New York, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) -- It can be challenging to assess a machine's performance by simply looking at or hearing it. Still, vibration monitoring allows one to observe what is happening inside the unit and make decisions based on the information to maintain the machine and the process. Vibration monitoring is a method for examining the condition of equipment to detect damage and preserve the long-term efficacy of industrial output. These systems monitor, investigate, and find vibrations that might indicate a problem, an impending failure, or a process limitation. Vibration monitoring is one of several essential components of predictive maintenance. Teams can use vibration screening to evaluate and diagnose the identified asset and determine whether corrective action is required. By becoming familiar with each machine's typical vibration readings and recognizing when something is amiss, one can immediately identify problems and begin repairs. With this knowledge, users can maintain their equipment more efficiently and for longer. The market for vibration monitoring is growing due to several factors, such as customer concern over product functionality and safety, increased knowledge of preventative maintenance, and the growing popularity of wireless vibration monitoring.
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Awareness Towards Predictive Maintenance and Concern Pertaining the Product's Safety and Functionality to Drive the Global Vibration Monitoring Market
According to Straits Research, “The global vibration monitoring market size was valued at USD 1.47 billion in 2021. It is expected to reach USD 2.66 billion by 2030, growing at a CAGR of 6.8% during the forecast period (2022-2030)." Numerous businesses are already utilizing predictive maintenance to monitor performance and adapt to shifting market conditions. Due to the quantity of machinery, the frequency of production, and the need for near-real-time evaluation systems, it becomes increasingly difficult to monitor the health of the machines. On the other hand, vibration monitoring systems provide a solution that, utilizing sensor technology, presents a real-time scenario of machine health and predicts any impending failure: increasing consumer adoption and market growth.
Due to increased customer demand and market competition in various end-use industries, including energy & power, oil & gas, automotive, and food & beverages, businesses must now operate in both day and night shifts. Long-term use of machines necessitates maintenance, as they are susceptible to failure. This system predicts potential or existing damage to the plant's machinery, contributing to establishing a functional, safe, and secure environment. Consequently, vibration monitoring systems boost long-term manufacturing efficiency, which stimulates market demand.
Research & Development for Integration of AI to Create Global Vibration Monitoring Market Opportunities
Many businesses use predictive maintenance to monitor performance or keep up with shifting market conditions. Due to the sheer number of machines, the frequency of production, and the need for near-real-time evaluation systems, maintaining an eye on the health of the devices becomes difficult. On the other hand, vibration monitoring systems offer a solution that, through sensor technology, provides a real-time scenario of machine health and a forecast for any impending failure, encouraging consumer adoption and boosting the market.
Due to increasing customer demand and market competition in several end-use industries, such as energy & power, oil & gas, automotive, and food & beverage, businesses must operate production in both day and night shifts. When used for extended periods, machines are prone to malfunctioning, so maintenance is necessary. This system anticipates any existing or potential damage to the plant's machinery, helping to create a safe, secure, and useful environment. Vibration monitoring systems increase manufacturing efficiency over the long term, increasing consumer demand.
Regional Insights
North America's vibration monitoring industry share will command the regional market while expanding at a CAGR of 5.25%. As one of the world's most industrialized regions, it serves as a hub for businesses in the oil and gas, automotive, aerospace, and defense industries, among others. Due to the prevalence of rotating machinery in these industries, motor condition monitoring devices predominate. Motor condition monitoring devices are becoming increasingly popular due to the growth of sectors such as energy and power, aerospace & defense, and others. This is due to their widespread application in mobile vehicles, aircraft, cranes, and other machinery. In North America, the introduction of advanced automated technology for machine health inspection and analysis contributes to the expansion of the market for vibration monitoring.
Europe will likely to grow at a CAGR of 6.36%. Europe is one of the continents comprising both developed and developing nations. Automotive, aerospace & defense, and other industries that use vibration monitoring systems for their machinery and finished goods are market leaders in the region. It is anticipated that sales of vibration monitoring systems will increase due to the automotive industry's progress toward electric vehicle development and the acceleration of EV infrastructure development. Because electric vehicles (EVs) use induction motors and have automatic features and controls, vibration monitoring systems must be installed. In addition, vibration monitoring systems are utilized in the automobile after-sales service center to conduct in-depth fault analyses.
Key Highlights
- Based on the component, the hardware section will likely grow at a CAGR of 6.3% and hold the largest market share.
- Based on the system type, the embedded system section is predicted to advance at a CAGR of 7.87% and hold the largest market share.
- Based on the monitoring process, the online segment is envisaged to hold the largest market share, advancing at a CAGR of 7.2%.
- Based on end-use, the oil & gas section will likely hold the largest market share, advancing at a CAGR of 7.4%.
- Based on regional analysis, North America will command the regional market while expanding at a CAGR of 5.25%.
Competitive Players in the Market
- SKF AB
- Emerson Electric Co.
- General Electric
- Meggitt PLC
- National Instruments Corp.
- Rockwell Automation Inc.
- Honeywell International Inc.
- Schaeffler Technologies AG & Co. KG
- Bruel & Kiaer Sound & Vibration Measurement A/S
- Analog Devices Inc.
Market News
- In 2022, Rockwell Automation announced a three-year strategic agreement with start-up ZEVx to use advanced technology to accelerate electric vehicles.
- In 2022, Emerson Electrical Co acquired Fluxa. The acquisition enhances Emerson's leading software and solutions portfolio and life sciences expertise.
- In 2022, Emerson Electrical Co released the TESCOMä Anderson Greenwood Instrumentation H2 Valve Series. The innovative technology reliably separates process pressure in high-pressure gas operations like hydrogen filling stations and tube trailers, thereby decreasing fugitive emissions and enhancing safety.
Global Vibration Monitoring Market: Segmentation
By component
- Hardware
- Software
- Services
By system type
- Embedded Systems
- Vibration Analyzers
- Vibration Meters
By monitoring process
- Online
- Portable
By end-use
- Energy and Power
- Metals and Mining
- Oil and Gas
- Automotive
- Food and Beverages
- Others
By region
- North America
- Europe
- Asia Pacific
- LAMEA
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