Global Machine Condition Monitoring Market Report 2018-2024 - Development of a Secure Cloud Computing Platform is Driving the Market - ResearchAndMarkets.com

DUBLIN--()--The "Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, MCA), Deployment (On Premise, Cloud), Monitoring Process (Online, Portable), Offering, Industry, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The machine condition monitoring market is estimated to grow from USD 2.38 Billion in 2018 to USD 3.50 Billion by 2024, at a CAGR of 6.7% between 2018 and 2024.

APAC is expected to be the fastest-growing region for the machine condition monitoring market, followed by North America during the forecast period. The APAC region is witnessing a surge in the deployment of machine condition monitoring solutions. The market for condition monitoring solutions is on the rise in the utilities sector for better critical asset management. Similarly, the demand for machine condition monitoring solutions and services is anticipated to increase in the APAC region due to the expected increase in the demand for conditioning-based maintenance.

Key players in the market focus on product launches and developments, strategic partnerships, acquisitions, and agreements to increase their revenues. For instance, in 2017, Emerson had significantly enhanced its Plantweb digital ecosystem, the comprehensive Industrial IoT automation platform that includes pervasive sensing, Plantweb Insight, Plantwed Advisor, and services such as connected services, Software-as-a-Service (SaaS), operational certainty consulting. Similarly, in 2016, General Electric launched Druck DPI620 Genii IS, an advanced modular calibrator and HART Fieldbus communicator capable in testing, calibrating, commissioning, and maintaining a broad range of measurement and control devices situated in hazardous areas in process industries.

Market Dynamics

Drivers

  • Development of a Secure Cloud Computing Platform
  • Increased Use of Wireless Communication Technology for Condition Monitoring of Equipment
  • Inclination of End Users Toward Predictive Maintenance
  • Adoption of Automated Condition Monitoring Technologies

Restraints

  • Lack of Trained Technical Resources for Data Analysis
  • Lack of Trust in Prediction Capabilities of Machine Condition Monitoring Technology

Opportunities

  • Advent of Big Data Analytics
  • Strategic Partnership and Collaboration

Challenges

  • Incurrence of Additional Expenses and Complexities in Retrofitting Existing Systems
  • Availability of Expertise at Remote Locations

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 IoT in Machine Condition Monitoring Market

8 Machine Condition Monitoring Market, by Monitoring Technique

9 Machine Condition Monitoring Market, by Offering

10 Machine Condition Monitoring Market, by Deployment Type

11 Machine Condition Monitoring Market, by Monitoring Process

12 Machine Condition Monitoring Market, by Industry

13 Regional Analysis

14 Competitive Landscape

15 Company Profiles

  • 3D Signals
  • ALS Ltd.
  • Analog Devices
  • Azima Dli
  • Bruel & Kjaer
  • Emerson Electric
  • Flir Systems
  • Fluke Corporation
  • General Electric
  • Honeywell
  • Logilube
  • Machine Saver
  • Meggitt
  • National Instruments
  • Parker Hannifin
  • Pcb Piezotronics
  • Petasense
  • Pruftechnik Dieter Busch
  • Rockwell Automation
  • SKF
  • SPM Instrument
  • Schaeffler
  • Senseye
  • Spacetime Insight
  • Uptake Canada

For more information about this report visit https://www.researchandmarkets.com/research/7lvgfl/global_machine?w=4

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Related Topics: Industrial Automation , Industrial Machinery

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Industrial Automation , Industrial Machinery