Vibration Monitoring Market by Component, System Type, Monitoring Process- Global Forecast to 2023
Vibration monitoring market will grow at a CAGR of 6.5% to reach $1.85 billion from $ 1.19 billion from 2016 -2023. Growth of vibration monitoring industry will be driven by oil and gas industry with APAC to grow at highest CAGR during forecast period
Pune, India – July 11, 2017 /MarketersMedia/ —
“Growing penetration of smart factory fuelling growth of vibration monitoring market”
The vibration monitoring market is expected to grow at a CAGR of6.5% between 2017 and 2023to reach USD 1.85billion by 2023, from USD 1.19billion in 2016. The demand for vibration monitoring solutions increases with the growing adoption of the smart factory to increase the efficiency and productivity of industries. However, additional cost incurred for retrofitting vibration monitoring solutions on existing machinery, and the need for education and training may act as major factors limiting the growth of the vibration monitoring market.
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Moreover, the report profiles the key players in the vibration monitoring market and analyzes their market ranking. The prominent players profiled in this report are SKF AB (Sweden), Emerson Electric Co. (US), General Electric (US), Meggitt PLC (UK), National Instruments Corp. US), Rockwell Automation, Inc. (US), Honeywell International Inc. (US), Schaeffler Technologies AG & Co. KG (Germany), Bruel & Kiaer Sound & Vibration Measurement A/S (Denmark), and Analog Devices Inc.(US), among others.
The report covers the vibration monitoring market segmented on the basis of offering, monitoring process, system type, industry, and geography. The hardware segment is expected to hold the largest size of the vibration monitoring market based on offering by 2023. The growth of this market is being propelled by the high demand for vibration monitoring hardware from various industries globally.
The online segment held a larger share of the overall vibration monitoring market based on the monitoring process. This process is widely used for vibration monitoring for the equipment in critical plants that work continuously and are highly prone to defects. Online vibration monitoring systems have applications in the industries having the 24 hour production is maintained. One the hand, the market for portable vibration monitoring is expected to grow at the significant CAGR during the forecast period. The major factors encouraging the market for the portable segment are the mobile nature of systems and need for lesser investment than that for the non-portable monitors.
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“Growth of vibration monitoring market expected to be driven by oil and gas industry during forecast
period”
The oil and gas industry is expected to hold a significant share of the vibration monitoring market during the forecast period. The oil and gas industry uses extremely complex and expensive equipment such as boilers, pumps, generators, and piping network for their operations; these equipment consume a lot of power and generate an equally large amount of heat. Even a minor fault in the equipment may lead to an increase in power consumption and process downtime or trigger the release of powerful gases, leading to an explosion. Thus, vibration monitoring systems are in high demand in the oil and gas industry. Besides oil and gas, other industries that hold a major share in the vibration monitoring market are energy and power, metals and mining, and chemicals, among others.
“Vibration monitoring market in APAC to grow at highest CAGR during forecast period”
The market for vibration monitoring in APAC is expected to grow at the highest CAGR between 2017 and 2023. Rapid industrialization, growing adoption of predictive maintenance tools, and competitive pressure to achieve operational efficiency are fueling the growth of the vibration monitoring market in APAC. The expansion of manufacturing activities as a result of the migration of production bases to Asian countries with low labor costs, such as China, India, and South Korea, is driving the demand for vibration monitoring systems in the region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the vibration monitoring market.
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Additional cost incurred for retrofitting vibration monitoring solutions on existing machinery and need for education and training for safe use these systems and tools as well as for analysis of the vibration patterns for timely decision-making are the major factors limiting the growth of vibration monitoring market.
Research Coverage:
This research report categorizes the vibration monitoring market on the basis of offering, monitoring process, system type, industry, and geography. Moreover, the report provides a description of the major drivers, restraints, challenges, and opportunities pertaining to this market, as well as the value chain analysis and market ranking analysis.
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