The global machine condition monitoring market was valued at US$ 2,212.3 Mn in 2017 and is anticipated to expand at a stable CAGR of 8.1% during the forecast period 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Machine condition monitoring Market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ Advantages offered by machine condition monitoring, increased adoption of vibration sensors, increase in equipment performance and productivity, rise in the adoption of machine condition monitoring in the automotive industry, rise in online machine monitoring, and increase in equipment performance and productivity have increased the penetration and growth of the global machine condition monitoring market. The market in Asia Pacific is likely to expand at a rapid CAGR of 8.6% due to numerous technological innovations in equipment condition monitoring systems.
Rise in Demand for Online Monitoring to Drive Market Growth
Rise in predictive maintenance and need for accurate and time-efficient analyses of data have increased the demand for online machine condition monitoring globally. Manual collection of data can be performed only a limited number of times. On the other hand, online monitoring can collect large amounts of data at frequent points avoiding chances of human miscalculation in data collection. Numerous players from North America are continuously involved in acquisitions in order to offer advanced machine condition monitoring to people who need the information on machine conditions in a timely manner.
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In September 2018, Azima DLI, a provider of predictive machine condition monitoring and analysis services, launched ‘WATCHMAN,’ its portable online intensive care condition monitoring system that can be quickly deployed by personnel in machines. Key trends prevalent in the global machine condition monitoring market are integrated machine condition monitoring system, technological advancements, cloud technology, wireless condition monitoring, and strategic collaborations.
ALS Limited, Brüel & Kjær Vibro GmbH, SKF, Emersion Electric Co and F. Honeywell International are Likely to Continue to Lead the Global Machine Condition Monitoring Market
The company profiling of key players in the global machine condition monitoring market includes company overview, major business strategies, SWOT analysis, and market revenues for years 2016 to 2018. The key players profiled in the global machine condition monitoring market report include ALS Limited, Brüel & Kjær Vibro GmbH, Emerson Electric Co., Fluke Corporation, General Electric, Honeywell International, Meggitt SA, National Instruments, Parker Hannifin Corp, PRÜFTECHNIK Dieter Busch AG, Rockwell Automation, Inc., and Schaeffler Technologies AG & Co. KG, SKF. Various players are introducing machine condition monitoring systems with cloud technology and establishing partnerships with other players to meet the continuously growing demand for accurate and reliable equipment condition monitoring.
