NEW YORK, Jan. 6, 2016 /PRNewswire/ -- The best overall machinery monitoring program is one that utilizes multiple and integrated monitoring technologies that are well-suited to detect potentialfailures. For low-risk machines, vibration analysis can be performed by a mechanic or operator using a vibration data collector or vibration meter. For machines withhigher criticality, a certified vibration analyst should use advanced vibration data collection withanalysis hardware and software.
Vibration monitoring has dominated this market for the last several decades and it continues to do so in the current market scenario. This technology is capable of detecting potential failure of machinery as early as three months in advance. It can also pinpoint the exact source of the problem in the machines. Hence, it remains the most preferred condition monitoring tool amongall the maintenance personnel. The global vibration monitoring equipment market is valued at $986.59 million in 2014, and is expected to reach $1,453.76 million by 2020, at a CAGR of 6.6% between 2015and 2020. In terms of geography, North America accounted for the major market share of ~40% in 2014, followed by Europe at ~26%. The key driving factor behind this is the presence of major key players in the region and the growing usage of vibration monitoring in various applications.
The major players in the vibration monitoringequipment market are adopting different strategies to expand and gain a strong position in this market. As thenumber of established players is growing in the global marketplace,it becomes important for everymarket player to gain a competitive edge over the others.Key players adopted strategies such as new product developmentand agreements, contracts & partnerships, and others to compete in the vibration monitoring equipment market.
The report providesa detailed insight into the current vibration monitoring equipment market, and identifies key trends in thevarious segments of the market with in-depth quantitative and qualitative information. The report segments the global vibration monitoringequipment market on the basis of components, products, applications, and geography. Further, it provides market size forecasts, and trend analysis with respect to the market's time-line. Detailed geographic insights with respect to major regions such as North America, APAC, Europe, and Rest of the World have been analyzed.
The major players in the global vibration monitoring equipment market are Analog Devices, Inc. (U.S), Azima DLI Corporation (U.S), Bruel & Kjaer Sound & Vibration Measurement A/S (Denmark), Emerson Electric Co. (U.S), General Electric Company (U.S.), Honeywell International, Inc. (U.S.), Meggitt PLC (U.K.), National Instruments Corporation (U.S.), Rockwell Automation, Inc. (U.S.), SKF (Sweden), and SPM Instrument (Sweden).
The market analysis includes the market overview and industry analysis along with market dynamics and additional qualitative analysis.The market classification encompasses segmentation & sub-segmentation of the market on the basis of components, products, applications, and geography. Lastly, the current market landscape covers the detailed competitive landscape and company profiles of all the key players across the industry.
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