Vibration-based Condition Monitoring Market

Market Overview

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

TABLE OF CONTENTS
TABLE OF CONTENTS 1
FIGURES AND TABLES 4
Part 1. Key Findings 6
Part 2. Scope and Methodology 7
Report Scope 8
Product Type 8
End-User 8
Region 8
Research Methodology 9
Part 3. Vibration-based Condition Monitoring Market Overview 11
Summary 11
Introduction 13
Part 4. Market Dynamics 15
Growth Drivers and Future Trends 15
Restraints and Challenges 23
Opportunities 31
Outlook 34
Part 5. Global Vibration-based Condition Monitoring Market by Product Type 36
Part 6. Global Vibration-based Condition Monitoring Market by End-User 39
Part 7. Global Vibration-based Condition Monitoring Market by Region 42
Part 8. Competitive Analysis 46
Competition Overview 46
Recent Developments 48
Baker Hughes Company 53
Business Overview 53
Condition Monitoring 53
Contact Information 58
Parker Hannifin Corporation 59
Business Overview 59
Contact Information 61
Emerson Electric Co. 62
Business Overview 62
Condition Monitoring 62
Contact Information 66
AB SKF 67
Business Overview 67
Condition Monitoring 67
Contact Information 71
Rockwell Automation, Inc. 72
Business Overview 72
Condition Monitoring 72
Contact Information 76
Brüel & Kjaer Vibro 77
Business Overview 77
Condition Monitoring Products and Services 77
Contact Information 78
Fortive Corporation 79
Business Overview 79
Condition Monitoring 79
Contact Information 82
ChampionX Corporation 83
Business Overview 83
Condition Monitoring 83
Contact Information 86
SPM Instrument AB 87
Business Overview 87
Vibration Monitoring 87
Contact Information 87
Disclaimer 88
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