How Has The Pandemic Affected The Vibration Monitoring Market, And What Does The Future Hold For Our Sector?
The Covid-19 pandemic has had seismic implications for many industries globally during the last twelve months but, fortunately, the vibration monitoring market is in a strong position to recover after a temporary slowdown.
In 2019, the worldwide condition monitoring market was valued at US $2,640.0 million and expected to grow by approximately half again by 2027, in part due to high compound growth.
While the durability of machine condition monitoring solutions is proving to be a restricting factor to market growth to some degree, as a whole the sector is experiencing a profitable expansion due to several key factors:
- A developing awareness and understanding of the benefits of predictive maintenance in industry.
- Increased concern about machine and product safety.
- Development in wireless and Cloud technology offering remote reporting and automation.
- Innovations in smart maintenance of industrial turbines that can be combined with vibration monitoring equipment.
While North America has tended to dominate the market for several years, with a value of US $611.8 million in 2017, Asia-Pacific is expected to experience rapid growth in the next decade with a compound annual growth rate of over 10%.
Seizing New Opportunities
Despite the effects of the pandemic, the vibration monitoring market is displaying signs of considerable resilience, driven in part by a commitment to continuously adapting in response to changing conditions.
Like all sectors, conditioning monitoring will have to reset in the ‘new normal’, which means continuously redefining the market to take advantage of emerging trends and technologies. With the development of AI and machine learning, it is likely that new growth opportunities will emerge in the near future, offering the potential for greater accuracy and capabilities from a new generation of sensors.
Protect Your Rotating Turbines And Industrial Plant With Sensonics Vibration Monitoring
At Sensonics, we’re at the forefront of the vibration monitoring industry; your first choice for the design, installation, and commissioning of API 670 compliant measuring and protection equipment. With over four decades of experience in the field, we’ve witnessed change on a grand scale in the sector and are committed to engaging with new initiatives and technologies as they emerge. To find out more about our services, please get in touch directly.
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