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(Transportation-News.com, February 11, 2017 ) According to a new market research report “Vibration Monitoring Market by Product (Portable & Non-Portable), Component (Accelerometer, Proximity Probe, & Others), Application (Aerospace & Defense, Automotive, Chemical, Metal & Mining, & Others), & Geography - Global Forecast to 2020”, published by MarketsandMarkets, the total market is expected to reach $1,453.76 Million by 2020, at a CAGR of 6.6%.
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Vibration monitoring systems help to reduce plant operating costs by reducing maintenance cost, optimizing maintenance activities during planned shutdowns, and minimizing the instances of unscheduled outages. The market over the next few years is likely to be driven by fast-paced technology developments and introduction of innovative products. Development of low-cost advanced vibration monitoring equipment integrated with quick processing functions, direct communication procedures, and improved software would attract tremendous opportunities for the market in the coming years.
The vibration monitoring equipment market is expected to grow from $986.59 million in 2014 to $1,453.76 million in 2020 at a CAGR of 6.6% between 2015 and 2020. The vibration monitoring equipment market is growing more rapidly in various segments and applications as compared to other condition monitoring products because it is capable of detecting the potential failure of machinery well in advance, it can locate the exact source of the problem in the machines, it can detect faults and machine deterioration before the occurrence of other symptoms like heat, sound, greater electrical consumption, and lubricant impurities. Therefore, vibration monitoring is an integral part of the machine condition monitoring program and it remains the most preferred condition monitoring tool.
The global vibration monitoring equipment market report describes the market trends, drivers, and challenges for the vibration monitoring and forecasts the market to 2020 based on components, products, applications, and geography. This global report gives a bird’s eye-view of the market across geographies, including North America, Europe, Asia-Pacific, and RoW (Rest of the World). North America is the largest region in terms of vibration monitoring equipment market size and is expected to retain its position till 2020, with U.S. and Canada occupying the major market share. Europe and APAC are also considered as promising markets, with Germany and the U.K. in Europe, and China and Japan in APAC growing rapidly.
The competitive landscape of the market presents valuable insights as to the players in the vibration monitoring equipment market. The global vibration monitoring equipment market report profiles 11 promising players in the market, and further explains their business overview, product portfolio, recent developments, and key strategies adopted. There are several new product developments and large scale collaborations & partnership agreements across the value chain between the companies.
The major players in the global vibration monitoring equipment market are Analog Devices, Inc. (U.S), Azima DLI Corporation (U.S), Bruel & Kjaer Sound & Vibration Measurement A/S (Denmark), Emerson Electric Co. (U.S), General Electric Company (U.S.), Honeywell International, Inc. (U.S.), Meggitt PLC (U.K.), National Instruments Corporation (U.S.), Rockwell Automation, Inc. (U.S.), SKF (Sweden), and SPM Instrument (Sweden).
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