Vibration Monitoring Market with COVID-19 Impact Analysis by Offering, Monitoring Process, Deployment Type, System Type, Industry and Region - Global Forecast to 2026
DUBLIN, Aug. 10, 2021 /PRNewswire/ -- The "Global Vibration Monitoring Market with COVID-19 Impact Analysis by Offering (Hardware, Software, Services), Monitoring Process, Deployment Type, System Type (Embedded Systems, Vibration Analyzers, Vibration Meters), Industry, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global 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.
Based on the offering, hardware to account the largest share during 2021-2026
The hardware segment is expected to hold the largest share of the vibration monitoring 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.
Online vibration monitoring to grow sat the highest CAGR during the forecast period
Online vibration monitoring is an advanced monitoring process, and it provides real-time plant data to operators, resulting in its higher adoption than the portable vibration monitoring process. Online vibration monitoring systems have applications in industries where a 24-hour production is required. In production-intensive industries, such as oil & gas, power generation, and mining & metals, failure of some devices leads to complete system overhauls, high repair costs, and an unsafe work environment. Thus, such industries require continuous monitoring of assets and machinery. In industries with production plants at remote locations, vibration monitoring using portable monitoring processes is difficult; therefore, industries such as oil & gas, power generation, and mining & metals rely increasingly on online vibration monitoring systems.
Oil & gas industry accounted for the largest share of the vibration monitoring market during the forecast period
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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in Vibration Monitoring Market
4.2 Vibration Monitoring Market, by Offering
4.3 Vibration Monitoring Market, by Monitoring Process
4.4 Vibration Monitoring Market, by System Type
4.5 Vibration Monitoring Market, by Industry
4.6 Vibration Monitoring Market, by Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Need of Remote Operations Owing to the Spread of COVID-19
5.2.1.2 Adoption of Wireless Communication Technology in Vibration Monitoring
5.2.1.3 Advent of Secure Cloud Computing Platforms Used for Vibration Monitoring
5.2.1.4 Rising Focus Toward Predictive Maintenance in the Industrial Sector
5.2.1.5 Deployment of Vibration Monitoring Technologies in the Ecosystem of Smart Manufacturing
5.2.1.6 Realization of Benefits of Vibration Monitoring Systems by Manufacturers Across the World
5.2.2 Restraints
5.2.2.1 Reliability Issues in Prediction Capabilities of Vibration Monitoring Systems
5.2.2.2 Lack of Trained Technical Resources for Data Analysis
5.2.3 Opportunities
5.2.3.1 Rising Adoption of Machine Learning and Big Data Analytics
5.2.3.2 Strategic Partnerships and Collaborations Among Different Market Players
5.2.3.3 Advent of Industrial Internet of Things (IIoT)
5.2.4 Challenges
5.2.4.1 Difficulty in Accessing Expertise at Remote Locations
5.2.4.2 Additional Expenses and Difficulties Faced During Retrofitting of Existing Systems
5.2.4.3 Integration of Vibration Monitoring Systems with Other Maintenance Systems
5.3 Value Chain Analysis
5.4 Ecosystem Analysis
5.5 Case Study Analysis
5.5.1 TWI Developed an Advanced Condition Monitoring System (CMS) and Methods of Continuously Monitoring Rotating Parts in Wind Turbines
5.5.2 Barking Power Reduces Plant Downtime and Enhances Operator Safety Using Wireless Vibration Transmitters of Emerson
5.5.3 Vibrational Analysis for Remote Condition Monitoring (VA-RCM) - a Collaborative Project
5.6 Revenue Shift and New Revenue Pockets for Vibration Monitoring Market
5.7 Porter's Five Forces Analysis
5.8 Technology Analysis
5.9 Pricing Analysis
5.10 Trade Analysis
5.11 Patent Analysis
5.12 Tariff and Regulatory Landscape
6 Vibration Monitoring Market, by Offering
6.1 Introduction
6.2 Hardware
6.2.1 Accelerometers
6.2.1.1 Increased Deployment of Accelerometers in Industrial Plants for Monitoring Accelerations in Machines to Drive the Market
