DUBLIN--(BUSINESS WIRE)--The "Machine Condition Monitoring Market - Forecasts from 2017 to 2022" report has been added to Research and Markets' offering.
Machine Condition Monitoring market is expected to grow at a CAGR of 7.37% to reach US$2.168 billion by 2022, increasing from US$1.520 billion in 2017.
Machine condition monitoring helps in prevention of machine failures and costly repair by analyzing the faults at the initial stage. Faults can be found out by various monitoring processes such as vibration monitoring, thermography, spectrographic monitoring among others. A shift of maintenance process from preventive to predictive across industries to eliminate unnecessary maintenance cost is a key factor for the market growth.
Other factors such as the deployment of wireless technologies in machine conditioning, remote monitoring, and growth of HVAC industries is also contributing to the market growth. Emerging trend of industrial IoT and the advent of big data analytics will create significant opportunities for the machine condition monitoring solution vendors over the next five years. However, unpredictable maintenance period will hinder the market growth during the forecast period.
Geographically, North America held the largest share of the Global Machine Condition Monitoring market in 2016 owing to high demand from oil and gas sector in the region. Discovery of new oil and natural gas reserves in the U.S. has led to an increasing demand for these solutions. The presence of a large number of key players in the region also contributes to the dominance of North American region.
- Azima DLI Corporation
- Emerson Electric Co.
- General Electric
- Honeywell International
- Rockwell Automation
- AB SKF
- National Instruments Corporation
- Meggitt PLC
- Bruel and Kjaer Vibro
- ALS Ltd
- Schaeffler Technologies AG & Co.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Machine Condition Monitoring Market Forecast by Component Type (US$ Billion)
6. Machine Condition Monitoring Market Forecast by Application (US$ Billion)
7. Machine Condition Monitoring Market Forecast by Geography (US$ Billion)
8. Competitive Intelligence
9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/j7373n/machine_condition