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.
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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.
“Growing popularity 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.
Browse 47 market data Figures and Tables spread through 92 Pages and an in-depth TOC on “North America Vibration Monitoring Market”
“North America Vibration Monitoring Market Report 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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