Covid-19 Impact on Vibration Monitoring Market to Witness Expansion During 2022-2028

Stratview Research releases a new insightful report on the Vibration Monitoring Market, that makes efforts at providing deep insights into numerous factors that are vital to the growth of this industry.
Market Insights
According to the present report, the vibration monitoring market was estimated at USD 1.45 billion in 2021 and is likely to grow at a CAGR of 6.8% during 2022-2028 to reach USD 2.3 billion in 2028.
What is Vibration Monitoring?
Vibration monitoring involves the measurement and analysis of mechanical vibrations in machines and equipment. Sensors placed on the equipment detect vibrations and transmit the data to monitoring systems that further analyze the data and detect potential issues such as misalignment, unbalance, etc., which can lead to equipment failure. Early detection of such problems via vibration monitoring helps companies optimize their maintenance schedules, cut costs, and ensure safe operations.
COVID-19 IMPACT
The global pandemic Covid-19 has negatively impacted the growth of the vibration monitoring market. Lockdowns and various international restrictions have been the key factor behind the declining growth. However, the market is expected to revamp post-pandemic.
Market Dynamics
There are several factors that contribute to the growth of the vibration monitoring market. One of them is that vibration monitoring is a key component of predictive maintenance systems. The growing awareness of predictive maintenance has aided the expansion of the vibration monitoring market. Below given are a few more factors –
• Adoption of Industry 4.0 – Trends like Artificial Intelligence (AI), Industrial Internet of Things (IIoT), etc., enable predictive maintenance. Thus, growing R&D in the implementation of such trends is expected to create productive market opportunities for vibration monitoring.
• Increasing focus on safety and regulatory compliances – In industries such as Oil and Gas, Power generation, mining, etc., safety and regulatory compliances are increasing that in turn is driving the need for accurate and reliable vibration monitoring solutions. These solutions help in reducing the risks/accidents and damages.
• Acceptance of wireless systems – The growing acceptance of wireless systems in condition monitoring solutions, penetration of the smart factories, and the arrival of the secure cloud computing platforms used in condition monitoring are projected to be significant factors driving the growth of this market.
The restraining factors by which the market is influenced include high installation costs, lack of skilled workforce, and other technical resources for analyzing and predicting the machine condition. On the contrary, R&D for the integration of AI is expected to create lucrative market opportunities. Each of these factors is anticipated to have a definite impact on the vibration monitoring market during the forecast period.
Key players mentioned in the report are -
• AB SKF
• ALS Limited
• Analog Devices, Inc.
• Brüel & Kjær Vibro GmbH
• Emerson Electric Co.
• Fluke Corporation
• General Electric
• Honeywell International Inc
• MACHINE SAVER
• Meggitt SA
Market Segments Analysis
Based on the component type, the market is segmented into hardware, software, and services. In 2021, the hardware segment had a market share of over 65 percent, and this growth is expected to be approximately 6% during the forecast period. Sensors, transmitters, accelerometers, and proximity probes are among the hardware components utilized in the vibration monitoring system. The sensors allow for the detection of excessive levels of vibration in the rotary machine and improve the precision of the monitoring system, resulting in increased market demand.
Based on the system type, the market is segmented as embedded, vibration analyzer, and vibration meter. Embedded systems account for the majority of the market and are expected to increase at a CAGR of over 6% throughout the forecast period. These systems, which are mounted directly on the machine and provide continuous and effective monitoring, have significant market growth potential. Embedded systems have analysis, sensing, storing, and alarm capabilities, allowing them to send out rapid messages in the event of irregular vibrations. As a result, market possibilities for these systems exist in the oil and gas, metals and mining, and energy and power industries, all of which require constant monitoring in crucial operations.
In terms of regions, the Asia-Pacific is estimated to be the fastest-growing region during the forecast period, owing to rising coal output in China. According to the China National Energy Administration (NEA), additional coal production capacity was permitted for roughly 141 million tons from January to June 2019, up from 25 million tons in 2018. In the first half of 2019, the country's coal output escalated by 2.6 percent to 1.76 billion tons. This will augment the use of vibration monitoring in coal mines for continuous monitoring, affecting the market income. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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