Machine Condition Monitoring Market 2020 Size, Global Analysis, Sales Revenue, Emerging Opportunities, Developments and Forecast 2023

Market Research Future published a research report on “Machine Condition Monitoring Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Machine Condition Monitoring Market – Overview

The need for predictive and proactive strategies that enable the management of equipment efficiently is driving the market for machine condition monitoring. Reports that inspect the semiconductors and electronics industry have been offered by Market Research Future, which creates reports on industry verticals that evaluate the market growth and projections. The market is on the precipice to obtain an income level worth USD 2.91 billion by the ending of 2023 with a CAGR of 5.55 % in the forecast period.

A move from preventive maintenance to predictive maintenance is projected to create a favorable market outlook in the forecast period. The need for decreasing and avoiding the cost of ad hoc outages created by breakdowns is anticipated to further increase the growth of the market in the coming years.

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The segmental analysis of the machine condition monitoring market is carried out on the basis of end-user and region. On the basis of end-users, the machine condition monitoring market is segmented into oil and gas, power, chemical and petrochemical, automotive, cement, steel and metal, pulp and paper, pharmaceutical, food, and beverage. Based on the regions, the machine condition monitoring market is segmented into North America, Europe, Asia Pacific, and others.

Key Players:

The prominent players in the market of Machine Condition Monitoring Market are – Emerson Electric (U.S.), General Electric (U.S.), Rockwell Automation (U.S.), Timken (U.S.), FLIR Systems (U.S.), SKF (Swedan), NSK (Japan), Parker-Hannifin (U.S.), PCB Piezotronics (U.S.) among others.

Regional Analysis:

The regional evaluation of the machine condition monitoring market is segmented on the basis of regions into North America, Europe, AsiaPacific, and others. As per the study, the machine condition monitoring market globally is appraised to develop at a favorable rate in forthcoming years. The North American region machine condition monitoring market had been assessed at USD 754.77 million in the year 2016. The European region and the Asia Pacific region are assessed to increase at an encouraging rate throughout the forecast period.

Industry Updates:

Sep 2019 An international dealer of seals, bearings, mechatronics and lubrication systems, SKF, has announced an innovative digital vibration monitoring result that allows industrial businesses to implement smart condition-based maintenance exercises. SKF Enlight ProCollect is a novel portable solution for consumers after a condition-based maintenance process, or those looking for an extension in their machine monitoring programs to a wider variety of assets.

Sep 2019 Rittal’s Blue e cooling units are now integrating into present condition monitoring and IoT systems due to a special adaptor that retrofits complete communications potential. Rittal’s solution is a ground-breaking digital retrofit. The existing equipment and machinery can now be kitted out with appropriate communications tools without the call for an upgrade. The adaptor is apposite for Rittal’s Blue e cooling units.

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