Machine Health Monitoring Market Opportunity Analysis, Trend, Application & Forecast 2017-2023

Machine health monitoring is a process of monitoring or identifying the mechanical failure. The process is an effective way of meeting production needs in a timely manner. This predictive technique projects the condition of equipment, which ensures appropriate maintenance strategies are adopted at the right time. Besides reducing the repair time, the strategic tools play an eminent role the decision making process.
Growing emphasis on plant asset management to enhance productivity has contributed to the growth of the machine health monitoring devices. Moreover, continuous focus on the utilization of plant assets and need to curb possible machinery failures is driving the adoption of the technology. However, challenges in achieving ROI from the devices and unpredictable maintenance time have hindered the growth of the market to a larger extent.

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The machine health monitoring market is segmented based on type, component, application, monitoring process and geography. The type covered in the market research report are lubricant oil analysis, ultrasonic inspection, MSCA, vibration monitoring and infrared thermography. Components assessed during the study are corrosion probes, IR sensors, spectrometers, ultrasonic detectors, vibration sensors and others.

Applications assessed during the research are oil and gas, marine, automotive, energy and power, metals and mining and others. The study analyzes monitoring processes such as online condition monitoring as well as portable condition monitoring. Regions including North America, Europe, Asia -Pacific and LAMEA are expected to witness tremendous growth.

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