Global Machine Condition Monitoring Market is expected to grow at a CAGR of 4.20% in the upcoming period as the scope and its applications are rising enormously across the globe. Machine condition monitoring is the process of monitoring the parameters of conditions of a machine to identify the significant change to foresee mechanical wear and failure. The major indicators of the condition of the machine are temperature measurements, vibration, and noise.
The factors that are playing a major role in the growth of market are the inclination of end users toward prognostic maintenance, growing a secure cloud-computing platform, and the rising use of wireless communication technology. However, the lack of trained personnel for data analysis may restrain overall market growth in the years to come. Machine condition monitoring market is segmented based on monitoring technique, offering, deployment type, monitoring process, end-user, and region.
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Motor current analysis, vibration monitoring, ultrasound emission monitoring, thermography, corrosion monitoring, and oil analysis are the monitoring techniques that could be explored in the machine condition monitoring in the forecast period. The motor current analysis sector accounted for the substantial market share of machine condition monitoring and is estimated to lead the overall market in the years to come.
Based on the offering, software, hardware, real-time spectrum analyzers, accelerometers, swept spectrum analyzers, proximity probes, ultrasonic leak detectors, tachometers, stethoscopes, tachometers, sound pressure meters, thermal infrared sensors, and others could classify machine condition monitoring in the forecast period.
Cloud and on premise are the deployment type that could be explored in machine condition monitoring in the forecast period. Cloud-based machine condition monitoring sector accounted for the substantial market share and is estimated to continue its dominance in the years to come. In addition, the on premise sector is estimated to grow at the fastest pace in the years to come.
Portable and online condition monitoring are the monitoring process that could be explored in machine condition monitoring in the forecast period. The market may be categorized based on end users like Marine, Oil & Gas, Food & Beverages, Power Generation, Aerospace & Defense, Metals & Mining, Automotive, Chemicals, and others could be explored in the forecast period. The automotive sector is estimated to grow at highest CAGR in the years to come.
Globally, North America accounted for the significant market share of machine condition monitoring and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be developing energy sector and rapid technological enhancement and the presence of key manufacturers in this region. The United States is a major consumer of machine condition monitoring in this region.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that may be ascribed to the growth comprise high demand for conditioning-based maintenance. The developing countries like India, Japan, China, Malaysia, and Singapore are the major consumers of machine condition monitoring in this region.
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The key players of machine condition monitoring market are SKF, Emerson Electric, Rockwell Automation, General Electric, National Instruments, and Honeywell International. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
Market Segment:
The market is divided into the following segments based on geography:
• Americas
• APAC
• EMEA
Global Machine Condition Monitoring Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
• Emerson Electric
• General Electric
• Honeywell International
• National Instruments
• Rockwell Automation
• SKF
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