Machine Condition Monitoring Market estimated to be worth 3.50 Billion USD by 2024
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
(EMAILWIRE.COM, December 07, 2018 ) 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. The growth of the market is driven by the development of a secure cloud computing platform, increased use of wireless communication technology for condition monitoring of equipment, and inclination of end users toward predictive maintenance.
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The machine condition monitoring market has been segmented on the basis of monitoring techniques into vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission monitoring, and motor current analysis. The market for the motor current analysis technique is expected to grow at the highest CAGR during 2018–2024 owing to the high adoption of this technique by end users due to its capability to sense an electrical signal containing current components, which are by-products of unique rotating flux components, caused by the faults such as broken rotor bars, air gap eccentricity, and shorted turns in low voltage stator windings.
The machine condition monitoring market has been segmented on the basis of offerings into hardware and software. Further, the market for hardware has been segmented into vibration sensors and analyzers, infrared sensors, spectrometers, corrosion probes, ultrasound detectors, spectrum analyzer, and others (which include velocity sensors and transmitters, thermal cameras and IR thermometers, viscometers and particle counters, wireless transmitters and corrosion data collectors, ultrasonic probes, current transformers and resistive shuts, and networking devices). The market for spectrum analyzers is expected to grow at the highest CAGR during the forecast period. The hazardous nature of the plant environment requires essentially safe technology to meet route-based monitoring needs. Spectrum analyzers are used to control such hazardous plant environmental conditions. Spectrum analyzers have the ability to quickly and accurately detect intensifying faults in equipment.
The machine condition monitoring market has been segmented on the basis of deployment types into on premise and cloud. The market for cloud-based machine condition monitoring solutions is expected to grow at a higher CAGR during the forecast period. The on premise deployment gives organizations complete control over all their systems and data, but it incurs the cost of hardware, software, and resources utilized for maintenance. On the other hand, cloud-based machine condition monitoring reduces the initial investment and the maintenance cost as nothing has to be stored on premises.
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The machine condition monitoring market has been segmented on the basis of monitoring processes into online and portable condition monitoring. The market for online condition monitoring is expected to grow at a higher CAGR during the forecast period. Online machine condition monitoring provides real-time data to operators at the plant and is the most preferred monitoring process in critical facilities that work continuously and are highly prone to defects.
The machine condition monitoring market has been segmented on the basis of industries into oil & gas, power generation, metals & mining, chemicals, automotive, aerospace & defense, food & beverages, marine and others (which include healthcare, cement, paper & pulp, and semiconductor & electronics) . The market for the automotive industry is expected to grow at the highest CAGR during the forecast period. Improper lubrication, misalignment of components, and extreme mechanical loads on manufacturing equipment in the automotive industry lead to machine failures, necessitating the use of machine condition monitoring systems.
China and India are the fastest-growing economies that are witnessing a rapid penetration of Internet of Things (IoT) in APAC. High high adoption of modern technologies for smart manufacturing, reduction in operational costs, and importance of security measures at workplaces drive the demand for machine condition monitoring solutions in the APAC region, thereby making this region the fastest-growing market for machine condition monitoring solutions.
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Major players operating in the machine condition monitoring market include ALS Limited (Australia), Emerson Electric (US), General Electric (US), Honeywell (US), Meggitt (UK), National Instruments (US), Parker-Hannifin (US), Rockwell Automation (US), Schaeffler (Germany), SKF (Sweden), Azima DLI (US), Bruel & Kjaer (Denmark), and Fluke (US).
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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
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sales@marketsandmarkets.com
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Don’t miss out on business opportunities in Machine Condition Monitoring Market. Speak to our analyst and gain crucial industry insights that will help your business grow: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=29627363
The machine condition monitoring market has been segmented on the basis of monitoring techniques into vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission monitoring, and motor current analysis. The market for the motor current analysis technique is expected to grow at the highest CAGR during 2018–2024 owing to the high adoption of this technique by end users due to its capability to sense an electrical signal containing current components, which are by-products of unique rotating flux components, caused by the faults such as broken rotor bars, air gap eccentricity, and shorted turns in low voltage stator windings.
The machine condition monitoring market has been segmented on the basis of offerings into hardware and software. Further, the market for hardware has been segmented into vibration sensors and analyzers, infrared sensors, spectrometers, corrosion probes, ultrasound detectors, spectrum analyzer, and others (which include velocity sensors and transmitters, thermal cameras and IR thermometers, viscometers and particle counters, wireless transmitters and corrosion data collectors, ultrasonic probes, current transformers and resistive shuts, and networking devices). The market for spectrum analyzers is expected to grow at the highest CAGR during the forecast period. The hazardous nature of the plant environment requires essentially safe technology to meet route-based monitoring needs. Spectrum analyzers are used to control such hazardous plant environmental conditions. Spectrum analyzers have the ability to quickly and accurately detect intensifying faults in equipment.
The machine condition monitoring market has been segmented on the basis of deployment types into on premise and cloud. The market for cloud-based machine condition monitoring solutions is expected to grow at a higher CAGR during the forecast period. The on premise deployment gives organizations complete control over all their systems and data, but it incurs the cost of hardware, software, and resources utilized for maintenance. On the other hand, cloud-based machine condition monitoring reduces the initial investment and the maintenance cost as nothing has to be stored on premises.
Browse and in-depth TOC on "Machine Condition Monitoring Market"
69 - Tables
62 - Figures
204 - Pages
View more detailed TOC @
https://www.marketsandmarkets.com/Market-Reports/machine-health-monitoring-market-29627363.html
The machine condition monitoring market has been segmented on the basis of monitoring processes into online and portable condition monitoring. The market for online condition monitoring is expected to grow at a higher CAGR during the forecast period. Online machine condition monitoring provides real-time data to operators at the plant and is the most preferred monitoring process in critical facilities that work continuously and are highly prone to defects.
The machine condition monitoring market has been segmented on the basis of industries into oil & gas, power generation, metals & mining, chemicals, automotive, aerospace & defense, food & beverages, marine and others (which include healthcare, cement, paper & pulp, and semiconductor & electronics) . The market for the automotive industry is expected to grow at the highest CAGR during the forecast period. Improper lubrication, misalignment of components, and extreme mechanical loads on manufacturing equipment in the automotive industry lead to machine failures, necessitating the use of machine condition monitoring systems.
China and India are the fastest-growing economies that are witnessing a rapid penetration of Internet of Things (IoT) in APAC. High high adoption of modern technologies for smart manufacturing, reduction in operational costs, and importance of security measures at workplaces drive the demand for machine condition monitoring solutions in the APAC region, thereby making this region the fastest-growing market for machine condition monitoring solutions.
Request for Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=29627363
Major players operating in the machine condition monitoring market include ALS Limited (Australia), Emerson Electric (US), General Electric (US), Honeywell (US), Meggitt (UK), National Instruments (US), Parker-Hannifin (US), Rockwell Automation (US), Schaeffler (Germany), SKF (Sweden), Azima DLI (US), Bruel & Kjaer (Denmark), and Fluke (US).
Browse Adjacent Markets @ Semiconductor and Electronics Market Research Reports & Consulting
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Visit MarketsandMarkets Blog@ http://www.marketsandmarketsblog.com/market-reports/electronics-and-semiconductors
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets
Website: http://www.marketsandmarkets.com/
Contact Information:
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Mr. Shelly Singh
Tel: 1-888-600-6441
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ReportsnReports
Mr. Shelly Singh
Tel: 1-888-600-6441
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results