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According to a new report by MarketsandMarkets, the vibration monitoring equipment market is expected to grow at an annual rate of 6.6 percent and exceed $1.4 billion by 2020.
The market is projected to be driven by fast-paced technology advances and the introduction of innovative products over the next few years. Development of low-cost advanced vibration monitoring equipment integrated with quick-processing functions, direct communication procedures and improved software should attract considerable opportunities for the market in the coming years.
Vibration monitoring systems are designed to help decrease plant operating costs by reducing maintenance costs, optimizing maintenance activities during planned shutdowns and minimizing the instances of unscheduled outages.
The 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, can locate the exact source of problems in machines, and can detect faults and machine deterioration before the occurrence of other symptoms.
The major players in the global vibration monitoring equipment market include Analog Devices Inc., Azima DLI, Bruel and Kjaer Sound and Vibration Measurement, Emerson Electric Co., General Electric, Honeywell International, Meggitt, National Instruments Corporation, Rockwell Automation, SKF, and SPM Instrument.
For more information or to view the full report, visit www.marketsandmarkets.com.