Global Vibration Monitoring Market (2021 to 2026) - Rising Adoption of Machine Learning and Big Data Analytics Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--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.

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 at 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.

Market Dynamics

Drivers

• Rising Need of 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
• Deployment of Vibration Monitoring Technologies in the Ecosystem of Smart Manufacturing
• Realization of Benefits of Vibration Monitoring Systems by Manufacturers Across the World

Restraints

• Reliability Issues in Prediction Capabilities of Vibration Monitoring Systems
• Lack of Trained Technical Resources for Data Analysis

Opportunities

• Rising Adoption of Machine Learning and Big Data Analytics
• Strategic Partnerships and Collaborations Among Different Market Players
• Advent of Industrial Internet of Things (IIoT)

Challenges

• Difficulty in Accessing Expertise at Remote Locations
• Additional Expenses and Difficulties Faced During Retrofitting of Existing Systems
• Integration of Vibration Monitoring Systems with Other Maintenance Systems

Companies Mentioned

• Adash
• ALS
• Analog Devices
• Anhui Ronds Science & Technology Incorporated Company
• Barking Power
• Bruel & Kjaer
• Dynapar
• Emerson Electric
• ERBESSD Instruments
• Fluke
• General Electric
• Honeywell International
• IFM Electronic
• Istec International
• Machine Saver
• Meggitt
• National Instruments
• Parker Hannifin
• PCB Piezotronics
• Petasense
• Rockwell Automation
• Schaeffler
• SKF
• SPM Instrument
• Symphony Industrial AI
• Teledyne Flir
• TWI

For more information about this report visit https://www.researchandmarkets.com/r/qtgrvl