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Key Revenue Pockets : Vibration Monitoring Equipment Market
Vibration monitoring helps to detect the potential failure of machinery as early as three months before the occurrence of the actual failure. It also identifies the exact source of the problem in the machines. It helps alert maintenance personnel when the component starts to deteriorate, so that preventive maintenance can be appropriately scheduled to avoid costly downtime and expensive emergency repairs. The vibration monitoring equipment market is projected to cross $1,435.76 Million by 2020, growing at a CAGR of 6.6% between 2015 and 2020. The oil & gas application in the vibration monitoring equipment market is expected to show major growth till 2020.
Due to economic slowdown, many industries face the need for machine condition monitoring to improve the functionality of their business, avoid unplanned downtime, and boost customer satisfaction. It enables industries to increase their revenue, ensure reliability in production, minimize downtime and lower repair costs. Therefore, there is a high demand for this market in the future. The trend of the process industry is towards implementing online systems for monitoring equipment. This technique reduces production downtime and overall cost of maintenance, and provides increased convenience & safety which in turn allows industries to increase their revenue and make profits.
The evolution of portable technology for communication is proving to be a big bonus for the vibration monitoring technology. Thus online monitoring is one of the driving factors of this industry. Also, several factors, including improved software, low-cost monitoring devices, and swift processing operations have led to rapid growth in the vibration monitoring equipment market. Moreover, the various abilities and applications of these technologies have also boosted the vibration monitoring equipment market.
North America accounts for the major share in the vibration monitoring equipment market, followed by Europe and APAC. The North American market is expected to reach ~$788 Million by 2020. The major reason behind this is the presence of major players in the region, and their growing investments in R&D. APAC is expected to grow fast as compared to other regions. This may be due to rapid growth in infrastructure developments, and the increasing industrial activity, especially powered by shifting of production bases from industrialized nations to low-cost destinations such as China and India. The global vibration monitoring equipment market report provides valuable insights and forecasts related to the market, along with the sub-markets such as market by product, component, application, and geography, to 2020.
Vibration Monitoring Equipment Market by Product (Portable & Non-Portable), Component (Accelerometer, Proximity Probe, & Others), Application (Aerospace & Defense, Automotive, Chemical, Metal & Mining, & Others), & Geography - Global Forecast to 2020
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