Market Research Future published a research report on “Machine Condition Monitoring Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Machine Condition Monitoring Market – Overview
The need for predictive and proactive strategies that enable the management of equipment efficiently is driving the market for machine condition monitoring. Reports that inspect the semiconductors and electronics industry have been offered by Market Research Future, which creates reports on industry verticals that evaluate the market growth and projections. The market is on the precipice to obtain an income level worth USD 2.91 billion by the ending of 2023 with a CAGR of 5.55 % in the forecast period.
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A move from preventive maintenance to predictive maintenance is projected to create a favorable market outlook in the forecast period. The need for decreasing and avoiding the cost of ad hoc outages created by breakdowns is anticipated to further increase the growth of the market in the coming years.
Key Players:
The prominent players in the market of Machine Condition Monitoring Market are – Emerson Electric (U.S.), General Electric (U.S.), Rockwell Automation (U.S.), Timken (U.S.), FLIR Systems (U.S.), SKF (Swedan), NSK (Japan), Parker-Hannifin (U.S.), PCB Piezotronics (U.S.) among others.
Segmentation
The global machine condition monitoring market is segmented by end-user.
Major market end-users include food and beverage, steel and metal, chemical and petrochemical, pulp and paper, oil and gas, power, cement, pharmaceutical, and automotive. The automotive industry can be a significant contributor for the market due to improper lubrication of components and stress of heavy loads in processes can induce the need for machine condition monitoring systems.
Regional Analysis:
The machine condition monitoring market takes into consideration the following regions – Asia Pacific (APAC), Europe, North America, and Rest-of-the-World (RoW), for a careful consideration of the future of the market.
The North America region was valued at USD 754.77 million in 2016. It can display a significant growth rate during the forecast timespan due to the surge in remote monitoring solutions. This has led to adoption of wireless heating, ventilation, and air condition (HVAC) equipment for providing cooling solutions to servers.
Europe and Asia Pacific are regions with the utmost potential for growth due to rollout of policies mandating the safety of workers in the region. Machine condition monitoring is useful in sending out alerts and prevent machine shutdown or uncertain events. Rapid industrialization in economies of APAC such as Australia, India, China, and Japan can lead to a surge in machine condition monitoring solutions amid the expansion of the utilities sector.
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TABLE OF CONTENTS
List of Figures
Figure 1 Research Process
Figure 2 Economic Indicators
Figure 3 Development Cycle Of Maintenance Technologies
Figure 4 Types And Analytic Techniques Used In Machine Condition Monitoring
Figure 5 Machine Condition Monitoring Market Snapshot
Figure 6 Machine Condition Monitoring: Porter’s Five Forces
Figure 7 Segmentation Based On End-Users
Figure 8 Segmentation Based On Geography
Figure 9 Geographic Industrial Concentration (2015)
Figure 10 Comparison Between Types Of Maintenance Strategy And Costs Ncurred
Figure 11 Market Drivers
Continued…
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