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Vibration Monitoring Market to Reach $1.85 Billion by 2023 - Additional Cost Incurred for Retrofitting Solutions on Existing Machinery is Limiting GrowthDUBLIN, July 19, 2017 /PRNewswire/ -- The "Vibration Monitoring Market - Global Forecast to 2023" report has been added to Research and Markets' offering.  The vibration monitoring market was valued at USD 1.19 Billion in 2016 and is expected to reach USD 1.85 Billion by 2023, at a CAGR of 6.5% during the forecast period from 2017 to 2023. The demand for vibration monitoring solutions increases with the growing adoption of the smart factory to increase the efficiency and productivity of industries. However, additional cost incurred for retrofitting vibration monitoring solutions on existing machinery, and the need for education and training may act as major factors limiting the growth of the vibration monitoring market. The oil and gas industry is expected to hold a significant share of the vibration monitoring market during the forecast period. The oil and gas industry uses extremely complex and expensive equipment such as boilers, pumps, generators, and piping network for their operations; these equipment consume a lot of power and generate an equally large amount of heat. Even a minor fault in the equipment may lead to an increase in power consumption and prcess downtime or trigger the release of powerful gases, leading to an explosion. Thus, vibration monitoring systems are in high demand in the oil and gas industry. Besides oil and gas, other industries that hold a major share in the vibration monitoring market are energy and power, metals and mining, and chemicals, among others. The market for vibration monitoring in APAC is expected to grow at the highest CAGR between 2017 and 2023. Rapid industrialization, growing adoption of predictive maintenance tools, and competitive pressure to achieve operational efficiency are fueling the growth of the vibration monitoring market in APAC. The expansion of manufacturing activities as a result of the migration of production bases to Asian countries with low labor costs, such as China, India, and South Korea, is driving the demand for vibration monitoring systems in the region. Companies Mentioned
Key Topics Covered: 7 Vibration Monitoring Market, By Offering 13 Company Profiles For more information about this report visit https://www.researchandmarkets.com/research/nrgklm/vibration Media Contact: Research and Markets
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