The global machine condition monitoring equipment market is expected to grow at a CAGR of 4.5% during 2016 - 2022. Among the various end users, the oil and gas segment accounted for largest share in the global machine condition monitoring equipment market in 2015. The surge in smart factories development, along with the advancement in efficiency and accuracy of machine conditioning component is expected to drive the growth of the machine condition monitoring equipment market during the forecast period.
Over the last few years, asset management and reliability-centered maintenance has witnessed notable growth. In order to cut down the operating expenses, the companies are investing in predictive maintenance technologies for operating their plants more efficiently and productively.
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The global online condition monitoring market is expected to witness considerable growth in predictive maintenance technique, especially in developing countries during the forecast period. Among the various components, the infrared sensor segment and corrosion probes segment are expected to be two of the fastest growing segments during the forecast period.
The information and data in the publication “Global Machine Condition Monitoring Equipment Market Size, Share, Development, Growth and Demand Forecast to 2022” represent the research and analysis of data from various primary and secondary sources. Bottom-up approach has been used to calculate the global machine condition monitoring equipment market by monitoring type, end user, monitoring process, and by component. Top-down approach has been used to calculate the market by geography. The market numbers for countries are obtained through top down approach. P&S Market Research analysts and consultants interact with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
The global machine condition monitoring equipment market is fragmented, with only few larger players operating globally. The entry barrier for new entrants in machine condition monitoring equipment market is fairly low, owing to low capital requirement and significant low proprietary learning curve in machine condition monitoring technologies.
Some of the companies operating in the global machine condition monitoring equipment market include General Electric Company, Corrpro Companies Inc., Emerson Electric Co., Alava Ingenieros Group, AB SKF, Honeywell International Inc., Parker Hannifin Corporation, Rockwell Automation Inc., Azima Dli Corporation, SAJ Engineering and Trading Company, The Timken Company, National Instruments Corporation, Brüel & Kjær Vibro GmbH, and Danaher Corporation.
GLOBAL MACHINE CONDITION MONITORING EQUIPMENT MARKET SEGMENTATION
By Monitoring Type
By End User
By Monitoring Process
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