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Vibration Monitoring Market - Growth, Trends, and Forecast (2020 - 2025)

  • ID: 4535830
  • Report
  • January 2020
  • Region: Global
  • 120 pages
  • Mordor Intelligence

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FEATURED COMPANIES

  • Analog Devices Inc.
  • Azima DLI Corporation
  • Data Physics Corporation
  • Emerson Electric Company
  • Meggit PLC
  • PCB Piezotronics Inc.
  • MORE
Market Overview

The vibration monitoring market was valued at USD 1230.79 million in 2019, and is expected to reach a value of USD 1690.57 million by 2025, at a CAGR of 5.43%, during the forecast period 2020-2025. Maintenance processes have become more streamlined than production processes, and have ample scope for optimization, thus propelling the growth of the machine maintenance industry. Vibration monitoring decreases additional human-mediated activities, such as manual inspections and unscheduled corrections.
  • New technologies, like system-on-a-chip (SOC), have pushed the boundaries of data acquisition, as they allow real-time accurate data acquisition that can be relayed immediately to handheld devices, such as smartphones. One of the most significant advantages of wireless systems is that critical information can be conveyed to all staff members simultaneously.
  • Due to a rise in demand for the non-contact type vibration sensors, the companies have started developing such sensors that cater to the demand. For instance, an Israeli company VocalZoom has developed a non-contact, laser-based sensing technology that measures vibrations emitted by industrial machinery to predict and prevent mechanical failures.
  • The adoption of vibration monitoring is high in the manufacturing, automotive, and energy & power sectors. They are used for predictive analysis, which helps manufacturers increase their productivity and maximize operational efficiency. These sectors employ heavy and capital-intensive machinery and greatly rely on operational efficiencies for profit making. Due to the use of heavy machinery, large power consumption and vicinity to flammable material, it becomes imperative to ensure consistent monitoring of equipment to avoid any catastrophe.
  • Due to continuous supply from the Middle East and Russia and surplus production of shale oil and gas in North America, the international crude oil and natural gas market is saturated. This saturation has led to a decline in crude oil and natural gas prices. These factors have hampered the market studied, as many oil & gas drilling projects have been put on hold, resulting in a decline in international energy prices.
Scope of the Report

This report segments the market by Type (Hardware, Software, and services), System type ( Embedded, vibration analyzers, and vibration meters), Monitoring processes (Online vibration Monitor, and portable vibration monitor), End-User (Food and Beverages, Oil and Gas, Energy and Power, Aerospace and defence, Mining, Automotive, Chemicals, Others), and Region.

