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Global Vibration Monitoring Industry Analysis, Size, Share, Growth, Latest Innovation, Trends and Forecast 2018 – 2023

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Akruti Mishra

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. 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.

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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.

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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 - Brüel & Kjær 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

Reasons to Purchase this Report

  • Impact of factors driving and challenging the growth of vibration monitoring market
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • Impact of reducing operating costs on the market
  • Regional analysis of the market
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet (in Excel)

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