Vibration Monitoring Global Market by Offering, Opportunities, Analysis and Forecasts to 2023

(IT-NEWSWIRE.COM, October 06, 2017 ) According to Publisher, the Global Vibration Monitoring Market is accounted for $1.12 billion in 2016 and is expected to reach $1.90 billion by 2023 growing at a CAGR of 7.8% during the forecast period. Some of the driving factors such as growing demand for vibration monitoring through wireless systems, infiltration of smart factory, rising demand for applications and increasing awareness towards predictive maintenance are contributing for the market growth. On the contrary, unnecessary cost of maintenance and extra cost of retrofitting vibration monitoring solutions on existing machinery are some restraints hampering the market. Vibration monitoring systems are used for reducing the price of operation by maintenance cost and reducing the occurrences of unexpected outages. The usage of this equipment is growing at a wide range in various industrial applications owing to its capability to identify potential failures in advance of any machinery.

Based on system type, embedded systems segment is anticipated to grow at a highest CAGR during the forecast period owing to increasing recognition for embedded systems in various industries for their capabilities and advantages.

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Depending on product, online vibration monitor segment held a larger share and is widely used in crucial plants that work constantly and are highly prone to defects. On the other hand, the major factors driving the portable devices include lesser investments and nature of mobile systems than that for the non-portable monitors.

By geography, North America commanded the largest market share due to increasing penetration of smart manufacturing in several industries which created a heavy demand for vibration monitor in this region.

Some of the key players in this market include Vibrosystm Inc., STI Vibration Monitoring Inc., SKF Ab, Schaeffler Technologies Ag & Co. Kg, Pruftechnik Dieter Busch Ag., Omron Corporation, Mistras Group Inc., Meggitt Plc, Honeywell International Inc., General Electric, Emerson Electric Co., Bruel & Kjaer Sound & Vibration, Measurement A/S, Analog Devices Inc., Te Connectivity Ltd., SPM Instrument Ab, Shinkawa Electric Co. Ltd., Rockwell Automation Inc., Pce Instruments Uk Ltd., National Instruments Corporation and Metrix Instrument Co. Lp.

System Types Covered:
-Vibration Meters
-Embedded Systems
-Vibration Analyzers

Offerings Covered:
-Software
-Hardware
-Services

Products Covered:
-Non-Portable Devices
-Portable Devices
-Online Vibration Monitor
-Other Products

End Users Covered:
-Pulp and Paper
-Food and Beverages
-Automotive
-Metals and Mining
-Oil and Gas
-Marine
-Aerospace and Defense
-Chemicals
-Energy and Power
-Semiconductor and Electronics
-Cement
-Railways
-Other End Users

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Regions Covered:
-North America
o US
o Canada
o Mexico
-Europe
o Germany
o U.K.
o Italy
o France
o Spain
o Rest of Europe
-Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
-South America
o Argentina
o Brazil
o Chile
o Rest of South America
-Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

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Vibration Monitoring Global Market by Offering, Opportunities, Analysis and Forecasts to 2023