Machine Condition Monitoring Equipment Market Progressing Steadily

Growing adoption of wireless technology, expanding heating, ventilation and air conditioning (HVAC) industry, and rising popularity of remote monitoring are pushing the sales of machine condition monitoring equipment. 

Valued at $2.2 billion in 2017 by P&S Intelligence, the machine condition monitoring equipment market is predicted to grow during the forecast period 2018–2023 with a CAGR of 6.8%. Another factor leading to domain progress is the increasing demand for smart factories.

Machine condition monitoring equipment helps evaluate various parameters with respect to the health and condition of a machine to help owners predict breakdowns and get the repairs done.

When segmented by monitoring type, the domain can be divided into ultrasound emission, vibration monitoring, lubricating oil analysis, thermography, motor current signature analysis, and corrosion monitoring. Among these, equipment used for vibration monitoring dominated the machine condition monitoring equipment market in 2017 and the same trend is predicted to continue during the forecast period.

Globally, North America led the machine condition monitoring equipment market in 2017 with over 30.0% revenue share, owing to the growing energy sector. 

Thus, it is clear that the desire to repair the machines even before they break down is the key growth driver of the market for machine condition monitoring equipment.

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Created on Aug 8th 2019 05:39. Viewed 290 times.

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