Machine Condition Monitoring Market is Anticipated to Maintain its Dominance and Significantly Growing With CAGR of 4.20% by 2022: Radiant Insights, Inc.
SAN FRANCISCO, November 14, 2018 /PRNewswire/ --
Global machine condition monitoring market [https://www.radiantinsights.com/research/global-machine-condition-monitoring-market-2018-2022?utm_source=referral&utm_medium=paid&utm_campaign=prn_machineconditionmonitoring_14nov_rd1 ] is estimated to grow at a substantial CAGR of 4.20% during the period 2018-2022 as the scope, product types, and its applications are increasing across the globe. Colloquially, it is known as condition monitoring or CM. It is the procedure of monitoring outer and inner condition of machinery such as temperature, vibration, etc. It comprises condition monitoring apparatus, schedules, procedures, as well as methods for analysis procedures and data collection. The factors that propel the growth of the machine condition monitoring market include high use of wireless communication technology for condition monitoring of equipment, development of a secure cloud computing platform, and high preference towards end users for predictive maintenance. On the other hand, the factor that may hamper the growth of the market include high cost. Machine condition monitoring market may be explored by monitoring type, offering, application, and geography. Machine condition monitoring market may be explored by monitoring technique as oil analysis, thermography, vibration monitoring, corrosion monitoring, motor current analysis, and ultrasound emission monitoring. The "Motor Current Analysis" segment led the machine condition monitoring market in 2017 and is anticipated to maintain its dominance by 2022.
The key factor that could be attributed to the growth includes high demand from the end-user application. Machine condition monitoring market could be explored based on offering as software and hardware. The "Software" segment led the machine condition monitoring market in 2017 and is anticipated to maintain its dominance by 2022. Machine condition monitoring market could be explored based on deployment type as cloud and on-premise. The "Cloud-Based Machine Condition Monitoring" segment led the machine condition monitoring market in 2017 and is anticipated to maintain its dominance by 2022. Machine condition monitoring market could be explored based on the monitoring process as portable condition monitoring and online condition monitoring. The "Online Condition Monitoring" segment led the machine condition monitoring market in 2017 and is anticipated to maintain its dominance by 2022. Machine condition monitoring market could be explored based on industry power generation, oil & gas, metals & mining, automotive, food & beverages, chemicals, aerospace & defense and others (paper & pulp, healthcare, cement, and semiconductor & electronics).
The "Automotive Industry" segment led the machine condition monitoring market in 2017 and is anticipated to maintain its dominance by 2022 owing to high acceptance. Machine condition monitoring market is categorized based on geography into North America, Latin America, Japan, Middle East, and Africa, Western Europe, Asia Pacific, and Eastern Europe. The "North America" segment led the machine condition monitoring market in 2017 and is anticipated to maintain its dominance by 2022. The key factors that could be attributed to the growth include strict government regulations regarding safety, significantly growing automotive and aerospace industries and new power generation projects in the United States. North America is followed by the Asia-Pacific region.The key players contributing to the robust growth of the machine condition monitoring market comprise Parker Kittiwake, National Instruments, Honeywell Process Solution, Rockwell Automation Emerson Process Management, Bruel&KjaerVibro GmbH, Fluke Corp, among many others. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Access 125 page research report with TOC on "Machine Condition Monitoring Market" available with Radiant Insights, Inc. @ https://www.radiantinsights.com/research/global-machine-condition-monitoring-market-2018-2 022 [https://www.radiantinsights.com/research/global-machine-condition-monitoring-market-2018-2022?utm_source=referral&utm_medium=paid&utm_campaign=prn_machineconditionmonitoring_14nov_rd2 ]
About Machine Condition Monitoring
Machine condition monitoring is the process of monitoring the condition of a machine to predict mechanical wear and failure for the machine. The report considers machine condition monitoring systems used in or for plant equipment and machinery in a plant, plant facility, or field. the key vendors in the report are considered based on product offerings, latest development, new contracts, revenue, brand value, and industry offering. The end-user market segment includes power, cement and metal, oil and gas, chemical and petrochemical, pulp and paper, automotive, and other industries. Global Machine Condition Monitoring Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Covered in this report
The report covers the present scenario and the growth prospects of the global machine condition monitoring market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
- The market is divided into the following segments based on geography:
- Americas
- APAC
- EMEA
- Key vendors
- Emerson Electric
- General Electric
- Honeywell International
- National Instruments
- Rockwell Automation
- SKF
- Market driver
- Wireless communication gaining momentum in industries
- For a full, detailed list, view our report
- Market challenge
- Limited battery life for wireless devices
- For a full, detailed list, view our report
- Market trend
- Improvement in sensor technology
- For a full, detailed list, view our report
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