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Machine Condition Monitoring Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024

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Global Machine Condition Monitoring Market

Machine condition monitoring, also known as machine health monitoring, refers to the process of monitoring and measuring certain parameters in equipment such as temperature, humidity, pressure, and others to detect any significant change and identify faults in equipment. Noise, temperature, and vibration measurements are often the key indicators of the state of equipment. Equipment failure leads to huge losses in terms of productivity and quality of manufactured goods as well as loss of capital spent on the purchasing of new equipment. Thus, machine condition monitoring acts as a predictive maintenance measure.

Machine condition monitoring is used across various sectors such as automotive, aerospace and defense, marine, chemicals, oil and gas, metal and mining, energy and power, and others. Energy and power is the largest application segment in the global machine condition monitoring market, followed by the oil and gas sector.

Based on type, the global machine condition monitoring market has been segmented into thermography, vibration monitoring, ultrasound emission, corrosion monitoring, lubricating oil analysis, and motor current signature analysis. The various components in machine condition monitoring include ultrasound detectors, vibration sensors, spectrometers, infrared sensors, spectrum analyzers, corrosion probes, and others. Vibration sensors further consist of proximity probes, accelerometers, and tachometers.

Global Machine Condition Monitoring Market: Overview                                 

The transition from preventive to predictive maintenance across process industries has supported the growth of the global machine condition monitoring market. Technological advancements such as the usage of wireless technology and remote monitoring in machine condition monitoring have also helped in the market’s growth. During the forecast period, the growing demand for heating, ventilating, and air conditioning (HVAC) in small factories will play a key role in the growth of the market.

However, unpredictable maintenance periods and modification in old equipment might restrain the overall market. The global machine condition monitoring market has a huge potential to grow with the introduction of cloud technology. The rapid growth of the wind energy market will also augment the demand for machine condition monitoring.

In the wind energy market, wind turbines need to be operated as cheaply as possible in order to generate electricity at low cost. As maintenance costs of wind turbines are high due to their remote locations, online machine monitoring is cost effective compared to portable diagnostics systems or route-based monitoring. Similarly, in the oil and gas sector, reduction in maintenance and operating costs is of prime importance. Usually, drills and pumps are located in remote locations where expenses of technicians are very high. Online condition monitoring techniques can help to monitor wells, pumps, and refineries from a central location. As a result, maintenance personnel can be deployed only when requirement arises, thereby saving maintenance and operating costs.

Global Machine Condition Monitoring Market: Region-wise Outlook                                      

The global machine condition monitoring market has been segmented into four key regions: Europe, North America, Asia Pacific, and Rest of the World. In North America and Europe, the machine condition monitoring market has witnessed significant demand owing to the rapid growth of sectors such as oil and gas and energy and power. The presence of a number of market players in these regions has also boosted the growth of the market.

Some of the key players operating in the global machine condition monitoring market include Bruel & Kjaer Sound & Vibration Measurement A/S (Denmark), Azima DLI Corp. (U.S.), General Electric Company (U.S.), Emerson Process Management (U.S), Honeywell International Inc. (U.S.), Parker Hannifin (U.S.), National Instruments Corporation (U.S.), SKF (Sweden), Fluke Corporation (U.S.), and Rockwell Automation, Inc. (U.S.). Market players are focusing on new product launches while looking out for partnerships and expansions.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
  • Eastern Europe (Poland, Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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