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Global Machine Condition Monitoring Market is Expected to Reach US$2.168 billion by 2022

Machine Condition Monitoring Market Research Report

Machine Condition Monitoring Market Research Report

Market Research Report on Machine Condition Monitoring Market

RAIPUR, INDIA, November 22, 2017 / --

Report Sellers has added a new market research report “Machine Condition Monitoring Market- Forecasts from 2017 to 2022” to its offerings. The report is an in-depth market study providing accurate market insights including the latest trends, forecast, competitive insights, etc.

According to the report, Machine Condition Monitoring market is expected to grow at a CAGR of 7.37% to reach US$2.168 billion by 2022, increasing from US$1.520 billion in 2017. Machine condition monitoring helps in prevention of machine failures and costly repair by analyzing the faults at the initial stage. Faults can be found out by various monitoring processes such as vibration monitoring, thermography, spectrographic monitoring among others.

A shift of maintenance process from preventive to predictive across industries to eliminate unnecessary maintenance cost is a key factor for the market growth. Other factors such as the deployment of wireless technologies in machine conditioning, remote monitoring, and growth of HVAC industries is also contributing to the market growth. Emerging trend of industrial IoT and the advent of big data analytics will create significant opportunities for the machine condition monitoring solution vendors over the next five years. However, unpredictable maintenance period will hinder the market growth during the forecast period.

Competitive Insights:

Prominent key market players in global Machine Condition Monitoring market include Emerson Electric, General Electric, Honeywell International, and Rockwell Automation among others. The industry is competitive with investments being made towards R&D by major players. Acquisition, partnerships, and contracts with local players are some of the strategies being adopted by major vendors to enhance their market presence. Recently in May 2017, Bruel and Kjaer Vibro acquired the Setpoint technology platform for Metrix Instument Company to expand its existing portfolio of machinery protection and condition monitoring solutions while gaining greater access to the North American marketplace.

Browse through the complete description and in-depth TOC on “Machine Condition Monitoring Market”

Report Scope

Machine Condition Monitoring market is segmented by component, application, industry, and geography:

By Component
Ultrasound Detector
Vibration Detector
Infrared Sensor
Corrosion Probes
Spectral Analyser
By Application
Construction and Mining
Oil and Gas
Energy and Power
Aerospace and Defense

By Geography
North America
South America
Europe Middle East and Africa
Middle East and Africa
Saudi Arabia
Asia Pacific

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