ALBANY, New York, May 21, 2020 /PRNewswire/ -- The global machine condition monitoring market is expected to witness a substantial growth during the tenure of 2018 to 2026, says a recent report by Transparency Market Research. As per the report, the growth of the market is attributed to the increasing industrialization across the globe. Moreover, pacing Industry 4.0 and developing intelligence induced in machine are also some crucial aspects that are propelling the growth of global machine condition monitoring market during the tenure of 2018 to 2026. However, recent events of COVID-19 outbreak has put an halt to the growth of global machine condition monitoring market, further explains the report by Transparency Market Research.
"Owing to the industrial development across the globe, the business sector is investing a massive amount in installing machines that can help them meet the demand cycle. Therefore it becomes quite essential for these businesses to keep their machines in top-notch condition for which they are implementing innovative systems that can monitor the health of the machines. Owing to these implementations, the global machine condition monitoring market is projected to witness 8.1% CAGR during the tenure of 2018 to 2026" –Transparency Market Research.
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Major Findings in the Global Machine Condition Monitoring Market Study
- The vibration monitoring segment is projected to expand at a considerable CAGR of 7.9% in type category of global machine condition monitoring market.
- The global machine condition monitoring market is expected to grow from US$ 2.2 Bn in 2017 to US$ 4.4 Bn by the end of 2026.
- Asia Pacific is anticipated to witness a witness 8.9% CAGR owing to the increasing industrialization in India and China.
Explore the latest study on global machine condition monitoring market under the title: Machine Condition Monitoring Market (Component - Hardware, Software, Services; Type - Thermography, Vibration Monitoring, Lubrication Oil Monitoring, Acoustic Emission Monitoring, Ultrasound Monitoring, Corrosion Monitoring, Current Signature Monitoring; Solution Type - Online Monitoring, Integrated Monitoring, Continuous Remote Monitoring, Route Based Monitoring; End use Industry - Aerospace and Defense, Automotive, Oil and Gas, Metal and Mining, Marine, Food and Beverage, Chemicals and Pharmaceuticals) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026 at https://www.transparencymarketresearch.com/machine-condition-monitoring-market.html
Major Factors Boosting the Growth of Global Machine Condition Monitoring Market
Growing Adoption of Predictive Maintenance Systems to Boost the Growth
Predictive maintenance is the result of IoT and other data oriented technologies that are implemented in the machines. This technology analyses the operation of the machine and monitors the anomaly that occurs in the machine. As a result of this technology, the businesses can save a massive amount of money and time by avoiding unprecedented breakdowns. Since majority of the businesses are adopting predictive maintenance, the demand for machine condition monitoring systems has skyrocketed in past few years which as a result is propelling the growth of global machine condition monitoring market during the tenure of 2018 to 2026.
Rising Adoption of Vibration Monitoring Systems to Boost the Growth
Uncontrolled vibrations are the arch nemesis of any machines. These vibrations can take a machine out of synchronization or completely destroy it. Therefore, businesses are investing in the development and implementation vibration monitoring systems. As a result of these developments, the global machine condition monitoring market is growing exponentially during the tenure of 2018 to 2026.
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Major Challenges that Might Impede the Growth of Global Machine Condition Monitoring Market
Since the world facing a major crisis of COVID-19 and majority of the businesses are not operating at their full capacity. Owing to this pandemic, the demand for machine condition monitoring is witnessing a downward curve, which is the major challenge that is impeding the growth of global machine condition monitoring market during the tenure of 2018 to 2026.
Global Machine Condition Monitoring Market: Regional Analysis
Asia Pacific is anticipated to have a dominating share is the global machine condition monitoring market. This dominance is the result of growing industrialization in India, China. Moreover, the countries are exploring new limits of manufacturing, which as a result require new machines and machine condition monitoring systems. Owing to these adoptions, Asia Pacific is projected to dominate the regional front of global machine condition monitoring market during the forecast period of 2018 to 2026.
Analyze machine condition monitoring market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea, Request a sample of the study.
The global machine condition monitoring market is highly progressive yet highly fragmented. The nature of the market is the result of presence of various prominent players. However, due to this the new players are unable to enter the global machine condition monitoring market. To overcome this situation, the new players are merging and collaborating with the established players of global machine condition monitoring market.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/12170
The global machine condition monitoring market is segmented on the basis of:
Global Machine Condition Monitoring Market, by Component
Global Machine Condition Monitoring Market, by Type
- Vibration Monitoring
- Lubrication Oil Monitoring
- Acoustic Emission Monitoring
- Ultrasound Monitoring
- Corrosion Monitoring
- Current Signature Monitoring
Global Machine Condition Monitoring Market, by Solution Type
- Online Monitoring
- Integrated Monitoring
- Continuous Remote Monitoring
- Route-based Monitoring
Global Machine Condition Monitoring Market, by End-use Industry
- Aerospace and Defense
- Oil and Gas
- Metal and Mining
- Food and Beverages
- Chemicals and Pharmaceuticals
- Others (Paper & Pulp, Textile, Utility)
Global Machine Condition Monitoring Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research