DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Machine Condition Monitoring Market - Global Forecast to 2022" report to their offering.
The machine condition monitoring market is expected to grow at a CAGR of 7.0% between 2016 and 2022 and is likely to be valued at USD 3.07 billion by 2022.
The key driving factors for the growth of the machine condition monitoring market are the increasing use of wireless communication technology, growth in the HVAC systems market, rising trend of smart factory or Industry 4.0, and transition from preventive to predictive maintenance. However, the major restraining factors for the growth of this market are unpredictable maintenance schedules and additional expenses incurred in retrofitting the existing systems.
The market for MCSA is expected to grow at a high CAGR between 2016 and 2022. The common reasons for motor failures include bearing failure, overloading, normal insulation deterioration, unbalanced or incorrect voltage, misalignment/vibration, and poor maintenance practices; MCSA helps to monitor the above mentioned parameters, thereby reducing motor failures and energy consumption.
The oil and gas industry is expected to hold the largest share of the global machine condition monitoring market in 2016. The oil and gas industries use extremely complex and expensive equipment such as boilers, pumps, generators, and piping network for their operations. The equipment consumes a lot of power and generates an equally large amount of heat.
The market for machine condition monitoring in APAC is expected to grow at a high rate between 2016 and 2022
- Increasing Use of Wireless Communication Technology
- Growth in the Hvac Systems Market
- Rising Trend of Smart Factory Or Industry 4.0
- Transition From Preventive to Predictive Maintenance
- Unpredictable Maintenance Schedules
- Additional Expenses Incurred in Retrofitting Existing Systems
- Industrial Internet of Things (IIoT)
- Advent of Big Data Analytics
- Availability of Expertise at Remote Locations
- Integration of Condition Monitoring Systems With Pam and Cmms
- ALS Ltd.
- Azima DLI Corp.
- Bruel & Kjaer Vibro GmbH
- Emerson Electric Co.
- General Electric
- Honeywell International Inc.
- Meggitt PLC
- National Instruments Corp.
- Parker Hannifin Corp.
- Rockwell Automation, Inc.
- SKF AB
- Schaeffler AG
For more information about this report visit http://www.researchandmarkets.com/research/mzqj4z/machine_condition