In order to find any particular type of failure or fault in an equipment or a machine such as noise, vibration and temperature measurements, the technique of machine condition monitoring is being used widely. Some of the major factors such as rise in the overall demand for reduced costs of maintenance along with undesired faults and failure are some of the key aspects projected to bolster the growth of the market during the forecast period. Generally, the machine condition monitoring techniques are broadly employed in electric motors, rotating equipment, pumps, internal combustion engines and presses across others. Machine condition monitoring technique is a very important part of the overall process of predictive maintenance.
Owing to the rapid growth in the global population, the increasing use of the wireless communication technology coupled with the growth in the heating, ventilation and air conditioning systems sector (HVAC Sector) is further projected to augment the growth of the global machine condition monitoring market in the foreseeable years. In addition to this, pertaining trend of smart factory or Industry 4.0 as well as the transition or shift from predictive to preventative maintenance are some of the major aspects anticipated to propel the growth of the overall global machine condition monitoring market during the forecast period
The global machine condition monitoring devices market can be bifurcated on the basis of offering, monitoring type, monitoring process, industry and region. On the basis of monitoring type, the global machine condition monitoring market can be classified into vibration monitoring, thermography, ultrasound emission, lubricating oil analysis, MCSA and corrosion monitoring. Based on offering, the global machine condition monitoring market can be divided into software and hardware. Based on industry, the global machine condition monitoring market can be categorized into energy & power, oil & gas, chemicals, metals & mining, aerospace & defense, automotive, marine, food & beverages and others. On the basis of monitoring process, the global machine condition monitoring market can be segmented into online condition monitoring and portable condition monitoring. On the basis of region, the global machine condition monitoring market can be segmented into North America, Latin America, Europe, Middle East & Africa and Asia Pacific. The robust demand especially in the Asia Pacific region is anticipated to be one of the key driving factors for the overall growth of the global market. Moreover, China is further projected to account for the highest share in the global market and is anticipated to maintain its lead in the overall demand during the forecast period. This can be attributed to rapid industrialization and increasing urbanization during the past few years. The markets in various other developing economies such as Poland, Brazil, Russia, Indonesia, New Zealand, Argentina, Korea and India among others are also predictable to witness a rapid growth throughout the forecast period.
Moreover, increasing per capita disposable income and surge in the global economy is also another key factor which is likely to bring impetus in the growth of the global market during the forecast period.
Key players in use in the global market are focused on few of the major market strategies such as collaborations, partnerships, mergers and acquisitions in order to keep hold in the ever competitive global market. In addition, they are focus on gaining hold on the local players to strengthen their goodwill as well as to enhance their market reach in the global market. Some of the major players in the global machine condition monitoring market include Emerson Electric Co., General Electric, National Instruments Corp., SKF AB and Honeywell International Inc., among others.
Machine Condition Monitoring Market - By Monitoring Technique
Motor Current Analysis
Machine Condition Monitoring Market - By Offering
Machine Condition Monitoring Market - By Deployment Type
Machine Condition Monitoring Market - By Monitoring Process
Online Condition Monitoring
Portable Condition Monitoring
Machine Condition Monitoring Market - By End User
Oil & Gas
Aerospace & Defense
Food & Beverage
Machine Condition Monitoring Market - By Region
Rest of Europe
Asia Pacific (APAC)
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of Middle East and Africa
Rest of South America