Machine Condition Monitoring Market is expected to register a CAGR of 5.1% during the forecast period (2018-2023)| Dominant Players - EMERSON PROCESS MANAGEMENT, GENERAL ELECTRIC, HONEYWELL INTERNATIONAL INC., NATIONAL INSTRUMENTS CORPORATION, amongst oth

Market Analysis:

North America Dominates the Market
Tremendous growth in the energy sector and rapid technological advancement has spurred the demand for components and monitoring types in North America. The rising need for a mechanism to speculate equipment failure by achieving depletion in frequency and intensity of disruption and maximizing component life, along with an effective scheduling of maintenance with equipment performance are the factors that are boosting the market.

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Machines tend to degrade over time due to wear & tear or rust. Machine condition monitoring has recently gained increased significance as companies are focusing more on asset utilization and increasing productivity. Increasing equipment performance and productivity through predictive maintenance, enhancement in equipment reliability by the effective projection of their failures, and inclination of growth towards HVAC market are the factors that are boosting the growth of the machine condition monitoring market. The importance of monitoring minor or major changes in equipment with parameters like vibration, temperature, voltage, current, pressure, flow, and several others parameters has pushed various industries to take an extra effort in protecting their machines. Increased adoption of vibration sensors in industries is increasing demand for Preventive and Predictive Maintenance. Online Machine Monitoring is expected to grow with the fastest CAGR amongst all others.

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Market Segments:
Machine Condition Monitoring Market is segmented by:
1. Type: Vibration Monitoring, Thermography Monitoring, Lubricating Oil Analysis, Others
2. Monitoring Process: Online Machine Monitoring, Portable Machine Monitoring
3. End-User Vertical: Oil & Gas, Power Generation, Aerospace & Defense, Automotive, Others
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• October 2017: Emerson announced agreement to acquire UK-based Permasense Limited, provider of non-intrusive corrosion monitoring technologies for the offshore and onshore oil production, refining, chemical, power, pipelines, metals & mining, and other industries.

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