Machine Condition Monitoring - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Machine condition monitoring market is accounted for $2.11billion in 2017 and is expected to reach $4.45 billion by 2026 growing at a CAGR of 8.6%. Development of a secure cloud computing platform, increased use of wireless communication technology for condition monitoring of equipment and inclination of end users towards predictive maintenance are the factors fueling the market growth. However, factors such as lack of trained technical resources for data analysis and lack of trust in prediction capabilities of machine condition monitoring technology are restricting the market growth. In addition, strategic partnership and collaboration among key players provides huge growth opportunity for the market.
Machine condition monitoring allows maintenance to be scheduled, or other actions to be taken to prevent consequential damages and avoid its consequences. Machine condition monitoring techniques is used in rotating electric motors, internal combustion engines, presses equipment and pumps. The demand for machine condition monitoring is rapidly growing as they are widely used across various industries such as chemicals, automotive, metals, mining, aerospace & defense among many others. Condition monitoring has a unique benefit in that conditions that would shorten normal lifespan can be addressed before they develop into a major failure. Its unique benefits increase the lifespan of the machines.
Amongst monitoring processes, online and portable segment accounted for the largest market share in the global market. Online machine condition monitoring offers real time data to operators at the plant and is the most preferred monitoring process in significant services that effort continuously and are highly level to defects. By Geography, Asia Pacific region is expected to register the highest market growth rate during the forecast period owing to the increasing demand for conditioning-based maintenance.
Some of the key players in the global machine condition monitoring market include Pcb Piezotronics, Emerson Electric, Pruftechnik Dieter Busch, General Electric, Fluke Corporation, Honeywell, Bruel & Kjaer, National Instruments, Meggitt, Azima Dli, SKF, Rockwell Automation, ALS Ltd.,Parker Hannifin, Analog Devices, Flir Systems,3D Signals, SPM Instrument, Uptake Canada & Petasense.
Monitoring Techniques Covered:
• Motor Current Analysis
• Ultrasound Emission Monitoring
• Vibration Monitoring
• Corrosion Monitoring
• Oil Analysis
Deployment Types Covered:
• On Premise
Monitoring Processes Covered:
• Portable Condition Monitoring
• Online Condition Monitoring
End Users Covered:
• Oil & Gas
• Food & Beverages
• Power Generation
• Metals & Mining
• Aerospace & Defense
• Other End Users
- North America
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
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- Strategic recommendations in key business segments based on the market estimations
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- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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