The vibration monitoring system market is predicted to witness a compound annual growth rate of 5.56% during the forecast period to reach a total market size of US$2.035 billion by 2023, increasing from US$1.471 billion in 2017. Rapid growth of industries like manufacturing, construction and many others across the globe is a major driver for this market. Expansion of manufacturing facilities, owing to the growth of these industries, is increasing the demand for vibration monitoring systems. Furthermore, increasing focus of the industry players towards boosting productivity, while reducing costs, is further increasing the demand for vibration monitoring systems, thus boosting their market growth.
North America and Europe hold a significantly large share in the global market on account of flourishing industries and presence of key market players in these regions. The market Asia Pacific is anticipated to witness the highest CAGR over the forecast period. This growth will be attributed to rapidly growing industries and increasing investments by industry players in this region.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study, have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the global vibration monitoring system value chain. Last step involves complete market engineering which includes analysing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the market.
Finally, competitive intelligence section deals with major players in the market, their market shares, growth strategies, products, financials, and recent investments among others. Key industry players profiled as part of this section are General Electric, ABB, Siemens AG, Brüel & Kjær Vibro GmbH, IMV Corporation, Riverhawk Corporation, and Petasense Inc. among others.
The segmentation for Vibration Monitoring Systems market has been done as follows:
By Sensor Type
By End-User Industry:
Middle East and Africa
Key industry players profiled as part of the report are:
Brüel & Kjær Vibro GmbH
PCB Piezotronics Inc.