Machine Condition Monitoring Market - Forecasts from 2017 to 2022

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.

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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.

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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.

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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.

By Application

By application, booming global automotive industry is projected to witness the fastest market growth between 2017 and 2022. Factors such as increasing demand for passenger vehicles in developing countries, growing car rental market, and high demand for luxury cars in developed economies are pushing car manufacturers to bridge the supply-demand gap.

This will drive the demand for machine condition monitoring systems as these systems ensure efficient manufacturing processes on a continuous basis.

By Geography

Geographically, North America held the largest share of the Global Machine Condition Monitoring market in 2016 owing to high demand from oil and gas sector in the region.

Discovery of new oil and natural gas reserves in the U.S. has led to an increasing demand for these solutions. The presence of a large number of key players in the region also contributes to the dominance of the North American region.

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 Instrument Company to expand its existing portfolio of machinery protection and condition monitoring solutions while gaining greater access to the North American marketplace.

Segmentation

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

By Component
Ultrasound Detector
Vibration Detector
Spectrometer
Infrared Sensor
Corrosion Probes
Spectral Analyser
By Application
Construction and Mining
Oil and Gas
Energy and Power
Automotive
Marine
Aerospace and Defense
Others
By Geography
Americas
North America
S.
Canada
Mexico
Others
South America
Brazil
Argentina
Others
Europe Middle East and Africa
Europe
UK
Germany
France
Italy
Spain
Others
The Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
Japan
China
India
Australia
Others

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This release was published on openPR.