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At 7.5% CAGR, Machine Condition Monitoring Market Will Likely to Cross Milestone of USD 3 Billion by 2023

Author : Ronak Bora | Published Date : 2019-05-13 

The Machine Condition Monitoring Market report research highlights key dynamics of the global sector. The potential of the industry has been investigated along with the key challenges. The current market scenario and prospects of the sector has also been studied.

It offers condition of machinery which make certain about the right maintenance provided and at the right time. Global machine condition monitoring market provides sensory signals that the components are working under the rated capacity. In addition, it also offers a suitable warning if the preset standard conditions are not met or the indices go beyond its limits. Most of the machines fail owing to several reasons such as corrosion, mechanical wear & tear and surface degradation among others.

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Most of the machines observe signs of slight deterioration after a certain amount of time owing to the aforementioned factors, which if recognized earlier, would help machine enterprises and operators to plan the prognostic maintenance. In order to predict and prevent the above mentioned equipment and machine failures, the monitoring of the machines are the most effective analytical maintenance tools. Faults in a machine can be found with the help various monitoring processes such as thermography, vibration monitoring and lubricant oil analysis among others.

The major factors responsible for the growth of the machine condition monitoring market includes transition from preventive to predictive maintenance in process industries coupled with the use of wireless technology in machine condition monitoring. In addition, remote monitoring and growth in the heating ventilating and air conditioning (HVAC) industry is also expected to fuel the demand over the forecast period. However, unpredictable maintenance periods and modification in old equipment are expected to hinder the demand of machine condition monitoring market growth over the forecast period.

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The machine condition monitoring market can be segmented on the basis of types which includes ultrasound emission, vibration monitoring, thermograph, corrosion monitoring and lubricating oil analysis. In addition, the industry can be segregated on the basis of components which include vibration sensors, spectrometer, spectrum analyzer, corrosion probes, infrared sensors and ultrasound detector. Vibration segment is further sub-segmented in to tachometer, accelerometer and proximity probes.

Major players dominating machine condition monitoring market share are General Electric Company, Emerson Process Management, Honeywell International Inc., Svenska Kullagerfabriken AB, National Instruments Corporation, Rockwell Automation, Inc., Saj Engineering and Trading Company, Fluke Corporation, Azima Dli Corporation and Brüel & Kjaer Vibro GmbH among others.

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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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