Key Market Trends

Oil and Gas sector is expected to occupy Significant Market Share
  • Effective machine condition monitoring provides prompt information on the condition of machines and equipment, avoiding premature breakdown of the same. Thus, it offers a tangible solution to the oil & gas industry, in terms of reducing the expenditure, improving the safety of both the machine and the staff.
  • For instance, on 12th February 2016, the Petroleum and natural gas Regulatory Board in its gazette stating regulations specifically said that the authority operating the machines like an engine, pup or motor skids is ought to be equipped with Vibration Monitoring Devices with provisions for local and or remote alarm shut down capabilities. Government regulations like this are expected to boost the Vibration Monitoring market.
  • Vibration monitoring systems are used to monitor vital equipment and machinery, such as motors, drilling towers, fans, and pumps in oil rigs. The oil & gas rigs have expensive equipment located in hard-to-reach areas, such as the bearings in the top drive, pumps in the Floating Production Storage and Offloading (FPSO), crown block, or traveling block, which generate enormous amounts of data, crucial to continue the operation and avoid machinery breakdown.
  • The Jacket platform in the Bohai Sea oil field is an important development, but it is in the region wherein winters ice formation leads to an ice-induced vibration that has posed as a threat to the functioning of such platforms. On two occasions intense ice induced vibrations led to the rupturing of the well's blow down pipeline which led to the ejection of high-pressure natural gas. Instances like these are helping the Vibration Monitoring Market in a positive way by enabling the companies to look for a sound and efficient Vibration Monitoring devices.
Asia Pacific is expected to Register a Faster Growth
  • Growing awareness of predictive maintenance and vibration monitoring technologies in the oil & gas, power, chemical and petrochemical, cement, and automotive industries coupled with government initiatives, such as ‘Made in China 2025’, are poised to a create sustained demand for vibration monitoring in Asia-Pacific, during the forecast period.
  • China is a global manufacturing hub and has the largest population worldwide, boosting investments in the Chinese power sector. In 2015, the Chinese government announced investments worth USD 78 billion to develop 110 nuclear power plants, which will commence operations by 2030. Such developments are expected to widen the scope of the adoption of modern technologies, including vibration monitoring solutions.
  • For instance, on March 15, 2017, LORD Corporation introduced G-Link-200-8G ruggedized high-speed triaxial accelerometer that is used to measure motion, vibration, acceleration/deceleration, tilt, and impact events. It can also be used to measure derived vibration parameters like velocity(IPS), that enables long-term machine health monitoring.
  • Due to the continuous nature of production at a steel plant with high operating temperatures, moisture, and high vibration, it becomes very difficult to main the equipment once it is deployed. Owing to such situations, China Steel on June 7, 2017, upgraded the legacy monitoring system (FOSMOS) at its main facility in Kaohsiung, Taiwan - and another steel production plant in Taichung City to FOSMOS-AI. The reason for the shift was that the old monitoring system didn't provide real-time maintenance data - or efficiency.
Competitive Landscape

The competitive rivalry in the Vibration Monitoring market is high due to the presence of many key players like General Electric, Rockwell Automation, Honeywell, Emerson Electric, SKF, Bosch Sensortec and many more. These companies are able to gain a competitive advantage over other players owing to heavy investments in research and development activity which allows them to bring innovative products in the market.

For instance in October 2016, SKF and GE Oil and Gas joined hands to develop the use of active magnetic bearing applications.

Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format.
  • Report customization as per the client's requirements.
  • 3 months of analyst support.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Analog Devices Inc.
  • Azima DLI Corporation
  • Data Physics Corporation
  • Emerson Electric Company
  • Meggit PLC
  • PCB Piezotronics Inc.
  • MORE
1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Awareness Towards predictive maintenance
4.3.2 Increasing Use of Wireless Systems for Vibration Monitoring
4.4 Market Restraints
4.4.1 Lack of Customization and High Costs
4.5 Value Chain / Supply Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 Type
5.1.1 Hardware
5.1.2 Software
5.1.3 Services
5.2 System Type
5.2.1 Embedded System
5.2.2 Vibration Analyzers
5.2.3 Vibration meters
5.3 Monitoring Process
5.3.1 Online Vibration Monitoring
5.3.2 Portable Vibration Monitoring
5.4 END-USER Industry
5.4.1 Food & Beverages
5.4.2 Oil and Gas
5.4.3 Energy and Power
5.4.4 Aerospace & Defence
5.4.5 Mining
5.4.6 Automotive
5.4.7 Chemicals
5.4.8 Others
5.5 Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia Pacific
5.5.4 Latin America
5.5.5 Middle East and Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Rockwell Automation, Inc
6.1.2 General Electric Corporation
6.1.3 National Instruments Corporation
6.1.4 Bruel & Kjaer Sound & Vibration Measurement
6.1.5 Emerson Electric Company
6.1.6 Honeywell International Inc.
6.1.7 Meggit PLC
6.1.8 Analog Devices Inc.
6.1.9 SPM Instrument AB
6.1.10 Schaeffler AG
6.1.11 PCB Piezotronics Inc.
6.1.12 Azima DLI Corporation
6.1.13 Data Physics Corporation

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

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  • 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
Note: Product cover images may vary from those shown

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