Global Machine Condition Monitoring Market, By End-User (Power, Oil and Gas, Chemical and Petrochemical, Pulp and Paper, Cement, Steel and Metal, Pharmaceutical, Automotive, Food and Beverage) – Forecast to 2022
Market Synopsis of Machine Condition Monitoring Market:
Machine condition monitoring is the process of monitoring the condition of a machine with the commitment to predict mechanical wear and tear. Vibration, noise, and temperature measurements are often used as key indicators to determine the state of the machine. Trends in the data provide health information about the machine and help to detect machine faults early, which prevents unexpected failure and costly repair. It has been observed that an increase in need for reduced maintenance cost is boosting the machine condition monitoring. In this changing environment a shift from preventive to predictive maintenance is observed which has led to high adoption of machine condition monitoring.
There has been a major shift in ideology as many companies are investing in predictive maintenance models, such as machine condition monitoring systems and solutions, to maintain standards of productivity and prevent breakdowns. Tight competition has compelled several industries to focus on reducing energy and resource expenditure, and minimize downtime, which decreases the overall operating expenditure and increases profits.
The global machine condition monitoring market is expected to grow at USD ~2,700 Million by 2022, at ~5% of CAGR between 2016 and 2022.
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Study Objectives of Machine Condition Monitoring Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Machine Condition Monitoring market.
- To provide insights about factors affecting the market growth.
- To analyze the Machine Condition Monitoring market based porter’s five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
- To provide country level analysis of the market with respect to the current market size and future prospective.
- To provide country level analysis of the market for segment on the basis of end-user and region.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Machine Condition Monitoring
The prominent players in the machine condition monitoring market are – Emerson Electric (U.S.), General Electric (U.S.), Honeywell International, Inc. (U.S.), National Instruments (U.S.), Rockwell Automation (U.S.), Azima Dli (U.S.), Bruel & Kjaer Sound and Vibration Measurement (U.S.), Flir Systems (U.S.), Fluke Corporation (U.S.), SKF (Sweden), among others.
Machine Condition Monitoring Market Segments:
The global machine condition monitoring market has been segmented on the basis of end-user and region.
Machine Condition Monitoring Market by End-User:
Power, Oil and Gas, Chemical and Petrochemical, Pulp and Paper, Cement, Steel and Metal, Pharmaceutical, Automotive, Food and Beverage, Others
- Suppliers of machine condition monitoring systems
- Asset management consultants that specialize in physical asset management
- Associations and regulatory authorities related to plant maintenance
- Manufacturers of components used for machine condition monitoring
- Investors and Venture Capitalist
- Maintenance personnel
- System Integrators
- Government Organizations
- Research/Consultancy firms
The regional analysis of machine condition monitoring market is being studied for region such as Asia Pacific, Americas, Europe and Rest of the World. High technological advancements in automobile industry has driven the market of machine condition monitoring in North America. It has been observed that North America region is the leading in machine condition monitoring market. The study reveals that Asia-Pacific region is expected to show a positive growth in the machine condition monitoring market during the forecast period. Asia-Pacific countries like China, Japan and South Korea have a fair share in the Machine Condition Monitoring market.
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