Global Machine Condition Monitoring Market Is Expected To Reach USD 2.91 Billion By The End Of 2023

Global Machine Condition Monitoring Market, By End Users (Power, Oil and Gas, Chemical and Petrochemical, Pulp and Paper, Cement, Steel and Metal, Pharmaceutical, Automotive, Food and Beverage) - Forecast 2023
During the course of the 20th century, maintenance strategies have gone through many changes. Currently, predictive and proactive strategies present the maximum benefits at minimum expenditure. However, the preventive or scheduled maintenance approach is the most widely used strategy, particularly among the SMEs. This is mainly due to their reluctance to shift from a maintenance strategy that they have adapted over the years and the misconception that predictive and proactive strategies are expensive. With increased awareness, we expect the predictive and proactive approach to gain considerable momentum in the coming years.

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Machine condition monitoring is the process of monitoring the condition of a machine with the commitment to predict mechanical wear and tear. Vibration, noise, and temperature measurements are often used as key indicators of the state of the machine. Trends in the data provide health information about the machine and help to detect machine faults early, which prevents unexpected failure and costly repair. It has been observed that an increase in need for reduced maintenance cost is boosting the machine condition monitoring market.
The global Machine Condition Monitoring market is expected to reach USD 2.91 billion by the end of 2023 with 5.55% CAGR during forecast period 2017-2023.
Key Players
• Emerson Electric (U.S.)
• General Electric (U.S.)
• Rockwell Automation (U.S.)
• Timken (U.S.)
• FLIR Systems (U.S.)
• SKF (Swedan)
• NSK (Japan)
• Parker-Hannifin (U.S.)
• PCB Piezotronics (U.S.)
Global Machine Condition Monitoring Market Structure
By End Users
• Power
• Oil and Gas
• Chemical and Petrochemical
• Pulp and Paper
• Cement
• Steel and Metal
• Pharmaceutical
• Automotive
• Food and Beverage
By Region
• North America
• Europe
• Asia Pacific
• Row
The global Machine Condition Monitoring market is estimated to grow at a promising rate in upcoming years. The global machine condition monitoring market is segmented on the basis of geography into regions as North America, Europe, Asia-Pacific and Rest of world. Globally, North America Machine Condition Monitoring market has been valued at USD 754.77 million in 2016. Europe and Asia Pacific is estimated to grow at promising rate during the forecast period.

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Intended Audience
• Machine Condition Monitoring Equipment Manufactures
• Technology Providers
• Distributors
• Research firms
• Consultancy firms
• Semiconductor Manufacturers
• Stakeholders
• End-user sectors
• Technology Investors

