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Vibration Monitoring Market Size, Share, Trends & Analysis

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[239 Pages Report] Accelerating deployment of automated condition monitoring technologies in smart factories and rising awareness in manufacturers worldwide regarding benefits of installing vibration monitoring systems are some of the major factors propelling the growth of vibration monitoring industry.

Hardware segment to contribute largest share of the vibration monitoring marketin 2021.

Hardware is the most important component of a vibration monitoring system. Hardware systems mainly include sensors such as accelerometers, velocity sensors, proximity probes, transmitters, switches, and accessories. These devices measure vibration with high accuracy to extremely small levels, which cannot be differentiated by humans. Detection of minute changes in vibrations, in turn, helps prevent costly breakdowns and loss of production.

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https://www.linkedin.com/pulse/vibration-monitoring-market-size-share-trends-analysis-riyansh-v-a1kzf/

 

Online vibration monitoring is expected to exhibit largest CAGR during the forecast period

Online vibration monitoring systems are deployed in critical equipment, such as turbines, blowers, critical pumps, and compressors that directly impact the safety, environment, and production in different industrial plants. Manufacturers use online vibration monitoring systems for equipment that are important for the productivity of their plants. Online vibration monitoring systems include a sequence of sensors permanently mounted on critical machines for sensing applications

Oil & gas industry held the largest share of market

Vibration monitoring solutions play a vital role in the oil & gas industry by ensuring that the production machinery is operational, and downtime is minimized, which helps reduce operating costs, and increases productivity and monetary gains. A vibration monitoring system helps reduce unplanned outages and optimize machine performance, thereby reducing maintenance and repair costs.

Market Dynamics:

Driver: Advent of secure cloud computing platforms used for vibration monitoring

The innovations in cloud platforms and the subsequent increase in their adoption offer new business capabilities and opportunities for enterprises. Nowadays, enterprises require advanced machines equipped with the latest maintenance technologies to avoid any reduction or interruption in the production process. These enterprises also require monitoring the health of manufacturing equipment on a real-time basis, thereby leading to the employment of diagnostic technologies for machine tools.

Cloud-based models are preferred by industries over machine-centric or personal computer-centric models for vibration monitoring applications, as they bring together many computers to synchronize them. The emergence of mobile computing technologies and the proliferation of internet-connected devices and cloud computingplatforms have given rise to the Internet of Things (IoT) and the Industrial Internet of Things (IIoT) technologies. Cloud computing uses the Internet network to eliminate the requirement of purchasing, installing, and maintaining independent data centers. Mainstreaming of cloud computing has offered the much-needed flexibility to businesses to scale and grow at a global level. Networks have become capable of processing highly complex data, thereby enabling the creation of interconnected systems.

Cloud technology also enables access to maintenance data anywhere in the world through devices such as personal computers, tablets, or smartphones. This data is available to anyone with approved access, including third-party analysts, without the requirement of any additional expensive infrastructure. Cloud computing enables reduced operational costs, along with easy data maintenance. It offers flexibility to data and provides unlimited storage and secure networking options. Therefore, the advent of secure cloud computing platforms with a significant focus on cybersecurity is expected to fuel the vibration monitoring market.

Restraint: Lack of trained technical resources for data analysis

Vibration monitoring solutions measure the vibration levels of rotating and reciprocating machinery by utilizing sensors that record the frequency and amplitude of the vibration patterns of the machine. These measurements are compared with the prescribed levels and historic vibration pattern to take necessary precautions to avoid escalation. Delay in detecting the breakdown of machinery leads to loss of finances, time, and materials for the firm. Thus, maintenance equipment is used to stay alert about the possible breakdown of machinery.

Vibration monitoring requires trained resources for handling the latest equipment and software. Thus, existing resources require to be trained to operate new systems. This could create a skill gap between existing workers and trained workers. The lack of trained resources may lead to apprehension among industrial plant operators to adopt new technologies. Thus, emerging countries continue to struggle for efficient implementation of vibration monitoring systems and the next-level industrialization owing to this lack of a skilled workforce for data analysis.

Opportunity: Advent of Industrial Internet of Things (IIoT)

The advent of the Industrial Internet of Things (IIoT) has created new growth opportunities for companies with vibration monitoring requirements. The integration of IIoT with existing production processes enables companies to connect sensors used for monitoring different machine parameters, such as vibration, temperature, and noise, to the Internet and monitor their assets in real-time. This technology offers a single platform to companies to integrate all data and process it. Moreover, the use of IIoT for condition monitoring and predictive maintenance can help ensure high uptime of critical assets, particularly for the assets that have random failure patterns. In addition, IIoT provides an opportunity to companies to improve their operational performance and reliability significantly by carrying transformative changes in them through business process automation. Industries such as manufacturing, oil & gas, and food & beverage have been employing IIoT in their plants over the last few years. The increased adoption of IIoT acts as an opportunity for the growth of the vibration monitoring market.

Challenge: Additional expenses and difficulties faced during retrofitting of existing systems

Machines deployed in industries require built-in components such as sensors and transmitters to facilitate machine-to-machine (M2M) communication among different devices. The vibration monitoring devices are connected through either a wired or wireless communication channel, such as Wi-Fi or a radio-frequency identification (RFID) module. They collect required data from different machines and transmit it to central computers for storage and analysis. Some new machines have in-built condition monitoring sensors as standard features to make it convenient for operators to monitor the health of equipment deployed in their plants.

In the case of old factories, machinery may not be equipped with such data transmission components; hence, they require to be fitted externally. Some old equipment may need alterations to retrofit these components, resulting in extra expenses for companies. This, in turn, may lead to the decreased adoption rate of vibration monitoring systems. This is expected to act as a key challenge for the growth of the vibration monitoring market. The impact of this challenge is expected to gradually reduce as industries have begun to realize the benefits of M2M communication.



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