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Vibration Monitoring Market by Component, System Type, Monitoring Process, Industry, and Geography - Global Forecast to 2023

Vibration Monitoring Market: Global Forecast until 2023

  • July 2017
  • 175 pages
  • ID: 5001214
In this report:
APAC accounted for ~##% of the overall vibration monitoring market in 2016, and the market in APAC is expected to grow at the highest CAGR of ##.##% during the forecast period.
The market for hardware segment registered a shipment of ##,##.## thousand units in 2016 and is expected to reach ##,##.## thousand units by 2023, at a CAGR of ##.##% during the forecast period.

Summary

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"Growing penetration of smart factory fueling rise of vibration monitoring market"

The vibration monitoring market is anticipated to rise at a compound annual growth rate (CAGR) of 6.50 percent between 2017 and 2023 to attain ~$1.9B by 2023, from ~$1.2B in 2016.

The market demand for vibration monitoring solutions increases with the increasing adoption of the smart factory to rise the efficiency and productivity of markets. Nevertheless, additional cost incurred for retrofitting vibration monitoring solutions on existing machinery, and the need for education and training may act as top factors limiting the increase of the vibration monitoring market.

"Rise of vibration monitoring market anticipated to be driven by oil and gas market during forecast horizon"

The oil and gas sector is forecasted to hold a significant share of the vibration monitoring market during the outlook period. The oil and gas market uses extremely complex and expensive equipment including boilers, pumps, generators, and piping network for their operations; these equipment consume a lot of power and generate an equally big amount of heat. Even a minor fault in the equipment may lead to an growth in power consumption and process downtime or trigger the release of powerful gases, leading to an explosion. Therefore, vibration monitoring systems are in strong demand in the oil and gas sector. Also oil and gas, other sectors that hold a major part in the vibration monitoring market are energy and power, metals and mining, and chemicals, among others.

"Vibration monitoring market in Asia-Pacific to grow at topmost cagr during projection period"

The sector for vibration monitoring in Asia-Pac is anticipated to grow at the highest compound annual growth rate (CAGR) between 2017 and 2023. Quick industrialization, increasing adoption of predictive maintenance tools, and competitive pressure to accomplish operational efficiency are fueling the increase of the vibration monitoring market in Asia-Pacific.

The expansion of manufacturing activities as a result of the migration of production bases to Asian countries with low labor costs, such as china (CN), India (IN), and South Korea (KR), is driving the industry demand for vibration monitoring systems in the territory.

In the process of finding out and checking the market value for various segments and sub-segments collected by secondary research, extensive primary audit sessions have been managed with main officials in the vibration monitoring market. Following is the breakup of the primary participants for the market research:

• By Company category: Tier 1 = 50 %, Tier 2 = 30.0 percent, and Tier 3 = 20.0 percent

• By Description: C-suite executives = 60.0 percent, Directors = 25.0 percent, and Others = 15.0 percent

• By Area: North America continent = 35.0 percent, Europe (EU) = 25.0 percent, Asia-Pac = 30.0 percent, and RoW = 10.0 percent

Also, the report profiles the top actors in the vibration monitoring market and analyzes their market ranking. The main players decribed in this industry report are SKF AB, Emerson Electric (NYSE:EMR), General Electric (NYSE:GE), Meggitt PLC, National Instruments Corp. US), Rockwell Automation (NYSE:ROK), Honeywell (NYSE:HON), Schaeffler Technologies AG & Co. KG, Bruel & Kiaer Sound & Vibration Measurement A/S, and Analog Devices Inc., among others.

Segment Research

This market research classifies the vibration monitoring market based on offering, monitoring process, system type, market, and area. Furthermore, the industry report offers a description of the main drivers, industry restraints, opportunities, and possibilities pertaining to this market, as well as the value chain study and industry ranking analysis.

Reasons to Buy the Report

The study would benefit the leaders/new sector entrants in the vibration monitoring market in these ways:

1. The document breaks down the vibration monitoring market comprehensively and offers the closest industry size estimation for all sub-segments across different areas.

2. The analysis benefits partners distinguish the pulse of the sector and offers them with the info on key market drivers, market restraints, opportunities, and alternatives for the vibration monitoring market.

3. The market research would benefit partners comprehend their players better and acquire business insights to enhance their rank in the vibration monitoring market. The competitive outlook section depicts the competitor ecosystem.

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