Maintenance processes have become more streamlined than production processes, and have ample scope for optimization, thus propelling the growth of the machine maintenance industry. Increased productivity and minimal downtime due to superior monitoring, such as predictive maintenance, are the most recognized benefits, which can also prolong maintenance intervals far beyond preventive maintenance schedules. Vibration monitoring decreases unnecessary human-mediated activities, such as manual inspections and unscheduled corrections.
Industries, such as oil & gas, power, chemical & petrochemical, cement, and pharmaceutical, among others, have to abide by stringent international policies that dictate process efficiency, ergonomics, and employee safety. A large volume of toxic gasses & chemicals, such as polyaromatic hydrocarbons, ethylene, benzene, propylene, hydrogen sulfide, butadiene, butane, and sulfur, are generated as byproducts during manufacturing processes. Therefore, vibration monitoring is gaining momentum, as employment safety has gained paramount prominence. However, lack of customization and high costs may obstruct the growth of the vibration monitoring systems.
Growing Awareness Toward Predictive Maintenance to Drive the Market Growth
Predictive maintenance techniques are designed for various verticals to determine the condition of equipment in order to predict when maintenance is required and where it should be performed. This technique promises cost savings or time-based maintenance when tasks are performed. Vibration monitoring is the most effective and efficient technique in checking high-speed rotating equipment. Implementing vibration monitoring across manufacturing operations has further strengthened, which can provide assistance in reducing energy consumption. For manufacturing companies, OSHA metrics have recorded in a particular time frame for monitoring machine continuously that helps engineers with real-time intelligence and unlocks changes in operating conditions. Also, new advances in technology have opened new and refined methods for tracking conditions of machinery, which has undoubtedly created an impact on the safety of people and machines. End-users are increasingly favoring predictive maintenance. Real-time data collection and analysis, preferably by online detection, is the most favorable modality of predictive maintenance. Due to its advantages and the availability of better sensors and techniques that detect problems during machine functioning accurately, even in inaccessible areas, the shift toward predictive maintenance has been observed in the recent years, which has significantly driven the market.
Oil & Gas Industry to Create Huge Demand for Vibration Monitoring Techniques
Despite the emerging trends of green and renewable energy, traditional sources, such as oil & natural gas, continue to dominate the energy market. Newer resources, such as shale oil are actively explored, due to development of technologies, like hydraulic fracking. Given the recent and continuing dip in global oil & gas prices, it is imperative that oil & gas companies make exploration, production, and transportation processes more efficient and cost-effective. The critical equipment in the industry, like mud pumps, operate continuously and create a complex signature of vibration due to pump generated strokes, which require sensors for accurate data capture and analysis. The rig operations are heavily dependent on the efficient functioning of thrusters, which constantly alter speed and load. Vibration monitoring systems are used to monitor these vital equipment and machinery, such as motors, drilling towers, fans, and pumps in oil rigs. Effective machine condition monitoring hence, provides prompt information on the condition of machines and equipment, avoiding premature breakdown of the same.
North America is expected to hold the Largest Share in the Market
Stringent government regulations regarding safety, new power generation projects in the United States, and significantly growing automotive and aerospace industries are driving the market for vibration monitoring in this region. The oil boom in North American countries, and in particular the drilling project of shale gas have created a lot of market growth opportunities in the region.
The U.S. has more than 900,000 active oil & gas wells in the United States, with more than 130,000 being drilled, since 2010. Moreover, President Trump has mentioned about the plan to double down on the oil & gas industry, lifting regulations and drilling on federal land. Owing to these factors, the oil & gas industry is in need of improved safety and oversight. Thus, condition monitoring offers the opportunity to discover possible defects before and it provides advantages over performing maintenance at only manufacturer-recommended intervals. Also, the aerospace and defence industry in North America is on rise. Owing to the technically advanced factors and increased spending in aerospace industry, the region will be engaged in development of space vehicles, satellites, fixed wing aircraft and helicopters thus, calling for the most advanced analysis and control instrumentation. Vibration testing and remote vibration monitoring will be the major applications of vibration monitoring in the aerospace and defence sector.
