Growing adoption of predictive maintenance, need for
streamlining manufacturing process, mitigating risk of machine failure and
increasing popularity of smart factories to drive North America vibration
monitoring market through 2024
According to TechSci Research report, “North America Vibration Monitoring Market By Offering, By Monitoring Process, By System Type, By Industry, By Country, Competition, Forecast & Opportunities, 2014-2024”, North America vibration monitoring market is projected to cross $ 1 billion by 2024. Anticipated growth in the market can be attributed to growing vibration monitoring adoption among industries such as oil & gas and energy & power to ensure timely maintenance and replacement of machinery. Moreover, increasing popularity of predictive maintenance and smart factories, coupled with rising demand for wireless and online vibration monitoring are expected to fuel the market during forecast period.
Browse 47 market data Figures and Tables spread through 92 Pages and an in-depth TOC on “North America Vibration Monitoring Market”
Online monitoring process is expected to witness
fastest growth in the region’s vibration monitoring market over the next five
years, owing to rising demand for real-time and remote monitoring of assets and
growing popularity of cloud computing and wireless connectivity. Oil & gas
is the largest end-user in North America vibration monitoring market, as it
enables companies to ensure efficient performance of high-value machinery,
mitigate equipment failure and improve productivity. Embedded systems segment is
expected to grow at the fastest rate during forecast period, owing to
increasing demand for online vibration monitoring and growing adoption of smart
factories in the region. Baker Hughes, Emerson Electric Co., SKF USA Inc., Honeywell
International Inc., National Instruments Corporation and Schaeffler Group USA,
Inc. are some of the major players operating in North America vibration
monitoring market. United States dominates the regional market, as a result of growing
focus on industry automation, rising demand for power and growing government support
to oil & gas and power sectors in the country.
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of Internet of Things is driving industries towards adopting IoT to facilitate the
development of smart factories, which in turn is encouraging companies to
integrate vibration monitoring to effectively use data being generated by
vibration sensors to streamline process and improve machine uptime. Rising demand
for vibration monitoring with advanced
capabilities such as machine learning and big data analytics, in
addition to growing need for creating secure environment for customers and employees,
is expected to aid North America vibration monitoring market during forecast
period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“North America Vibration Monitoring Market By Offering, By Monitoring Process, By System Type, By Industry, By Country, Competition, Forecast & Opportunities, 2014-2024” has evaluated the future growth potential of vibration monitoring market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in North America vibration monitoring market.
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