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Machine Condition Monitoring Market worth 3.07 Billion USD by 2022
The report "Machine Condition Monitoring Market by Monitoring Type (Vibration Monitoring, Thermography, Lubricating Oil Analysis, Corrosion Monitoring, Ultrasound Emission, MCSA), Offering, Industry, Monitoring Process, and Geography - Global Forecast to 2022", was valued at USD 1.91 Billion in 2015 and is expected to be valued at USD 3.07 Billion by 2022, growing at a CAGR of 7.0% between 2016 and 2022. The factors that are driving the growth of the market include the increasing use of wireless communication technology, growth in the HVAC systems market, rising trend of smart factory or Industry 4.0, and transition from preventive to predictive maintenance.
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“Vibration monitoring to hold the largest size of the overall machine condition monitoring market during the forecast period“
Vibration monitoring is expected to lead the global machine condition monitoring market between 2016 and 2022. Vibration monitoring plays a critical role in plant operations because of its diverse applications in different types of critical machinery. In addition, the decreasing prices of vibration sensors and wireless systems have made vibration monitoring the most preferred technique for machine condition monitoring.
“The machine condition monitoring market for the automotive industry to grow at a high rate between 2016 and 2022”
The machine condition monitoring market for the automotive industry is expected to grow at a significant rate between 2016 and 2022. The automotive industry is witnessing enormous growth in the number of units produced in a day. With the increase in the number of vehicles on the road, manufacturers are striving to match the production with the global demand. Hence, machine condition monitoring systems play a crucial role in ensuring efficient manufacturing processes in this industry on a continuous basis.
“North America expected to lead the machine condition monitoring market between 2016 and 2022”
The favorable economic conditions in the U.S. and advancements in predictive maintenance technologies are encouraging the companies in North America to deploy the machine condition monitoring technology in mainstream operations. The growth of the market can be partly attributed to the presence of a large number of machine condition monitoring system providers in the region such as GE (U.S.), Emerson Process Management (U.S.), Honeywell International, Inc. (U.S.), Rohrback Cosasco (U.S.), Parker Hannifin Corp. (U.S.), Azima DLI (U.S.), Fluke Corp. (U.S.), FLIR Systems (U.S.), Rockwell Automation (U.S.), and Scanimetrics Inc. (Canada).
The major players operating in the machine condition monitoring market include Emerson Electric Co. (U.S.), General Electric (U.S.), Honeywell International Inc. (U.S.), National Instruments Corp. (U.S.), SKF AB (Sweden), Parker Hannifin Corp. (U.S.), Rockwell Automation, Inc. (U.S.), Bruel & Kjaer Vibro GmbH (Germany), Azima DLI Corp. (U.S.), Meggitt PLC (U.K.), ALS Ltd. ( Australia), and Schaeffler AG (Germany).
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