The Global Machine Condition Monitoring Equipment Market was valued at over USD 2 billion in 2019 and is expected to surpass nearly USD 4 billion by 2026, expanding at a CAGR of about 7% during the forecast period, 2020–2026. The growth of the market is due to an increasing demand of secured cloud service platforms.
Condition monitoring service is basically a method which monitors the health of machine, and offers preventive actions to turn away breakdowns. It diagnoses an issue by taking measurements of noise, vibration, and temperature that have the capability of causing breakdowns. The presentation of different methodologies in diagnosing the strength of hardware and orientation is changing the machine support exercises. With the test of minimal effort large scale manufacturing, the present support experts are going to condition monitoring to succeed in this competitive condition.
Market Trends, Drivers, Restraints, and Opportunities:
- Rising proliferation of high speed internet network and subscriptions is driving the growth of the market.
- Increasing use of wireless telecom technologies for condition monitoring of equipments is a key factor driving the market growth.
- Rising use of Industrial internet of Things (IIoT) and big data analytics play an important role in driving the growth in the market.
- Huge capital expenditure required for project implementation is a restraint impacting the market growth.
- Minor systematic errors can lead to complete installation failure which acts as a key restraint for growth of market.
- Increasing security concerns due large surface area of the network is a restraint in the market growth
- The unexplored markets of emerging economies and the use of latest technologies are opportunities for the growth of the market
Some of the other key players operating in the market include General Electric Company, Corrpro Companies Inc., Emerson Electric Co., Grupo Álava Ingenieros, Honeywell International Inc., Rockwell Automation Inc., Parker Hannifin Corporation, National Instruments Corporation, Azima DLI Corporation, Bruel & Kjaer Vibro GmbH, and Fluke Corporation. The major market players gain edge in the market by activities of mergers & acquisitions and investing in Resrach & development.
The Global Condition Monitoring Services Market has been segmented on the basis of
- Vibration analysis
- Thermograph analysis
- Oil analysis
- Corrosion analysis
- Ultrasound emission
- Motor current analysis
- Power generation
- Asia Pacific
Middle East & Africa
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Machine Condition Monitoring Equipment Market Overview
- Global Machine Condition Monitoring Equipment Market Analysis and Forecast by Type
- Global Machine Condition Monitoring Equipment Market Analysis and Forecast by Application
- Global Machine Condition Monitoring Equipment Market Analysis and Forecast by Sales Channel
- Global Machine Condition Monitoring Equipment Market Analysis and Forecast by Region
- North Machine Condition Monitoring Equipment Market Analysis and Forecast
- Latin Machine Condition Monitoring Equipment Market Analysis and Forecast
- Europe Machine Condition Monitoring Equipment Market Analysis and Forecast
- Asia Pacific Machine Condition Monitoring Equipment Market Analysis and Forecast
- Middle East & Africa Machine Condition Monitoring Equipment Market Analysis and Forecast
- Competition Landscape
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