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Market research analysts at Technavio predict that the global industrial speed monitoring systems market will grow at a CAGR of more than 5% by 2021. The minimal cost for repairing speed monitoring systems is identified as one of the primary growth factors for this market. Industrial speed monitoring systems are sturdy and are designed to withstand wear and tear in an industrial environment. These devices are often exposed to dust, moisture, and heat in industrial workplaces that might affect the performance. In such conditions, the industrial speed monitoring devices are required to offer accurate data and enable operators to take actions accordingly. Moreover, these devices rarely undergo a functional breakdown during their lifespan. Owing to such advantages the coming years will witness a considerable increase in the adoption of industrial speed monitoring systems.
The utilization of Wi-Fi and Bluetooth-based speed monitoring systems is one of the latest trends that will contribute to the growth of this market in the forthcoming years. The use of Wi-Fi and Bluetooth in industrial speed monitoring systems has become a key trend. Wi-fi and Bluetooth allow users to operate the equipment from a remote location. This helps the user to easily keep track of the equipment through a control panel or smartphones. This trend is expected to increase during the forecast period as it makes the work of an operator easy and involves lesser costs. Also, the emergence of wireless speed monitoring in industries will enable users to remotely monitor and control several aspects of industrial application such as machine condition monitoring and equipment activity. These wireless technologies will alter the scope of speed monitoring across process and discrete industries during the forecast period.
The industrial speed monitoring systems market consists of end-users ranging from large-scale to small-scale industries across geographies. Small-scale industries prefer speed monitoring devices from regional players due to their low pricing compared to the global competitors. The large-scale industries choose products from major players in the market due to the brand worthiness, existing reputation, and value for money proposition of branded products. Though the products of regional vendors are priced comparatively low, they still account for the majority shares of the industrial speed monitoring systems market.
The leading vendors in the market are -
The other prominent vendors in the market are Woodward, Eaton, Schmersal, Barksdale, SIGMATEK, ifm, Enercorp Instruments, and Banner Engineering.
During 2016, the industrial tachometers segment accounted for the major shares of the industrial speed monitoring systems market. Factors such as the increased adoption and rising importance of safety practices in industries will contribute to the growth of this industry segment in the coming years. Moreover, properties such as robust build and the capacity to withstand temperature ranging from -20 °C to 70 °C, will also propel the segment's growth in this global market.
This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the industrial speed monitoring systems market throughout the forecast period. The increased adoption of industrial speed monitoring systems in various industries such as food and beverage and chemical industry drive the growth of the market in this region. Additionally, the expected expansion of existing companies and the introduction of new ones will also increase the need for industrial speed monitoring devices in this region.
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Our market research methodology for the global industrial speed monitoring systems market
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PART 01: Executive Summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product type
PART 07: Geographical segmentation
PART 08: Decision framework
PART 09: Drivers and challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
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