Global Industrial Speed Monitoring Systems Market 2017-2021
About Industrial Speed Monitoring Systems
Industrial speed monitoring systems are devices or equipment that are used in industries to calculate the speed of rotating equipment and control its speed if necessary.
Under the scope of the global industrial speed monitoring systems market, tachometers, safety relays, speed transmitters, speed switches, and rotation direction switches, used for industrial purposes, have been taken into consideration.
Technavio’s analysts forecast the global industrial speed monitoring systems market to grow at a CAGR of 5.42% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial speed monitoring systems market for 2017-2021. To calculate the market size, the report considers the new installations, sales value, and replacement market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Speed Monitoring Systems Market 2017-2021
Technavio recognizes the following companies as the key players in the global industrial speed monitoring systems market: ABB, Electro-Sensors, Process Control Systems, Rockwell Automation, and Siemens.
Other Prominent Vendors in the market are: Woodward, Eaton, Schmersal, Barksdale, SIGMATEK, ifm, Enercorp Instruments, and Banner Engineering.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing use of non-contact, non-vibrating devices. The increasing use of non-contact industrial speed monitoring systems is the current trend. Non-contact monitoring devices reduce vibration and wear and tear on the equipment and the device itself. These devices use methods such as the displacement technique to calculate the speed of a rotating component.”
According to the report, one of the major drivers for this market is Minimal repair cost. Industrial speed monitoring systems are sturdy, have a long lifespan, 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, which might affect the performance. In such conditions, the industrial speed monitoring devices are required to provide accurate data and enable operators to take actions accordingly.
Further, the report states that one of the major factors hindering the growth of this market is Need for multi-functional industrial speed monitoring systems. The growing need for devices that have multi-functional characteristics poses a challenge for the global industrial speed monitoring systems market. Devices such as tachometers or speed switches are limited and can perform a single function. The increasing adoption rate of Industry 4.0 has paved the way for technological advancements in industrial monitoring components. Industrial sensor manufacturing companies have come up with multi-functional sensors, such as sensors for determining and controlling the speed of an axle. To undergo such innovation, manufacturers must incur an additional cost that will result in a slump in revenues. Innovation in industrial speed monitoring devices that can carry out secondary functions in addition to their primary functions are the need of the hour.
ABB, Electro-Sensors, Process Control Systems, Rockwell Automation, Siemens, Woodward, Eaton, Schmersal, Barksdale, SIGMATEK, ifm, Enercorp Instruments, and Banner Engineering.