Vibration Monitoring Market Analysis Research 2017 is a premium report explores Vibration Monitoring Market Size, Share, Growth, Potential, Opportunity and Company analysis to 2023. Vibration Monitoring Market particularly focusing on Vibration Monitoring Demand, Market Drivers, Challenges, Major trends, and value chain Analysis. Global Vibration Monitoring Market set to hit $1.85 billion by 2023 at a CAGR of 6.5% by 2023.
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Study expands 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.
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Global Key Vibration Monitoring Market Companies Mentioned In Report: SKF AB (Sweden), Emerson Electric Co. (US), General Electric (US), Meggitt PLC (UK), National Instruments Corp. US), Rockwell Automation, Inc. (US), Honeywell International Inc.
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(US), Schaeffler Technologies AG & Co. KG (Germany), Bruel &Kiaer Sound & Vibration Measurement A/S (Denmark), and Analog Devices Inc.(US), among others.
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.
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.
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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 sub segments gathered through secondary research, extensive primary interviews have been conducted with key officials in the vibration monitoring market.
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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