Vibration Monitoring Market

Vibration Monitoring Market worth $1.8 billion by 2023

According to the new market research report "Vibration Monitoring Market by Component (Hardware, Software, and Services), System Type (Embedded Systems, Vibration Analyzers, and Vibration Meters), Monitoring Process (Online and Portable), Industry, and Geography - Global Forecast to 2023", the global vibration monitoring market is expected to grow from USD 1.3 billion in 2017 and to reach USD 1.8 billion by 2023, at a CAGR of 6.5% between 2017 to 2023. The growth of this market can be attributed to the growing penetration of smart factory. The growing trend of smart factories is expected to increase the efficiency and productivity of industries in the coming years. For instance, the machinery used in smart factories would be able to predict failures and initiate maintenance request automatically. Vibration monitoring plays a crucial role in a smart factory; it saves time by eliminating wastages, increases the flexibility of monitoring by using portable devices, provides automatic error-free solutions, and improves the reliability of a plant. Thus, with the growth in adoption of smart factories worldwide, the demand for vibration monitoring solutions is expected to rise further.

Browse 66 market data Tables and 64 Figures spread through 173 Pages and in-depth TOC on "Vibration Monitoring Market - Global Forecast to 2023"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/vibration-monitoring-market-29273491.html

Embedded systems held largest share of vibration monitoring market in 2016

The vibration monitoring market based on system type is led by the embedded system segment in terms of size. Effective and continuous monitoring through embedded systems which are installed directly on the machines allows real-time assessment of the machine condition as well as an optimized maintenance program. Embedded systems are ideal solutions, being the complete and reliable detection and analysis systems for equipment defects, performance shifts, imbalances, and other anomalies. Embedded vibration monitoring systems have a wide demand from the industries such as oil and gas, energy and power, metals and mining, and chemicals wherein many assets used during production are critical as they mostly require continuous monitoring.

Market for automotive Industry is likely to grow at higher CAGR during forecast period

The market for the automotive industry is expected to witness the highest CAGR during the forecast period. The automotive industry is witnessing enormous growth in terms of the number of units produced per day. With the increase in demand for vehicles globally, manufacturers are striving to match the production capacities with global demand. Hence, vibration monitoring systems play a crucial role in ensuring efficient manufacturing processes on a continuous basis. The global automotive industry is emphasizing on automating and upgrading assembly lines, which require motor monitoring. The machinery on the production floor is required to be maintained properly to minimize the production cycle and increase the production output. Thus, the vibration monitoring market for the automotive industry is likely to grow at a significant rate during the forecast period.

North America accounts for largest market size during forecast period

North America held the largest share of the vibration monitoring market in 2016, followed by Europe and APAC. North America holds a large share of the vibration monitoring market since the region is home to a significant number of active players in industries such as automotive, oil and gas, energy and power, and aerospace and defense. The favorable economic conditions in the US and advancements in predictive maintenance technologies are encouraging the companies based in this country to deploy condition monitoring technology in mainstream operations. Additionally, Canada has the world’s third-largest crude oil reserves, and the natural gas reserves in the country rank eighteenth in terms of size globally. The country is an attractive investment destination for many oil and gas companies for drilling and exploration. On the other hand, Mexico is a significant manufacturing hub for various industries such as aerospace, automobiles, and mining. These factors have a positive impact on the vibration monitoring market in the region.

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 are the major players operating in this market.

Don’t miss out on business opportunities in Vibration Monitoring Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

Report Code
SE 3344
PR Published ON
7/4/2019
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Vibration Monitoring Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
REQUEST A FREE WORKSHOP
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
ONLINE CHAT
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
© MarketsandMarkets Research Private Ltd. All rights reserved
...

Digital Virtual Assistant - MarketsandMarkets

Home