The global machine condition monitoring market is projected to expand at a CAGR of 8.1% during the forecast period.
A new report titled “Global Machine Condition Monitoring Market - In-Depth Analysis with Booming Trends Supporting Growth and Forecast till 2026” has been included in the enormous research repository of Market Research Reports Search Engine (MRRSE) that compiles various facets of the Machine Condition Monitoring market at a global level portraying a holistic analysis of the marketplace along with intelligence on key participants. The report covers an unbiased analysis on various market aspects, emphasizing major trends giving direction to the market, key opportunities paving new growth avenues, key drivers pushing the market’s growth and challenges and restraints hindering the market for Machine Condition Monitoring across the globe.
The report segments the market based on component, type, solution type, end-use industry, and region. In terms of component, the market has been classified into hardware, software, and services.
Based on type, the market has been categorized into thermography, vibration monitoring, lubrication oil monitoring, acoustic emission monitoring, ultrasound monitoring, corrosion monitoring, current signature monitoring, and others. Based on solution type, the market has been divided into online monitoring, integrated monitoring, continuous remote monitoring, and route based monitoring.
In terms of end-use industry, the market has been classified into aerospace & defense, automotive, oil & gas, metal & mining, marine, food & beverage, chemicals & pharmaceuticals, and others (paper & pulp, textile, utility).
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Vibration monitoring is expected to continue to be the leading segment of the market during the forecast period, due to rise in adoption of vibration sensors for monitoring equipment condition. The vibration monitoring segment is projected to expand at a considerable CAGR of 7.9% over the forecast period from 2019 to 2026.
Vibrations measurement is the most common method of determining the mechanical status of machinery and equipment for condition monitoring. The use of vibration monitoring for testing high- speed rotating equipment is increasing rapidly.
These factors are expected to drive the vibration monitoring segment in the coming years.
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.
Secondary research sources that are typically referred to include company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across regions. Primary interviews are conducted on an ongoing basis with industry participants and commentators in order to validate the data and analysis.
Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook. These help validate and strengthen secondary research findings.
These also help develop the analysis team’s expertise and market understanding.
Global Machine Condition Monitoring Market: Competitive Dynamics
ALS Limited, Brüel & Kjær Vibro GmbH, Emerson Electric Co., Fluke Corporation, General Electric, Honeywell International, Meggitt SA, National Hardware, Parker Hannifin Corp, PRÜFTECHNIK Dieter Busch AG, Rockwell Automation, Inc., Schaeffler Technologies AG & Co. KG and SKF are the major players operating in the global machine condition monitoring market.
Financials, SWOT analysis, business strategies, recent developments, and other strategic information pertaining to these players have been provided in the company profiles section. Various players are introducing machine condition monitoring systems with cloud technology and establishing partnerships with other players to meet the continuously rising demand for accurate and reliable equipment condition.
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