Global Vibration Monitoring Systems Market
Vibration Monitoring System Market Size And Forecast
According to Verified Market Research, the Global Vibration Monitoring Market was valued at USD 1.29 billion in 2019 and is projected to reach USD 2.04 billion by 2027, growing at a CAGR of 6.43% from 2020 to 2027.
Global Vibration Monitoring System Market Overview
Rapid industrialization at a global level has brought a wide range of applications which uses vibration monitoring and has boomed the global vibration monitoring market. With increasing advancement in industrialization, the number of applications has also been growing which requires vibration monitoring as an equipment for assessing vibrations and administering its working. The applications of vibration monitoring lies in various industries such as oil & gas, chemical & pharmaceutical, aerospace & defense, and wastewater treatment plants. Thus, it can be concluded that with growing needs of the population and their preferences, rapid industrialization is taking place to suit the needs demanded by the population along with obeying the stringent regulations set by the government. Hence, it can be anticipated that the market for vibration monitoring is growing with rapid industrialization and acts as a potential driver for the global market.
Global Vibration Monitoring System Market: Segmentation
The Vibration Monitoring System market is segmented on the basis of the monitoring process, offering, industry, system type, and geography.
The major players in the market are General Electric Company, Emerson Electric Co., Meggitt PLC, Honeywell International Inc., ABB Ltd., Bosch Rexroth AG, and National Instruments Corporation.
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