A new report has revealed that the vibration monitoring market will continue to grow at a CAGR of 7% between 2017 and 2024. This will take the value of the market to around $1.85 billion, while the wider machine condition monitoring market will be worth $3.07 billion by 2022.
This is excellent news, because it means that the hard work of those campaigning for predictive maintenance is paying off and real progress is being made.
The growth of the market can be credited to a few different key reasons. For starters, maintenance teams are increasingly shifting to a predictive maintenance programme. At the same time, more engineers are aware of vibration monitoring, its benefits and how to implement it than ever before.
The rising demand for smart factories is also playing a role. Although many manufacturers aren’t at the stage where they can implement smart technology across their entire operations, some are already beginning to utilise this equipment – including vibration monitoring – in some form. This enables real-time operational awareness, flexible control and data-driven insights that enable smarter decisions for optimal process execution. We expect to see more and more manufacturers seize this opportunity in coming years.
Finally, emerging applications and market are increasing the demand for vibration monitoring equipment too. BMI reports that new manufacturing hubs are set to emerge in Bangladesh, Myanmar, and Pakistan. These countries will likely invest in the technology that is already enabling success in established markets and MEDCs.
This could be just the beginning. We’re expecting to see more applications emerge over the next decade as technology continues to advance, and we’re only at the very start of the move towards smart factories. It’s an exciting time to be in the marketplace, and we’ll be continuing to support those looking to implement vibration monitoring in coming years to ensure best results.