Table of Contents
1 Executive Summary 10

1.1 Highlights 10

2 Scope of the Report 11

2.1 Market Overview 11

3 Market Research Methodology 13

3.1 Research Process 13

3.2 Primary Research 14

3.3 Secondary Research 14

3.4 Economic Indicators 15

4 Introduction 16

4.1 Key Market Highlights 16

4.2 Maintenance Methodologies 16

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5 Market Landscape 22

5.1 Market Overview 22

5.2 Five Forces analysis 24

6 Market Drivers 29

6.1 Shift from Preventive Maintenance to Predictive Maintenance 29

6.2 Employee Health and Safety Standards Commonly Followed Across Industries Worldwide 31

6.3 Capital investments by leading automobile companies 32

7 Impact of Drivers 33

8 Market Challenges 34

8.1 Lack of customization and increased costs 34

8.2 Slowdown in Major Economies and its Implications on Machine Condition Monitoring Market 34

9 Impact of Drivers and Challenges 36

10 Market Trends 37

10.1 Integration of IoT in machine condition monitoring 37

11 Market Segmentation, By End-user 39

11.1 Introduction 39

11.1.1 Power 41

11.1.2 Oil and Gas 43

11.1.3 Chemical and Petrochemical 44

11.1.4 Pulp and Paper 46

11.1.5 Cement 47

11.1.6 Steel and Metal 48

11.1.7 Pharmaceutical 49

11.1.8 Automotive 51

11.1.9 Food and Beverage 52

12 Geographical Segmentation 54

12.1 Market Overview 54

12.1.1 North America 56

12.1.2 Europe 58

12.1.3 Asia Pacific 62

12.1.4 Rest of the World 66

13 Vendor Landscape 69

13.1 Competition Overview 69

14 Key Vendor Analysis 70

14.1 Emerson Electric 70

14.1.1 Business Overview 70

14.1.2 Emerson Electric – Key Products 70

14.1.3 Emerson Electric – Key Financials 70

14.1.4 Company Revenue 71

14.1.5 Business Strategy 72

14.1.6 SWOT Analysis 72

14.2 General Electric 73

14.2.1 Business overview 73

14.2.2 General Electric – Key Products 73

14.2.3 General Electric – Key Financials 73

14.2.4 Company Revenue 74

14.2.5 Business Strategy 74

14.2.6 SWOT Analysis 75

14.3 Honeywell International, Inc. 76

14.3.1 Business Overview 76

14.3.2 Honeywell International – Key Products 76

14.3.3 Honeywell International – Key Financials 76

14.3.4 Company Revenue 76

14.3.5 Business Strategy 77

14.3.6 SWOT Analysis 78

14.4 Rockwell Automation 79

14.4.1 Business Overview 79

14.4.2 Rockwell Automation – Key Products 79

14.4.3 Rockwell Automation – Key Financials 79

14.4.4 Company Revenue 80

14.4.5 Business Strategy 80

14.4.6 SWOT Analysis 81

14.5 Timken 82

14.5.1 Business Overview 82

14.5.2 Timken – Key Products 82

14.5.3 Timken – Key Financials 82

14.5.4 Company Revenue 82

14.5.5 Business Strategy 82

14.5.6 SWOT Analysis 83

14.6 FLIR Systems 84

14.6.1 Business Overview 84

14.6.2 FLIR Systems – Key Products 84

14.6.3 FLIR Systems – Key Financials 84

14.6.4 Company Revenue 84

14.6.5 Business Strategy 85

14.6.6 SWOT Analysis 85

14.7 SKF 86

14.7.1 Business Overview 86

14.7.2 SKF – Key Products 86

14.7.3 SKF – Key Financials 86

14.7.4 Company Revenue 87

14.7.5 Business Strategy 87

14.7.6 SWOT Analysis 88

14.8 NSK 89

14.8.1 Business Overview 89

14.8.2 NSK – Key Products 89

14.8.3 NSK – Key Financials 89

14.8.4 Company Revenue 89

14.8.5 Business Strategy 90

14.8.6 SWOT Analysis 90

14.9 Parker-Hannifin 91

14.9.1 Business overview 91

14.9.2 Parker-Hannifin – Key Products 91

14.9.3 Parker-Hannifin – Key Financials 91

14.9.4 Company Revenue 92

14.9.5 Business Strategy 92

14.9.6 SWOT Analysis 93

14.10 PCB Piezotronics 94

14.10.1 Business overview 94

14.10.2 PCB Piezotronics – Key Products 94

14.10.3 MTS System Corporation (PCB Piezotronics) – Key Financials 94

14.10.4 Company Revenue 94

14.11 Halma 95

14.11.1 Business overview 95

14.11.2 Halma – Key Products 95

14.11.3 Halma – Key Financials 95

14.11.4 Company Revenue 95

14.11.5 Business Strategy 96

14.12 National Instruments 97

14.12.1 Business overview 97

14.12.2 National Instruments – Key Products 97

14.12.3 National Instruments – Key Financials 97

14.12.4 Company Revenue 97

14.13 Shinkawa 99

14.13.1 Business Overview 99

14.13.2 Shinkawa – Key Products 99

14.13.3 Shinkawa – Key Financials 99

14.13.4 Company Revenue 99

14.14 Azima DLI 100

14.14.1 Business Overview 100

14.14.2 Azima DLI – Key Products 100

14.15 Bruel & Kjaer Sound and Vibration Measurement 101

14.15.1 Business Overview 101

14.15.2 Bruel & Kjaer Sound and Vibration Measurement – Key Products 101

14.16 Fluke Corporation 102

14.16.1 Business Overview 102

14.16.2 Fluke Corporation – Key Products 102

14.17 PDS Condition Monitoring Services 103

14.17.1 Business Overview 103

14.17.2 PDS Condition Monitoring Services – Key Products 103

14.18 Saj Engineering & Trading Company 104

14.18.1 Business Overview 104

14.18.2 Saj Engineering & Trading Company – Key Products 104

14.19 Scientific Monitoring, Inc. 105

14.19.1 Business Overview 105

14.19.2 Scientific Monitoring – Key Products 105

14.20 SPM Instrument 106

14.20.1 Business Overview 106

14.20.2 SPM Instrument – Key Products 106

15 Appendix 107

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