Machine Condition Monitoring Market Projected to Surpass USD 2551.9 Million globally by 2023 | Top Key Vendors - Emerson Process Management, Bently Nevada, SKF GmbH, National Instruments, Rockwell Automation, Azima Dli, Meggit Sensing System

Marketprognosis.com Publish a New Market Research Report On “Global Machine Condition Monitoring Market 2019 - 2023” which contains global key player’s survey information and forecast to 2023.

Overview of the Global Machine Condition Monitoring Market:

The Global Machine Condition Monitoring Market was valued at USD 1883.6 Million in 2017 and is expected to reach a value of USD 2551.9 Million by 2023 at a CAGR of 5.22%, over the forecast period (2018 - 2023).

Operational equipment is responsive to many types of errors and faults. Hence, it is crucial to monitor minor or significant changes in equipment, measuring parameters like vibration, temperature, voltage, current, pressure, flow, and several others. This significance has pushed various verticals to take extra effort to protect their machinery. The main benefit of fault identification using machine condition monitoring, include; allowing personnel to take remedial action to avoid or reduce repair costs and increasing machinery safety, thus improving human safety.

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Predictive Maintenance to Spearhead the Growth; Factories are growing smart every year. The new analytics and big data techniques can forecast the demand for a particular product based on historical data. Depending on these conclusions the decision makers need to speed up or slow down the production on a daily basis. To make such changes in the entire mechanical system of a factory, all the equipment involved in production activity should be healthy enough to accept the change. Hence machine health is a critical factor in day to day industrial activity.

With the advent of monitoring technologies, users are now able to predict the lifetime of a machine or equipment. These life cycles provide a method to predict when a maintenance operation should take place to ensure that a machine has served its full length of the service period. Predictive maintenance techniques are designed for various verticals to determine the condition of equipment to predict when and where maintenance operations should be performed. These techniques promise cost savings to the operator when time-based maintenance operations are performed.

Regionally, North America is the most significant market for machine condition monitoring equipment. Stringent government regulations regarding safety, new power generation projects in the United States, and significantly growing automotive and aerospace industries are driving the market for machine condition monitoring in this region. With the boom of shale gas industry in the United States, despite low crude oil prices, the region has shown considerable growth in the industrial sector. The increasing number of drilling activities for the shale gas resources due to National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, has created massive demand for machine condition monitoring equipment and services in the oil and gas sector.

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Major Key Players:

1 Emerson Process Management

2 Bently Nevada Corporation (GE Measurement & Control Solutions)

3 SKF GmbH

4 National Instruments Corporation

5 Bruel & Kjaer Vibro Gmbh

6 Smp Instrument AB

7 Rockwell Automation Inc

8 Azima Dli Corporation

9 Meggit Sensing System and More………….

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This study answers to the below key questions:

1 What will the market size be in 2023 and what will the growth rate be?

2 What are the key market trends?

3 What are the challenges to market growth?

4 Who are the key players in this market?

5 What are the market opportunities and threats faced by the key players?

In the end, this report covers data and information on capacity and production overview, production, market share analysis, sales overview, supply, sales, and shortage, import, export and consumption as well as cost, price, revenue and gross margin of Machine Condition Monitoring Market.

Table of Contents:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Key Inferences

5 Market Overview

6 Drivers, Restraints, Opportunities and Challenges Analysis (Droc)

7 Market Segmentation

8 Competitive Landscape

9 Key Players

10 Future Outlook of the Market

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