Machine Condition Monitoring market is expected to reach USD 2.91 billion by the end of 2023 with 5.55% CAGR

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
Market Synopsis of Global Machine Condition Monitoring Market:
Market Scenario:
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.
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.
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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
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Regional Analysis:
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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We are thankful for the support and assistance from Global Machine Condition Monitoring Market Research Report- Forecast 2023 related technical experts and marketing experts during Research Team survey and interviews.

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