Market Outlook —
The global machine condition monitoring market is touted to touch a valuation of USD 2.91 billion by 2023, as per MRFR. It can display 5.55% CAGR from 2017 to 2023 (forecast period). Various performance metrics such as machine faults, unexpected failure, and machine health are likely to drive the market growth. The increased need for reduced maintenance expenses can bolster the market growth.
The demand for transforming maintenance strategies in light of rising industrialization has evoked the need for machine condition monitoring software. The data collected can provide insights to organizations to reduce the time between repairs and take preventive action during power outages. Use of motor analysis for sensing inaction of components with the help of an electric signal is likely to drive the market growth during the forecast period.
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The hazardous nature of certain industrial zones such as power plants and assembly units are predicted to elicit the market demand over the forecast period. Spectrum analyzers can control dangerous zones as well as detect faults in equipment at a preventive stage. Moreover, development of mobile applications to ensure remote monitoring can open up novel growth opportunities.
The prominent players in the market of Machine Condition Monitoring Market are – Emerson Electric (U.S.), General Electric (U.S.), Rockwell Automation (U.S.), Timken (U.S.), FLIR Systems (U.S.), SKF (Swedan), NSK (Japan), Parker-Hannifin (U.S.), PCB Piezotronics (U.S.) among others.
The global machine condition monitoring market is segmented by end-user.
Major market end-users include food and beverage, steel and metal, chemical and petrochemical, pulp and paper, oil and gas, power, cement, pharmaceutical, and automotive. The automotive industry can be a significant contributor for the market due to improper lubrication of components and stress of heavy loads in processes can induce the need for machine condition monitoring systems.
The machine condition monitoring market takes into consideration the following regions – Asia Pacific (APAC), Europe, North America, and Rest-of-the-World (RoW), for a careful consideration of the future of the market.
The North America region was valued at USD 754.77 million in 2016. It can display a significant growth rate during the forecast timespan due to the surge in remote monitoring solutions. This has led to adoption of wireless heating, ventilation, and air condition (HVAC) equipment for providing cooling solutions to servers.
Europe and Asia Pacific are regions with the utmost potential for growth due to rollout of policies mandating the safety of workers in the region. Machine condition monitoring is useful in sending out alerts and prevent machine shutdown or uncertain events. Rapid industrialization in economies of APAC such as Australia, India, China, and Japan can lead to a surge in machine condition monitoring solutions amid the expansion of the utilities sector.
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• Machine Condition Monitoring Equipment Manufactures
• Technology Providers
• Research firms
• Consultancy firms
• Semiconductor Manufacturers
• End-user sectors
• Technology Investors
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Release ID: 88907922