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Vibration monitoring equipment market sees growth in 2020

Posted: 29 Apr 2015 ?? ?Print Version ?Bookmark and Share

Keywords:vibration monitoring equipment? maintenance cost?

The total vibration monitoring equipment market is forecast to grow from $986.59 million in 2014 to $1,453.76 million in 2020 at a CAGR of 6.6 per cent between 2015 and 2020, according to a new report published by MarketsandMarkets.

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 also locate the exact source of the problem in the machines, as well as 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 programme and it remains the most preferred condition monitoring tool.

Vibration monitoring systems help cut plant operating costs by reducing maintenance cost, optimising maintenance activities during planned shutdowns and minimising 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 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 United States and Canada occupying the major market share. Europe and APAC are also considered as promising markets, with Germany and the United Kingdom in Europe, and China and Japan in APAC growing rapidly.

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