NEW YORK, Nov. 22, 2016 /PRNewswire/ -- "Machine condition monitoring market to exhibit a significant growth potential between 2016 and 2022"
The machine condition monitoring market is expected to grow at a CAGR of 7.0% between 2016 and 2022 and is likely to be valued at USD 3.07 billion by 2022. The key driving factors for the growth of the machine condition monitoring market are the increasing use of wireless communication technology, growth in the HVAC systems market, rising trend of smart factory or Industry 4.0, and transition from preventive to predictive maintenance. However, the major restraining factors for the growth of this market are unpredictable maintenance schedules and additional expenses incurred in retrofitting the existing systems.
"Market for motor current signature analysis (MCSA) expected to grow at the highest rate during forecast period"
The market for MCSA is expected to grow at a high CAGR between 2016 and 2022. The common reasons for motor failures include bearing failure, overloading, normal insulation deterioration, unbalanced or incorrect voltage, misalignment/vibration, and poor maintenance practices; MCSA helps to monitor the above mentioned parameters, thereby reducing motor failures and energy consumption.
"Oil and gas to hold the largest share of the overall machine condition monitoring market in 2016"
The oil and gas industry is expected to hold the largest share of the global machine condition monitoring market in 2016. The oil and gas industries use extremely complex and expensive equipment such as boilers, pumps, generators, and piping network for their operations. The equipment consumes a lot of power and generates an equally large amount of heat. Even a minor fault in the equipment can result into an increase in power consumption and may even trigger the release of powerful gases, or lead to an explosion, which is why, predictive maintenance technologies are essential in these industries.
"APAC to be the fastest-growing market for machine condition monitoring during the forecast period"
The market for machine condition monitoring in APAC is expected to grow at a high rate between 2016 and 2022. Rapid industrialization, growing adoption of predictive maintenance tools, and competitive pressure to achieve operational efficiency are driving the growth of the machine condition monitoring market in this region.
The break-up of the profiles of primary participants for the report has been given below.
- By Company Type: Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
- By Designation: C–Level Executives – 60%, Directors– 25%, and Others – 15%
- By Region: North America - 35%, Europe – 25%, APAC – 30%, and RoW – 10%
The key players operating in the machine condition monitoring market include Emerson Electric Co. (U.S.), General Electric (U.S.), Honeywell International Inc. (U.S.), National Instruments Corp. (U.S.), SKF AB (Sweden), Parker Hannifin Corp. (U.S.), Rockwell Automation, Inc. (U.S.), Bruel & Kjaer Vibro GmbH (Germany), Azima DLI Corp. (U.S.), Meggitt PLC (U.K.), ALS Ltd. ( Australia), and Schaeffler AG (Germany).
The research report on the global machine condition monitoring market covers different segments—monitoring type, offering, industry, monitoring process, and geography. The market has been segmented on the basis of monitoring type into vibration monitoring, thermography, lubricating oil analysis, corrosion monitoring, ultrasound emission, and MCSA. On the basis of offering, the machine condition monitoring market has been classified into hardware and software. The machine condition monitoring market has been segmented on the basis of industry into oil and gas, energy and power, metals and mining, chemicals, automotive, aerospace and defense, food and beverages, marine, and others. In addition, the report covers two types of monitoring processes—online monitoring and portable monitoring. The report covers the market in four major geographical regions—North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market based monitoring type, offering, industry, monitoring process, and geography have been conducted to give an overall view of the machine condition monitoring market.
The Porter's five forces framework has been utilized, along with the value chain analysis, to provide an in-depth insight into the machine condition monitoring market.
The major drivers, restraints, opportunities, and challenges for the machine condition monitoring market have been detailed in this report.
The report includes a detailed competitive landscape, along with in-depth analysis and revenue of key players.
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