According to a new market research report “Machine Condition Monitoring Market by Monitoring Type (Vibration Monitoring, Ultrasound Monitoring, Thermography, & Others), Components, Monitoring Process (Portable & Online Condition Monitoring), Applications, and Geography - Global Trend & Forecast to 2020”, the total market is expected to reach USD 2.45 billion by 2020, at a CAGR of 7.6% during the forecast period.
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The machine condition monitoring market is expected to witness high growth especially from its emerging economies. Machine condition monitoring refers to a controlled and planned strategy of looking after the condition of machines. It measures various machinery parameters such as vibration, temperature, leakages, lubrication, and others, thus providing a noteworthy base to implement a maintenance strategy and save costs. The need for machine condition monitoring is evolving and growing continuously. The machine condition monitoring equipment is utilized for predictive maintenance, it works on the principle of calculating and managing the requirement of maintenance needed for a particular machine. End users can control costs and eliminate machinery breakdown wastages by investing in machine condition monitoring and thus optimize the excessive use of their resources by using this technology.
There is always a risk associated with working machinery and to overcome this problem, machine condition monitoring gives a perfect solution. The demand for machine condition monitoring equipment is increasing rapidly which would further help increase the potential of industrial output. This report covers the “Global Machine Condition Monitoring market” and all its aspects with opportunities, drivers, restraints, and others in detail. In the report, the machine condition monitoring market is segmented on the basis of monitoring types, components, applications, monitoring processes, and geography; these segmentations have been discussed in detail, along with market size projections with qualitative as well as quantitative insights.
One of the objectives of the report is to analyze the market trends for each of the machine condition monitoring market segments and their respective growth rates. Apart from the market segmentation, the report also covers in-depth analyses such as Porter’s five forces analysis, value chain with a detailed process flow diagram, and market dynamics such as drivers, restraints, opportunities, and challenges for the machine condition monitoring market.
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The market size for the machine condition monitoring market is included in the report for four geographic regions, namely, North America, Europe, Asia-Pacific, and Rest of the World (RoW). Europe is estimated to account for a large share of this market, while APAC is expected to exhibit the fastest growth during the forecast period.
The market sizing of the global machine condition monitoring market has been done by both top-down and bottom-up methods. In the bottom up approach, the market size for each monitoring process was calculated, and then a region-wise market for each monitoring process was figured out, followed by the summation of the market size of all the regions. In the top-down approach, the overall market size calculated through bottom-up method was analyzed as per various segments and there percentage contribution was calculated, the segment-wise markets were again analyzed geographically and their geography-wise split was arrived at; this split of segments was further analyzed to arrive at the region- and country-wise breakup of the overall market.
Major players in the machine condition monitoring equipment market are Azima DLI Corp. (U.S.), Bruel & Kjaer Sound & Vibration Measurement A/S (Denmark), Emerson Process Management (U.S), General Electric Company (U.S.), Honeywell International, Inc. (U.S.), Parker Hannifin (U.S.), National Instruments Corporation (U.S.), Rockwell Automation, Inc. (U.S.), SKF (Sweden), and FlIR Systems (U.S.).
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