Machine Condition Monitoring Equipment Market by Monitoring Type (Vibration Monitoring, Ultrasound Emission, Thermography, Lubricating Oil Analysis, Corrosion Monitoring, Motor Current Signature Analysis), by Monitoring System (Portable Monitoring System, Fixed Monitoring System), by Type (Hardware [Ultrasound Detector, Spectrum Analyzer, Corrosion Probes, Spectrometer, Infrared Sensor, Vibration Sensor], Software [On-premises, Cloud]), by End User (Aerospace & Defense, Automotive, Chemicals, Marine, Metals & Mining, Oil & Gas, Energy & Power) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023

NEW YORK, Dec. 03, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, Machine condition monitoring equipment market is expected to reach $3.2 billion by 2023. The growth in the market can be attributed to the increasing use of wireless technology, rising popularity of remote monitoring, along with growing HVAC market.

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On the basis of monitoring type, the machine condition monitoring equipment market is categorized into vibration monitoring, ultrasound emission, thermography, lubricating oil analysis, corrosion monitoring, and motor current signature analysis. Vibration monitoring category held the largest market share in 2017, owing to the increasing need for vibration monitoring equipment in critical applications such as, manufacturing and chemical industries that are highly prone to defects.

Based on monitoring system, the machine condition monitoring equipment market is segmented into portable monitoring system and fixed monitoring system. Fixed condition monitoring systems provide more detailed monitoring and analysis as compared to portable systems. Hence, fixed systems are expected to become increasingly popular among large enterprises in the coming years, as they offer detailed information.

On the basis of type, the machine condition monitoring equipment market has been segmented into hardware and software. The hardware category held the higher market share of over 70% in 2017. However, the software category is expected to witness faster CAGR during the forecast period. The growth is primarily based on increased productivity and safety standards along with increasing deployment of cloud services around the globe.

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The machine condition monitoring equipment hardware market is further split into vibration sensor, ultrasound detector, infrared sensor, spectrometer, corrosion probes, spectrum analyzer and others, wherein ‘others’ include velocity sensors and transmitters, thermal cameras and IR thermometers, viscometers and particle counters, and networking devices. Of these, ultrasound detectors category held the largest market share in 2017, as these detectors provide stand-alone inspection as well as act as a screening tool to speed-up the inspection process.

The machine condition monitoring equipment market in APAC region is expected to register highest CAGR during the forecast period. The region comprises of one of the fastest growing economies in the world, including China and India. China is a world leader in the production of consumer goods and the largest producer of mobile phones, solar cells, shoes, ships, and other products. The rising demand for quality products as well as need for maintenance of production plants is leading to a surge in deployment of machine condition monitoring equipment in the region.

One of the major growth drivers for machine condition monitoring equipment market is the technological advancements in wireless communication. The features of wireless monitoring equipment such as low cost, high efficiency is incomparable with wired monitoring equipment. This has enabled remote monitoring of machines and cost saving in terms of transportation to and from offshore facilities.

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There is a stiff competition among the players in the machine condition monitoring equipment market. This is attributed to the need for lowering of maintenance cost, along with increased reliability of the equipment. Some of the key players operating in the market are General Electric (GE) Company, Corrpro Companies, Inc., Grupo Álava Ingenieros, AB SKF, Honeywell International Inc., Rockwell Automation, Inc., Parker-Hannifin Corporation, National Instruments Corporation, and Azima DLI Corporation.

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