6.2.2 Proximity Probes
6.2.2.1 Surged Demand for Proximity Probes to Carry Out Accurate Displacement Measurements of Devices to Boost the Market
6.2.3 Velocity Sensors
6.2.3.1 Velocity Sensors are Capable of Recording Low- to Medium-Frequency Measurements
6.2.4 Transmitters
6.2.4.1 Transmitters are Significant Components of Vibration Monitoring Systems
6.2.5 Others
6.3 Software
6.3.1 Data Integration
6.3.1.1 There is an Increased Demand for Vibration Monitoring Software to Carry Out Data Integration for the Efficient Portrayal of Machine Health
6.3.2 Diagnostic Reporting
6.3.2.1 Increased Use of Diagnostic Reporting to Analyze the Overall Health of Industrial Machines and Plants to Propel the Market
6.3.3 Parameter Calculation
6.3.3.1 Growth in the Deployment of Vibration Monitoring Software in Industrial Plants for Evaluating Reliability Parameters of Equipment to be the Market Driver
6.4 Services
6.4.1 Service Procurement Types of Vibration Monitoring Equipment
6.4.1.1 Third-Party Service Providers (Indirect)
6.4.1.2 End-users (Direct)
6.4.2 Route-Based Vibration Monitoring Services
6.4.3 Cloud-Based Predictive Maintenance (Maintenance-as-a-Service)
7 Vibration Monitoring Market, by Monitoring Process
7.1 Introduction
7.2 Online Vibration Monitoring
7.2.1 Online Vibration Monitoring Systems Deliver Real-Time Machinery Health Information to Plant Operators
7.3 Portable Vibration Monitoring
7.3.1 Emergence of Portable Vibration Monitoring as a Cost-Effective Vibration Monitoring Process to Favor Market Growth
8 Vibration Monitoring Market, by Deployment Type
8.1 Introduction
8.2 On-Premises Deployment
8.2.1 Limitations of On-Premises Deployment of Vibration Monitoring Solutions and Systems to Impact Market Growth
8.3 Cloud Deployment
8.3.1 Advantages of Cloud Deployment Over On-Premises Deployment to Drive Demand for this Deployment Type
9 Vibration Monitoring Market, by System Type
9.1 Introduction
9.2 Embedded Systems
9.2.1 Embedded Systems are Largely Adopted in Oil & Gas and Energy & Power Industries
9.3 Vibration Analyzers
9.3.1 Vibration Data Gathered Through Vibration Analyzers Supports in Efficient Vibration Monitoring
9.4 Vibration Meters
9.4.1 Vibration Meters are Mainly Used for Simple Readings of Vibration Measurement of Machines
10 Vibration Monitoring Market, by Industry
10.1 Introduction
10.2 Oil & Gas
10.2.1 Advent of Industry 4.0 to Address Vibration Monitoring Requirements of Oil & Gas Industry
10.3 Power Generation
10.3.1 Investments for Harnessing Sustainable Energy to Lead to the Adoption of Vibration Monitoring Systems and Solutions in Power Generation Industry
10.4 Mining & Metals
10.4.1 Vibration Sensors are Used for Identifying Faults in Mining Machinery
10.5 Chemical
10.5.1 Deployment of Vibration Monitoring Solutions and Systems in Chemical Industry to Monitor Chemical Processes
10.6 Automotive
10.6.1 IIoT Enables Automotive Industry to Adopt Easy Vibration Monitoring Solutions
10.7 Aerospace & Defense
10.7.1 Adoption of Smart Factory Solutions for Vibration Monitoring to Drive the Market in the Aerospace & Defense Industry
10.8 Food & Beverage
10.8.1 Rapid Technological Developments in Food & Beverage Industry to Fuel Demand for Vibration Monitoring Systems and Solutions
10.9 Marine
10.9.1 Predictive Maintenance Gaining Significant Importance in Global Marine Industry
10.10 Others
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
13.1 Introduction
13.1.1 Impact of COVID-19 on Companies Operating in the Vibration Monitoring Market
13.2 Key Players
13.2.1 General Electric
13.2.2 Honeywell International
13.2.3 Emerson Electric
13.2.4 SKF
13.2.5 Schaeffler
13.2.6 Parker Hannifin
13.2.7 Rockwell Automation
13.2.8 Meggitt
13.2.9 Analog Devices
13.2.10 National Instruments
13.2.11 ALS
13.2.12 Teledyne FLIR
13.3 Other Players
13.3.1 IFM Electronic
13.3.2 Fluke
13.3.3 PCB Piezotronics
13.3.4 Dynapar
13.3.5 SPM Instrument
13.3.6 Adash
13.3.7 Bruel & Kjaer
13.3.8 Anhui Ronds Science & Technology Incorporated Company
13.3.9 ERBESSD Instruments
13.3.10 Istec International
13.3.11 Symphony Industrial AI
13.3.12 Petasense
13.3.13 Machine Saver
14 Adjacent and Related Markets
15 Appendix
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