC, Emerson Electric Co., Rockwell Automation INC., and Honeywell International Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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