DELRAY BEACH, Fla., Sept. 6, 2024 /PRNewswire/ -- The global vibration monitoring market size is expected to grow from USD 1.85 billion in 2024 to USD 2.69 billion by 2029, at a CAGR of 7.8% during the forecast period according to a new report by MarketsandMarkets. The key difference between predictive maintenance and vibration monitoring is that vibration monitoring focuses on monitoring the real-time conditions of machines, while predictive maintenance focuses on the detection of faults before their occurrence. Predictive maintenance is gaining rapid popularity in the manufacturing sector globally owing to the benefits offered by it. It is carried out only when machinery deployed in plants requires repairs to avoid impending failures so that the necessary, cost-effective downtime can be scheduled according to convenience.
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Vibration Monitoring Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 1.85 billion |
Estimated Value by 2029 | $ 2.69 billion |
Growth Rate | Poised to grow at a CAGR of 7.8% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Offering, Monitoring Process, Deployment Type, Application and Industry and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Shortage of experts ready to work at remote locations |
Key Market Opportunities | Rising interest in big data analytics and machine learning |
Key Market Drivers | Deployment of automation systems across various industries |
The market for software segment is expected to gain a significant market share during the forecast period.
Vibration monitoring software also helps the companies to calculate equipment reliability parameters such as rotating speed, vibration frequency, bearing faults, and misalignment. As part of the parameter calculation function, the software systems process the data accumulated by sensors and compare the calculated value with the benchmark value set for the optimum operation of a machine. The software raises a warning for a possible breakdown in case of any difference in the calculated data. This function helps plant operators schedule the maintenance activities to take care of the fault in advance.
Portable vibration monitoring segment is expected to hold significant market share during the forecast period.
Portable vibration monitoring results in cost-savings and long equipment life as it offers flexibility by carrying out route-based vibration monitoring processes. Portable monitoring systems enable monitoring of aging machines through handheld devices. These systems eliminate the requirement of replacing or retrofitting old machinery for manufacturers. Monitoring experts use the data to detect faults by applying various analytics processes such as spectrum comparison, trend analysis, and 3D graph plotting.
The aerospace segment is to grow at an impressive CAGR during the forecast period.
The aerospace industry is one of the significant adopters of vibration monitoring systems and solutions. One of the key challenges for this industry is that any downtime can have a significant impact on the operations of the industry. This leads to increased deployment of vibration monitoring systems and solutions in the aerospace industry for real-time monitoring of assets. Aerospace is a rapidly growing industry, and there is a constant requirement to enhance the reliability of machines to avoid production losses occurring due to machinery breakdowns. In aircraft manufacturing, more than one monitoring technology is used to monitor the condition of critical machines, resulting in the generation of large volumes of data.
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Asia Pacific is expected to grow at highest CAGR during the forecast period.
The vibration monitoring industry in Asia Pacific has been studied for China, Japan, India, South Korea, Singapore, Malaysia, and the Rest of Asia Pacific. The region is emerging to be the world's most powerful economy owing to the increased spending on improving economic stability. Asia Pacific is witnessing a surge in the deployment of vibration monitoring systems and solutions. China, one of the top manufacturing countries in the world, has been adopting real-time vibration monitoring systems and solutions to increase the operational efficiency and production of its manufacturing plants. The increasing maintenance costs of the manufacturing industry have led companies operating in this industry to adopt advanced technologies, such as predictive maintenance, to optimize maintenance processes and improve operating costs. Vibration monitoring is expected to help manufacturers optimize their operating costs by predicting the failure of critical assets to achieve high efficiency.
Key Players
The key players in the vibration monitoring industry include Baker Hughes Company (US), Emerson Electric Co. (US), SKF (Sweden), Schaeffler AG (Germany), Parker Hannifin Corp (US) and others.
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