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.
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, Brel & Kjr Vibro GmbH, IMV Corporation, Riverhawk Corporation, and Petasense Inc. among others.
Key Topics Covered
2. Research Methodology 2.1. Research Process and Design 2.2. Research Assumptions