Press release
Machine Condition Monitoring Market Business Strategies, Product Sales and Growth Rate, Assessment to 2027
The global machine condition monitoring market was valued at US$ 2,212.3 Mn in 2017 and is anticipated to expand at a stable CAGR of 8.1% during the forecast period 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Machine condition monitoring Market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ Advantages offered by machine condition monitoring, increased adoption of vibration sensors, increase in equipment performance and productivity, rise in the adoption of machine condition monitoring in the automotive industry, rise in online machine monitoring, and increase in equipment performance and productivity have increased the penetration and growth of the global machine condition monitoring market. The market in Asia Pacific is likely to expand at a rapid CAGR of 8.6% due to numerous technological innovations in equipment condition monitoring systems.Request a Sample – https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=12170
Rise in Demand for Online Monitoring to Drive Market Growth
Rise in predictive maintenance and need for accurate and time-efficient analyses of data have increased the demand for online machine condition monitoring globally. Manual collection of data can be performed only a limited number of times. On the other hand, online monitoring can collect large amounts of data at frequent points avoiding chances of human miscalculation in data collection. Numerous players from North America are continuously involved in acquisitions in order to offer advanced machine condition monitoring to people who need the information on machine conditions in a timely manner. In September 2018, Azima DLI, a provider of predictive machine condition monitoring and analysis services, launched ‘WATCHMAN,’ its portable online intensive care condition monitoring system that can be quickly deployed by personnel in machines. Key trends prevalent in the global machine condition monitoring market are integrated machine condition monitoring system, technological advancements, cloud technology, wireless condition monitoring, and strategic collaborations.
Increasing Adoption of Vibration Monitoring is Expected to Drive Growth of the Machine Condition Monitoring Market
In terms of type, the market has been divided into thermography, vibration monitoring, lubrication oil monitoring, acoustic emission monitoring, ultrasound monitoring, corrosion monitoring, current signature monitoring, and others. The vibration monitoring segment is anticipated to dominate the market due to rise in adoption of vibration sensors for assessing equipment condition. Vibration monitoring provides analysis of the overall vibrations of components or machinery in order to observe abnormalities that may indicate faults. Furthermore, potential advantages of machine condition monitoring such as improved efficiency, increased machine availability and reliability, extended operational life, reduced costs, and improved safety are driving the global machine condition monitoring market. The vibration monitoring segment is anticipated to expand at a significant CAGR of 8.6 % during the forecast period. The lubrication oil monitoring segment is projected to expand at a significant CAGR over the forecast period, owing to the increasing use of lubrication oil as it plays an important role in early machine failure detection.
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Rise in Adoption of Machine Condition Monitoring Systems due to Technological Advancements and Increase in Adoption of Predictive Maintenance in the U.S., Germany, China, South Africa, and Brazil to Create More Opportunities in the Market
Geographically, the global machine condition monitoring market has been divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. In 2017, Asia Pacific was the topmost revenue generating region, followed by North America. This is mainly attributed to advancements in technology and wide use of predictive maintenance techniques in various industries in order to determine the condition of equipment and foresee when and where maintenance is needed. The machine condition monitoring market in Asia Pacific is expected to expand at a rapid CAGR of 8.9% over the forecast period. China held a significant share of the market in Asia Pacific in in 2017 in. The market in the country is estimated to expand at a considerable CAGR during the forecast period. The market in North America is anticipated to expand at a significant CAGR during the forecast period, owing to the continuous technological advancements in wireless technology and remote monitoring. The market in Europe is anticipated to show substantial growth throughout the forecast period, due to a rise in the adoption of machine condition monitoring systems in the automotive industry and presence of a significant number of market players in the region. The market in Middle East & Africa and South America is expected to expand at a substantial pace due to the rise in government funding in the regions.
ALS Limited, Brüel & Kjær Vibro GmbH, SKF, Emersion Electric Co and F. Honeywell International are Likely to Continue to Lead the Global Machine Condition Monitoring Market
The company profiling of key players in the global machine condition monitoring market includes company overview, major business strategies, SWOT analysis, and market revenues for years 2016 to 2018. The key players profiled in the global machine condition monitoring market report include ALS Limited, Brüel & Kjær Vibro GmbH, Emerson Electric Co., Fluke Corporation, General Electric, Honeywell International, Meggitt SA, National Instruments, Parker Hannifin Corp, PRÜFTECHNIK Dieter Busch AG, Rockwell Automation, Inc., and Schaeffler Technologies AG & Co. KG, SKF. Various players are introducing machine condition monitoring systems with cloud technology and establishing partnerships with other players to meet the continuously growing demand for accurate and reliable equipment condition monitoring.
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The global machine condition monitoring market is segmented as follows:
Global Machine Condition Monitoring Market, by Component
Hardware
Software
Services
Global Machine Condition Monitoring Market, by Type
Thermography
Vibration Monitoring
Lubrication Oil Monitoring
Acoustic Emission Monitoring
Ultrasound Monitoring
Corrosion Monitoring
Current Signature Monitoring
Others
Global Machine Condition Monitoring Market, by Solution Type
Online Monitoring
Integrated Monitoring
Continuous Remote Monitoring
Route-based Monitoring
Global Machine Condition Monitoring Market, by End-use Industry
Aerospace and Defense
Automotive
Oil and Gas
Metal and Mining
Marine
Food and Beverages
Chemicals and Pharmaceuticals
Others (Paper & Pulp, Textile, Utility)
Global Machine Condition Monitoring Market, by Geography
North America
U.S.
Canada
Rest of North America
Europe
The U.K.
Germany
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East &Africa
South America
Brazil
Rest of South America
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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