DUBLIN--(BUSINESS WIRE)--The "Machine Condition Monitoring Equipment Market by Monitoring Type, by Monitoring System, by Type, by End User - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" report has been added to ResearchAndMarkets.com's offering.
The global machine condition monitoring equipment market is expected to reach $3.2 billion by 2023.
The growth in the market can be attributed to the increasing use of wireless technology, rising popularity of remote monitoring, along with growing HVAC market.
On the basis of monitoring type, the machine condition monitoring equipment market is categorized into vibration monitoring, ultrasound emission, thermography, lubricating oil analysis, corrosion monitoring, and motor current signature analysis. Vibration monitoring category held the largest market share in 2017, owing to the increasing need for vibration monitoring equipment in critical applications such as, manufacturing and chemical industries that are highly prone to defects.
Based on monitoring system, the machine condition monitoring equipment market is segmented into portable monitoring system and fixed monitoring system. Fixed condition monitoring systems provide more detailed monitoring and analysis as compared to portable systems. Hence, fixed systems are expected to become increasingly popular among large enterprises in the coming years, as they offer detailed information.
On the basis of type, the machine condition monitoring equipment market has been segmented into hardware and software. The hardware category held the higher market share of over 70% in 2017. However, the software category is expected to witness faster CAGR during the forecast period. The growth is primarily based on increased productivity and safety standards along with increasing deployment of cloud services around the globe.
The machine condition monitoring equipment hardware market is further split into vibration sensor, ultrasound detector, infrared sensor, spectrometer, corrosion probes, spectrum analyzer and others, wherein others' include velocity sensors and transmitters, thermal cameras and IR thermometers, viscometers and particle counters, and networking devices. Of these, ultrasound detectors category held the largest market share in 2017, as these detectors provide stand-alone inspection as well as act as a screening tool to speed-up the inspection process.
The machine condition monitoring equipment market in APAC region is expected to register highest CAGR during the forecast period. The region comprises of one of the fastest growing economies in the world, including China and India. China is a world leader in the production of consumer goods and the largest producer of mobile phones, solar cells, shoes, ships, and other products. The rising demand for quality products as well as need for maintenance of production plants is leading to a surge in deployment of machine condition monitoring equipment in the region.
One of the major growth drivers for machine condition monitoring equipment market is the technological advancements in wireless communication. The features of wireless monitoring equipment such as low cost, high efficiency is incomparable with wired monitoring equipment. This has enabled remote monitoring of machines and cost saving in terms of transportation to and from offshore facilities. The use of advanced wireless vibration equipment and techniques makes it possible to integrate two or more monitoring technologies together to achieve e-maintenance by the help of offshore to onshore real time visual observations.
There is a stiff competition among the players in the machine condition monitoring equipment market. This is attributed to the need for lowering of maintenance cost, along with increased reliability of the equipment.
Key Topics Covered
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Monitoring Type
184.108.40.206 Vibration monitoring
220.127.116.11 Ultrasound emission
18.104.22.168 Lubricating oil analysis
22.214.171.124 Corrosion monitoring
126.96.36.199 Motor current signature analysis
4.1.2 By Monitoring System
188.8.131.52 Portable monitoring system
184.108.40.206 Fixed monitoring system
4.1.3 By Type
220.127.116.11.1 By Type
18.104.22.168.1.1 Vibration sensor
22.214.171.124.1.2 Ultrasound detector
126.96.36.199.1.3 Infrared sensor
188.8.131.52.1.5 Corrosion probes
184.108.40.206.1.6 Spectrum analyzer
220.127.116.11.1 By deployment type
4.1.4 By End user
18.104.22.168 Aerospace and defense
22.214.171.124 Metals and mining
126.96.36.199 Oil and Gas
188.8.131.52 Energy and power
4.2 Porter's Five Forces Analysis
4.3 Value Chain Analysis
4.4 Market Dynamics
184.108.40.206 Increasing outsourcing of machine maintenance services
220.127.116.11 Advancements in efficiency and accuracy of machine condition monitoring equipment
18.104.22.168 Use of wireless technology in machine condition monitoring equipment
22.214.171.124 Growth in heating, ventilation and air conditioning (HVAC) market
126.96.36.199 Growing demand for smart factories
188.8.131.52 Impact analysis of drivers on market forecast
184.108.40.206 End-user companies striving to build in-house condition monitoring capabilities
220.127.116.11 High capital expenditure and maintenance requirement
18.104.22.168 Lack of skilled labor in developing countries
22.214.171.124 Impact analysis of restraints on market forecast
126.96.36.199 Large untapped market of Asia-Pacific and Middle East
188.8.131.52 Growing demand for machine condition monitoring equipment from renewable energy sector
Chapter 5. Global Market Size and Forecast
5.1 By Monitoring Type
5.2 By Monitoring System
5.3 By Type
5.3.1 Hardware, by Type
5.3.2 Software, By Deployment Type
5.4 By End User
5.5 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Competitive Analysis of Key Players
11.2 Competitive Benchmarking of Key Players
11.3 Recent Activities of Major Players
11.4 Global Strategic Developments of Key Players
11.4.1 Mergers and Acquisitions
11.4.2 Product Launches
11.4.3 Facility Expansions
11.4.4 Other developments
Chapter 12. Company Profiles
- General Electric Company
- Corrpro Companies Inc.
- Emerson Electric Co.
- Grupo lava Ingenieros
- AB SKF
- Honeywell International Inc.
- Rockwell Automation Inc.
- Parker Hannifin Corporation
- National Instruments Corporation
- Azima Dli Corporation
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