Global Vibration Monitoring Market Report and Forecast 2024-2032

Global Vibration Monitoring Market Size

The global vibration monitoring market attained a value of about USD 1.68 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6.6% to reach nearly USD 3 billion by 2032.

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Global Vibration Monitoring Market Growth

The oil and gas industry accounted for a significant share of the vibration monitoring industry in 2020. This could be attributed to the fluctuations in oil prices in the global market, which is contributing to the rising pressure on the oil and gas industry to reduce its operating costs. Thus, it is expected that the oil and gas industry is likely to adopt vibration monitoring systems and solutions to sustain the efficient working of its critical assets and decrease downtime.

The overall rhythm of machine condition monitoring enables uninterrupted operations of machinery with minimised downtime; this helps reduce maintenance costs and increases the productivity of the machinery. The rising adoption of vibration monitoring is expected to boost the market growth of the forecast period.

Global Vibration Monitoring Market Segmentation

Vibration monitoring is a system that uses sensors to monitor the movements of machines. Vibration monitoring systems use accelerometers to measure differences in amplitude, intensity, frequency vibration level, recording length, recording intervals of forces that can cause damage to assets. It is used mainly on rotating equipment such as steam and gas turbines, pumps, motors, compressors, and paper machines, among others. 

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The major components of vibration monitoring are:

• Hardware
• Software
• Services

The major types of vibration monitoring systems are:

• Embedded Systems
• Vibration Analysers
• Vibration Meters

On the basis of monitoring process, the industry is divided into:

• Online
• Portable

The market can be broadly categorised on the basis of its end uses by:

• Energy and Power
• Metal and Mining
• Oil and Gas
• Automotive
• Food and Beverages
• Others

The EMR report looks into the regional markets of vibration monitoring like North America, Europe,  the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Demand from the Production-Intensive Industries to Augment the Market Growth of Vibration Monitoring

Rapid industrialisation has increased the demand for vibration monitoring from the end uses sectors as it has given rise to a wide range of applications that uses vibration monitoring. The usage of vibration monitoring is cost-effective in the long run as it can show a real-time reaction to the change of health conditions of assets, making it feasible for the operators to take immediate action. Further, it supports remote condition monitoring and eliminates unnecessary labour, thereby boosting its demand. In addition to this, vibration monitoring has well-established processing and signal analysis algorithms for predictive maintenance, which makes machines more durable and efficient. It is also supported by various sensors commercially available for different operational conditions. All these factors are boosting the demand for vibration monitoring, thereby facilitating the market growth.

In production-intensive industries, such as oil and gas, power generation, and mining and metals, among others, 24-hour production is required. Failure of some devices leads to complete disaster, high repair costs, and an unsafe work environment. Thus, such industries require continuous monitoring of assets and machinery, making online vibration monitoring best for them. Therefore, the demand for vibration monitoring will likely go up, further boosting the market growth.

Key Industry Players in the Global Vibration Monitoring Market

The report presents a detailed analysis of the following key players in the global vibration monitoring market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• SKF AB
• General Electrics
• Meggitt PLC
• Emerson Electric Co.
• Rockwell Automation INC.
• Honeywell International Inc.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report