Key Developments in the Market
- December 2017 - Azima Inc. had announced a global partnership with Flowserve Corporation that delivers a new predictive maintenance solution for industrial pumps and other rotating equipment. With this partnership, industrial pumps and related rotating equipment just got a whole lot smarter by offering benefits such as predicting machine-failure, maximize industrial productivity, and minimize unscheduled downtime, eliminate the cost of unplanned maintenance and avoid catastrophic health, safety and environmental disasters
- May 2017 - Brüel & Kjær Vibro had acquired the US based Setpoint vibration monitoring platform which is renowned for its state-of-the-art machine protection and condition monitoring systems which utilize the powerful OSISoft PI historian. The Setpoint product line is an essential part of the B&K Vibro offering in combination with the existing VIBROCONTROL 6000 Machine Protection System and Compass 6000 Condition Monitoring System and their well-known portfolio of professional system engineering and field services
Reasons to Purchase this Report
- Impact of factors driving and challenging the growth of vibration monitoring market
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Impact of reducing operating costs on the market
- Regional analysis of the market
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in Excel)
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1.1 Scope of the Study
1.2 Executive Summary
2. Research Approach and Methodology
2.1 Key Deliverables of the Study
2.2 Study Assumptions
2.3 Analysis Methodology
2.4 Research Phases
3. Market Insights
3.1 Market Overview
3.2 Industry Attractiveness - Porter's Five Industry Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products or Services
3.2.5 Competitive Rivalry among Existing Competitors
3.3 Industry Value Chain Analysis
4. Market Dynamics
4.1 Market Drivers
4.1.1 Growing Awareness about Predictive Maintenance
4.1.2 Increasing Use of Wireless Systems for Vibration Monitoring
4.2 Market Restraints
4.2.1 Lack of Customization and High Costs
5. Technology Snapshot
6. Global Vibration Monitoring Market Segmentation
6.1 By Type
188.8.131.52 Proximity Probes
184.108.40.206 Velocity Sensor
220.127.116.11 Other Hardware
6.2 By System Type
6.2.1 Embedded Systems
6.2.2 Vibration Analyzers
6.2.3 Vibration Meters
6.3 By Monitoring Process
6.3.1 Online Vibration Monitor
6.3.2 Portable Vibration Monitor
6.4 By End-user Industry
6.4.1 Oil & Gas
6.4.2 Energy & Power
6.4.3 Food & Beverage
6.4.4 Aerospace & Defense
6.5 By Region
6.5.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 Rest of Asia-Pacific
6.5.4 Latin America
220.127.116.11 Rest of Latin America
6.5.5 Middle East & Africa
18.104.22.168 Saudi Arabia
22.214.171.124 Rest of Middle East & Africa
7. Competitive Intelligence - Company Profiles
7.1 Rockwell Automation, Inc
7.2 General Electric Corporation
7.3 National Instruments Corporation
7.4 Bruel & Kjaer Sound & Vibration Measurement
7.5 Emerson Electric Company
7.6 Honeywell International Inc.
7.7 Meggit PLC
7.8 Analog Devices Inc.
7.9 SPM Instrument AB
7.10 Schaeffler AG
7.11 PCB Piezotronics Inc.
7.12 Azima DLI Corporation
7.13 Data Physics Corporation
*List is not Exhaustive
8. Investment Analysis
9. Future Outlook of Vibration Monitoring Market
- Rockwell Automation Inc
- General Electric Corporation
- National Instruments Corporation
- Bruel & Kjaer Sound & Vibration Measurement
- Emerson Electric Company
- Honeywell International Inc.
- Meggit PLC
- Analog Devices Inc.
- SPM Instrument AB
- Schaeffler AG
- PCB Piezotronics Inc.
- Azima DLI Corporation
- Data Physics Corporation