Growing focus on predictive analysis for efficient working of machinery in industries is likely to drive vibration monitoring market outlook. A vibration monitoring system is a set of tools that are employed to measure certain parameters for identifying changes in the behavior of the machinery. The main purpose of this vibration analysis is to aid scheduling of maintenance activities based on a process called predictive analysis for avoiding machinery malfunctioning or failure.
Development of smart factories across the globe will fuel the demand for vibration monitoring systems in the coming years. The integration of technologies, like AI, IoT and smart sensors, has significantly improved the performance of these systems. The integration of these systems with smart factories allows better vibration analysis of machineries through smooth exchange of information from process visualization, critical machinery as well as plant operators in real-time scenario.
The integration of technology in smart factories has enabled smooth exchange of information from critical machinery to plant operators to process visualization in real-time scenario. Vibration monitoring system are poised to witness substantial adoption across critical plants that are working continuously and are highly susceptible to defects.
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Shifting trends towards predictive maintenance of machinery to augment machine functionality along with safety will favor the adoption of vibration monitoring systems across various industries. The monitoring is generally performed by professional teams that analyze the process and equipment functioning in stop and start conditions.
In 2019, the services segment contributed around 15% of the vibration monitoring market share and is forecast to grow at 5% over 2020-2026. The growth can be attributed to increasing significance of real time data analysis provided by service providers to the plant managers for immediately adjusting processes along with eliminating the risk of system failures and damaging vibrations.
In manufacturing processes, vibration monitoring systems are used for monitoring proper functioning of rotating components such as bearing, gear and motors. These systems are integrated with smart technology for food & beverage manufacturing so as to enable identification of minute variations in the manufacturing process.
Accelerometers, sensors and other hardware components are also used in the sector as these components can operate in wide range of temperature offering high accuracy regarding the malfunctioning of machinery. The food & beverage industry size is set to grow at 5% CAGR during the forecast period and is likely to boost vibration monitoring market landscape.
Vibration meters are experiencing high demand as they do not require any mobile device or computer to analyze vibration data. The ease of usability of these systems is generating the demand. It gives results in the form of analog and digital output, which can be understood even without any technical knowledge.
Industry players are further advancing the product for expanding their application scope. For instance, Monnit Corporation announced the launch of an advanced vibration meter “ALTA” in 2019. The product offers wireless features for civil infrastructure and various other industrial applications. The vibration meter segment will exhibit a notable growth rate through 2026 due to low cost and instant results.
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In 2019, Europe accounted for over 15% of the vibration monitoring market share due to presence of an established automotive sector, with prominent auto manufacturers like BMW, Audi, Volkswagen, Bentley, and others across the region. Growing focus of these automakers on significantly increasing the number of units produced in a day, especially post the COVID-19 crisis, will support the deployment of vibration monitoring systems across the plants to reduce machine failure and enhance production output.
Table of Contents (ToC) of the report:
Chapter 5. Vibration Monitoring Market, By Monitoring Process
5.1. Key trends, by monitoring process
5.2.1. Market estimates and forecast, 2016 - 2026
5.3.1. Market estimates and forecast, 2016 - 2026
Chapter 6. Vibration Monitoring Market, By System
6.1. Key trends, by system
6.2.1. Market estimates and forecast, 2016 - 2026
6.3. Vibration analyzer
6.3.1. Market estimates and forecast, 2016 - 2026
6.4. Vibration meter
6.4.1. Market estimates and forecast, 2016 – 2026
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