Global Vibration Meter Market 2019-2023 | Increasing Popularity of Micro-Electromechanical Sensor (MEMS) in Vibration Meters to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Dec 3, 2019--
The global vibration meter market is expected to post a CAGR of almost 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global vibration meter market 2019-2023 (Graphic: Business Wire)
Vibration analysis is one of the crucial techniques used in the preventive maintenance of rotating machines as they are more likely to cause downtime due to faults. Hence, vibration meters are used to analyze vibration patterns and ensure optimal working conditions for machines. This reduces production losses and maintenance costs of machines. With industrial facilities focusing on improving their capacity utilization factor (CUF), the demand for vibration meters is bound to increase significantly during the forecast period.
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As per Technavio, the increasing popularity of micro-electromechanical sensors (MEMS) in vibration meters will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Vibration Meter Market: Increasing Popularity of Micro-Electromechanical Sensor (MEMS) in Vibration Meters
Market vendors are focusing on the development of vibration meters using MEMS instead of large traditional electromechanical sensors. This is expected to result in the reduction of cost as well as size of vibration meters. Moreover, as MEMS consumer less power, the required battery size will also decrease. This will increase the availability of portable vibration meters in the market.
“Expected decline in the cost of vibration meters and introduction of condition monitoring features in vibration meters will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Vibration Meter Market: Segmentation Analysis
This market report segments the global vibration meter market by product (digital and analog), end-user (process industries, third-party service providers, and discrete industries) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America respectively. However, during the forecast period, the APAC region is expected to emerge as the largest market for vibration meters. This is due to increasing investments in the expansion of manufacturing facilities in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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PUB: 12/03/2019 06:30 AM/DISC: 12/03/2019 06:30 AM