Machine Condition Monitoring Market is likely to Grow at Over 7.5% by 2023

The demand for Global Machine condition monitoring market is anticipated to be high for the next five years. By considering this demand we provide latest industry report which gives complete industry analysis, market outlook, size, growth and forecast till 2023. This report will assist in analyzing the current and future business trends, sales and revenue forecasts.

It offers condition of machinery which make certain about the right maintenance provided and at the right time. Global machine condition monitoring market provides sensory signals that the components are working under the rated capacity. In addition, it also offers a suitable warning if the preset standard conditions are not met or the indices go beyond its limits. Most of the machines fail owing to several reasons such as corrosion, mechanical wear & tear and surface degradation among others.

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The major factors responsible for the growth of the machine condition monitoring market includes transition from preventive to predictive maintenance in process industries coupled with the use of wireless technology in machine condition monitoring. In addition, remote monitoring and growth in the heating ventilating and air conditioning (HVAC) industry is also expected to fuel the demand over the forecast period. However, unpredictable maintenance periods and modification in old equipment are expected to hinder the demand growth over the forecast period.

Most of the machines observe signs of slight deterioration after a certain amount of time owing to the aforementioned factors, which if recognized earlier, would help machine enterprises and operators to plan the prognostic maintenance. In order to predict and prevent the above mentioned equipment and machine failures, the monitoring of the machines are the most effective analytical maintenance tools. Faults in a machine can be found with the help various monitoring processes such as thermography, vibration monitoring and lubricant oil analysis among others.

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The industry can be segmented on the basis of types which includes ultrasound emission, vibration monitoring, thermograph, corrosion monitoring and lubricating oil analysis. In addition, the industry can be segregated on the basis of components which include vibration sensors, spectrometer, spectrum analyzer, corrosion probes, infrared sensors and ultrasound detector. Vibration segment is further sub-segmented in to tachometer, accelerometer and proximity probes.

The industry can be bifurcated on the basis of applications which include aerospace & defense, chemicals, automotive, marine, oil & gas, metals & mining and energy & power. Regional machine health monitoring markets include Asia Pacific, North America, MEA, Latin America and Europe.

Major players dominating machine condition monitoring market share are General Electric Company, Emerson Process Management, Honeywell International Inc., Svenska Kullagerfabriken AB, National Instruments Corporation, Rockwell Automation, Inc., Saj Engineering and Trading Company, Fluke Corporation, Azima Dli Corporation and BrĂ¼el & Kjaer Vibro GmbH among others.

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