The global Machine Condition Monitoring market is predicted to touch USD 2.91 billion by the end of 2023 with 5.55% CAGR during forecast period 2017-2023 states the Market Research Future.
Market Overview
Maintaining optimum machine conditions is an essential part of the production industry. Machine condition monitoring helps get the exact condition of the machine and informs about the part failures and machine maintenance. Noise, oil spill, temperature, and vibrations are the first impressions of the machine’s health, which calls for part replacement or servicing. This monitoring method helps in the advance determination of the machine’s health before failure and stopping the production and other procedures. This method is prominent in industries like automotive, aerospace, manufacturing, oil & gas, marine, aerospace, and others.
As the global industrial cover expands, the global machine condition monitoring market is growing with considerable rates and is expected to gross even more during the survey period. Mainly the machine monitoring is used in the moving part procedures like internal combustion engines, rotating parts, presses, and others. On-time alert about the machinery’s health helps against the failure or wear and tear of the mechanical equipment. The development of cost-effective and rapid processing of monitoring procedures is expected to boost the demands and market growth in the future.
Market Segmentation
- Based on components, the global machine condition monitoring market is categorized into hardware) infrared sensors, ultrasound detectors, thermal cameras, and others) and software.
- Vibration monitoring, oil analysis, corrosion monitoring, current analysis, and other types of monitoring techniques are used for monitoring.
- The global machine condition monitoring market further is categorized into on-premise and cloud type distribution methods.
- The global machine condition monitoring market is employed in automotive, oil & gas, aerospace, defense, power generation, mining, and other major industries for effective machine health management.
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Key Players
The prominent players in the market of Machine Condition Monitoring market are – 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.) among others.
Regional Classification
Machine condition monitoring has become an essential part of the manufacturing industries to get on-time reports and get rid of any unsuitable failures. The global machine condition monitoring market report is generated based on the major markets in North America, Europe, Asia Pacific, and the rest of the world. In the current state, the North American region will lead the crowd. In contrast, the Asia Pacific region will be the highest rate grosser due to developing industrial structure and demands for the latest technologies. The companies regularly working in manufacturing and expanding their shares with is practical usage of monitoring techniques.
Industry News
With the increasing production capacities and installation of complicated machinery, the demands of machine condition monitoring equipment are also increasing to decrease the failures and any unsuitable conditions. With the expansion of the global automotive industry, there is a gradual increase in the monitoring market. Rapidly developing economies like India and China are the major markets with maximum opportunities.
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TABLE OF CONTENTS:
- Market Introduction
- Research Methodology
- Market Dynamics
- Executive Summary
- Market Factor Analysis
- Machine Condition Monitoring Market, By Segments
- Competitive Analysis
Continued…
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