Vibration Monitoring Market Size To Expand at a Notable CAGR Of 8.7% During 2018 - 2023

Pune, India, March, 2018 /MRFR Press Release/- Market Research Future published a cooked research report on Vibration Monitoring Market.

Market Highlights

Vibration monitoring involves the process of examining the condition of machinery to detect damages to ensure the health and efficiency of machines. This process is primarily applied to machines possessing rotating function, such as motors, fans, turbines, pumps, and compressors. Advances in technology such as wireless systems for vibration monitoring and rising development of smart factories are expected to drive the global vibration monitoring market. However, fault diagnosing and vibration monitoring systems are a complex network of several connected devices. The overall vibration monitoring system in any industry becomes complex with increasing number of mechanical equipment connected to it, and increases the cost of installation, which is expected to hamper the market growth.

The global vibration monitoring market is segmented based on component, system type, deployment, end user, and region.

North America is anticipated to lead the vibration monitoring market during the forecast period, followed by Europe. Significantly high adoption of vibration monitoring systems, in the region and launch of new systems and components by key players in this region are the key drivers contributing to the market growth. The US, dominates the market in North America; it is followed by Canada in terms of market share.

The global vibration monitoring market is expected to reach USD ~3,176.4 million at a CAGR of over 8.8% by the end of the forecast period.

Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “The Global Vibration Monitoring Market Research Report -Forecast to 2023”.

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Global Mixed Reality Market: Segmentation

Based on component, the market has been segmented as hardware, service, and software. The hardware segment includes transmitters, accelerometers, proximity probes, velocity sensors, and others. The software segment consists of custom software and out-of-box software. The service segment includes professional services and managed services. The hardware segment accounted for the largest market share of 49.7% in 2017; it is expected to register a CAGR of 6.7% during the forecast period. The services segment was the second-largest market in 2017; it is projected to register the highest CAGR of 12.4%.

The vibration monitoring market, by type, has been segmented into vibration analyzers, embedded systems, and vibration meters. These systems identify the working efficiency of the machines and detect the problems in them and are used across industries for vibration monitoring. The vibration analyzers segment accounted for the largest market share; it is expected to register a CAGR of 8.5% during the forecast period.

Based on deployment the market has been segmented into on-premise or cloud. The on-premise segment accounted for the larger market share in 2017 and is expected to grow with as CAGR 6.9%. Whereas, the cloud segment is expected to be the fastest growing market.

Based on end user, the market is segmented as automotive, metal & mining, food & beverage, chemicals, and oil & gas. The oil & gas segment accounted for the largest market share of 20.9% in 2017 and is expected to register a CAGR of 9.6% during the forecast period

Some of the prominent players in the global mixed reality market Analog Devices, Inc. (US), SKF AB  (Sweden), Brüel & Kjær Sound & Vibration Measurement A/S (Denmark), General Electric Company (US), Rockwell Automation Inc. (US), Wilcoxon Sensing Technology (US), Emerson Electric Co. (US), National Instruments Corporation (US), Fortive Corporation (US), Meggitt PLC (UK), Yokogawa Electric Corporation (Japan), among others.

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