Machine condition monitoring software helps in detecting problems at an early stage and helps in avoiding major damage or even total failure of the equipment.
The Global Machine Condition Monitoring Market is valued at USD 1.81 billion in 2016 and is expected to reach a value of USD 2.82 billion by the end of 2022, growing at a projected CAGR of 6.54% during the forecast period of 2017 - 2022.
Increasing equipment performance and productivity through predictive maintenance, enhancement in equipment reliability by effective projection of their failures and inclination towards HVAC market are the key factors that are enabling the machine condition monitoring services market to grow lucratively.
Machine condition monitoring systems have gained significance over time as companies are focusing on asset utilization and increasing productivity.
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The machine condition monitoring market has been segmented on the basis of -
- Type (Online Vibration Monitor, Portable Vibration Monitor and Others)
- Product (Vibration Monitoring, Lubricating Oil Analysis, Thermography, Ultrasound Emission and Others)
- Component (Accelerometer, Proximity Probes, Tachometer, Spectrometer, Thermal Camera and Others)
- Application (Automotive, Energy & Power, Aerospace and Defense, Oil & Gas, Chemical and Others)
- Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)
The United States and Europe are leading the global machine condition monitoring markets, followed by Asia-Pacific.
Due to its extensive use in process industries for troubleshooting and fault diagnosis of machinery, vibration monitoring software holds the leading place amongst all machine condition monitoring maintenance technologies.
The main factor hindering the growth of machine condition monitoring market is unpredictable maintenance periods.
The report also considers key trends that will impact the motor condition monitoring industry and profiles over 10 leading suppliers of the market.
Some of the top players mentioned in the report are
- Bruel & Kjaer (Denmark)
- Emerson Electric Company (U.S.)
- General Electric Corporation (U.S.)
- Honeywell International (U.S.)
- Rockwell Automation Inc. (U.S.)
Key Deliverables in the Study
- Market analysis for the global machine condition monitoring market, with region specific assessments and competition analysis on global and regional scale.
- Market definition along with the identification of key drivers and restraints.
- Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
- Extensively researched competitive landscape section with profiles of major companies along with their market share.5. Identification and analysis of the macro and micro factors that affect the global wearable medical devices market on both global and regional scale.
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
- A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
- Insights on the major countries/regions where this industry is blooming and to also identify the regions that are still untapped.
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