The vibration monitoring evolution
A recent report from Markets & Markets estimated that demand for vibration monitoring systems will reach nearly $1.5 billion by 2020. That’s a staggering increase of around 50% compared with today – with a compound annual growth rate (CAGR) of more than 6.5%.
Is this growth a big surprise though? As a company that has seen first hand the rapid evolution of the vibration monitoring market in recent years, we think not – and here’s why.
- Industry has woken up to the benefits of vibration monitoring
For many, many years the main maintenance programme revolved around some form of reactive maintenance. This is no longer the case. This out-dated, expensive and potentially dangerous strategy has been replaced by a more reliable, proactive and cost-effective alternative: preventative maintenance.
Maintenance engineers are now able to catch problems with assets before they develop and impact on productivity. As a result, more and more businesses are turning to predictive maintenance and, more specifically, vibration monitoring.
There are, however, many companies that have only dipped a toe in the vibration monitoring pool – or not at all in some cases. We expect this to change within the next few years, boosting the vibration monitoring market in the process.
- Shift to monitoring all assets, not just those high in value
Where once vibration monitoring was reserved for high value assets such as a steam turbines, modern maintenance teams now monitor many lower value assets, including blowers and pumps. The potential savings in terms of both replacement parts and downtime is significant. This trend, whereby maintenance teams fit sensors to more and more lower value assets, is set to increase still further.
This has been made possible by the relatively low cost of vibration sensors, which means that they can be fitted to just about every machine, no matter how small or large.
- Vibration monitoring is required by all industries
Different industries respond differently to maintenance-related problems. Despite this, the requirement for vibration monitoring transcends industry boundaries. As such, developments in technology means there are now solutions available to enable effective vibration monitoring regardless of environment.
Take mining and quarrying as an example. In this environment the slightest spark can cause a huge explosion. Because of this, the use of electrical equipment is very carefully controlled. Today, vibration monitoring tools, such as intrinsically safe accelerometers, are available to overcome this challenge. This development has opened up the vibration monitoring market to an even wider network.
Combined, these factors have caused the vibration monitoring market to grow to its current size, and will, in time, be the reason it increases in value until it reaches the $1.5 billion mark.
