
Vibration-based Condition Monitoring Market
Description
Vibration-based Condition Monitoring Market
It is projected that the global market size for vibration-based condition monitoring will expand to USD 1,627.2 million by 2028, with a compounded annual growth rate of 4.6% from 2023 to 2028. Vibration-based condition monitoring technology has reached a level of maturity, characterized by the consistent use of established techniques that have seen limited advancements over the years. These techniques primarily involve the collection of signals and data through accelerometers, as well as velocity or displacement sensors. However, a noteworthy shift has been observed in the industry towards integrating wireless sensors, which has not only simplified the design process but has also led to cost reductions.In 2022, the largest contributor to the revenue share of vibration-based monitoring equipment was Petroleum, accounting for 36.3%. However, due to the drop in oil prices, there has been a cause for concern. Nonetheless, the industry is expected to recover as the oil rig count increases and vibration-based monitoring equipment continues to be deployed to monitor and manage tanks, compressors, generators, separators, and wellheads.
In terms of geography, North America has emerged as the dominant player in the vibration-based condition monitoring market studied in 2022. Following closely behind are Asia-Pacific and Europe. Both Europe and North America experienced a significant decline in industrial activities due to the COVID-19 pandemic. In Europe, the petroleum sector is expected to witness sluggish growth due to various environmental and government regulations. Uncertain economic conditions have compelled European industries to shift their investments towards solutions that improve operational efficiency and reduce maintenance and repair costs. According to the Tanalyze, European vibration-based condition monitoring industry, in terms of revenue, increased from USD 343.6 million in 2023 is expected to reach USD 422.1 million in 2028 at a CAGR of 4.5% from 2023 to 2028.
In 2022, the revenue from vibration-based condition monitoring equipment was largely concentrated among the top 5 market participants, accounting for around 70% of the total. The prominent players operating in the global vibration-based condition monitoring market include AB SKF, Baker Hughes Company, Brüel & Kjaer Vibro, ChampionX Corporation, Emerson Electric Co., Fortive Corporation, Parker Hannifin Corporation, Rockwell Automation, Inc., SPM Instrument AB, among others.
Table of Contents
88 Pages
- FIGURES AND TABLES
- Part 1. Key Findings
- Part 2. Scope and Methodology
- Report Scope
- Product Type
- End-User
- Region
- Research Methodology
- Part 3. Vibration-based Condition Monitoring Market Overview
- Summary
- Introduction
- Part 4. Market Dynamics
- Growth Drivers and Future Trends
- Restraints and Challenges
- Opportunities
- Outlook
- Part 5. Global Vibration-based Condition Monitoring Market by Product Type
- Part 6. Global Vibration-based Condition Monitoring Market by End-User
- Part 7. Global Vibration-based Condition Monitoring Market by Region
- Part 8. Competitive Analysis
- Competition Overview
- Recent Developments
- Baker Hughes Company
- Business Overview
- Condition Monitoring
- Contact Information
- Parker Hannifin Corporation
- Business Overview
- Contact Information
- Emerson Electric Co.
- Business Overview
- Condition Monitoring
- Contact Information
- AB SKF
- Business Overview
- Condition Monitoring
- Contact Information
- Rockwell Automation, Inc.
- Business Overview
- Condition Monitoring
- Contact Information
- Brüel & Kjaer Vibro
- Business Overview
- Condition Monitoring Products and Services
- Contact Information
- Fortive Corporation
- Business Overview
- Condition Monitoring
- Contact Information
- ChampionX Corporation
- Business Overview
- Condition Monitoring
- Contact Information
- SPM Instrument AB
- Business Overview
- Vibration Monitoring
- Contact Information
- Disclaimer
- FIGURES AND TABLES
- Global Vibration-based Condition Monitoring Market, Net Growth, 2020-2028 (USD Million)
- Global Vibration-based Condition Monitoring Market by Product Type, 2020-2028 (USD Million)
- Global Vibration-based Condition Monitoring Market by Product Type, CAGR Historic and Forecast, 2020-2028
- Global Vibration-based Condition Monitoring Market by End-User, 2020-2028 (USD Million)
- Global Vibration-based Condition Monitoring Market by End-User, CAGR Historic and Forecast, 2020-2028
- Global Vibration-based Condition Monitoring Market Share by Region, 2022
- Global Vibration-based Condition Monitoring Market by Region, 2020-2028 (USD Million)
- Global Vibration-based Condition Monitoring Market by Region, CAGR Historic and Forecast, 2020-2028
- Global Vibration-based Condition Monitoring Market Share, by Company, 2022
- Baker Hughes Company Condition Monitoring Revenue (USD Million)
- Baker Hughes Company Financial Overview (USD Million)
- Baker Hughes Company Revenue, by Segment, 2022
- Baker Hughes Company Oilfield Services & Equipment Revenue, by Segment, 2022
- Baker Hughes Company Industrial & Energy Technology Revenue, by Segment, 2022
- Baker Hughes Company Revenue, by Region, 2022
- Baker Hughes Company Oilfield Services & Equipment Geographic Revenue, by Region, 2022
- Parker Hannifin Corporation Financial Overview (USD Million)
- Parker Hannifin Corporation Revenue, by Segment, 2023
- Parker Hannifin Corporation Revenue, by Region, 2023
- Emerson Electric Co. Financial Overview (USD Million)
- Emerson Electric Co. Revenue, by Segment, 2023
- Emerson Electric Co. Intelligent Devices Revenue, by Segment, 2023
- Emerson Electric Co. Software and Control Revenue, by Segment, 2023
- AB SKF Financial Overview (SEK Million)
- AB SKF Revenue, by Segment, 2022
- AB SKF Revenue, by Region, 2022
- AB SKF Industrial Revenue, by Region, 2022
- AB SKF Automotive Revenue, by Region, 2022
- Rockwell Automation, Inc. Financial Overview (USD Million)
- Rockwell Automation, Inc. Revenue, by Segment, 2023
- Rockwell Automation, Inc. Revenue, by Type, 2023
- Rockwell Automation, Inc. Revenue, by Region, 2023
- Fortive Corporation Financial Overview (USD Million)
- Fortive Corporation Revenue, by Segment, 2022
- Fortive Corporation Revenue, by Type, 2022
- Fortive Corporation Revenue, by End Markets, 2022
- Fortive Corporation Revenue, by Region, 2022
- ChampionX Corporation Financial Overview (USD Million)
- ChampionX Corporation Revenue, by Segment, 2022
- ChampionX Corporation Revenue, by Type, 2022
- ChampionX Corporation Revenue, by Region, 2022
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