NEW YORK, Nov. 16, 2015 /PRNewswire/ -- The best overall machinery condition monitoring program is one that utilizes multiple and integrated monitoring technologies that are well-suited to detect expected failures. For low-risk machines, condition monitoring or the analysis of monitoring data can be performed by a mechanic or operator using basic monitoring tools. For machines of higher criticality, a certified condition monitoring professional should use the advanced data collection & analysis hardware and software.
Machine condition monitoring is the most preferred predictive maintenance tool in various industries, as through various condition monitoring methods, a monitoring professional can detect, predict, and prevent a wide array of machine and equipment failure. Condition monitoring not only finds various equipment and machinery faults it is also able to accurately point the cause of the machine failure. The global market for machine condition monitoring was valued at USD 1544.0 million in 2014 and is expected to reach around USD 2.450 billion by 2020 at a CAGR of 7.6% between 2015 and 2020. North America leads with more than 45% share of the overall market, followed by Europe; however, APAC is expected to be the fastest-growing markets. One of the key drivers of the market is the widespread transition to predictive maintenance from preventive maintenance in various process industries. Strategies for growth adopted by several players comprised new product developments and agreements, and contracts & partnerships and on others.
The report presents a detailed insight on the current machine condition monitoring equipment market, and identifies key trends of various segments of the market with in-depth quantitative and qualitative information. The report segments the global machine condition monitoring equipment market on the basis of monitoring types, components, monitoring processes, applications, and geography. Further, it contains market size forecasts, and trend analysis Detailed geographic insights with respect to major regions such as North America, APAC, Europe and Rest of the World have been analyzed.
Major players in global machine condition monitoring equipment market are Azima DLI Corporation (U.S), Bruel & Kjaer Sound & Vibration Measurement A/S (Denmark), Emerson Process Management (U.S), General Electric Company (U.S.), Honeywell International, Inc. (U.S.), National Instruments Corporation (U.S.), Rockwell Automation, Inc. (U.S.), SKF (Sweden), and Fluke Corporation (U.S.).
Market Overview and Industry trends, along with Premium Insights and additional qualitative analysis account for the market analysis. The market classification encompasses segmentation & sub-segmentation of the market based on components, monitoring types, monitoring processes, applications, and geography.
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