Machine Condition Monitoring Market worth $4.0 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 6, 2022 /PRNewswire/ -- According to the new market research report "Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission), Monitoring Process (Online, Portable), Deployment, Offering - Global Forecast to 2027", published by MarketsandMarkets™, the global Machine Condition Monitoring Market size is expected to grow from USD 2.8 billion in 2022 to USD 4.0 billion by 2027, at a CAGR of 7.8%. The use of wireless communication technology-integrated machine condition monitoring systems and the inclination of manufacturing companies toward predictive maintenance techniques are the key factors boosting the growth of the market.
Ask for PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=29627363
Hardware segment accounted for larger share of the machine condition monitoring market in 2021.
Hardware offerings held a larger share of the machine condition monitoring market in 2021. Hardware components used in machine condition monitoring systems include vibration sensors, vibration analyzers, infrared sensors, spectrometers, ultrasound detectors, spectrum analyzers, corrosion probes, etc. The data collected by these components is further analyzed with the help of software solutions, thereby enabling manufacturing firms to carry out effective predictive maintenance programs to avoid costly downtime.
The vibration sensors segment is projected to hold the largest share of the machine condition monitoring for hardware offering in 2022.
Compact size, low weight, good temperature stability, and moderate prices of vibration sensors boost their deployment in machine condition monitoring systems. Moreover, vibration sensors can identify the exact location of the faults in machinery. They can detect the potential problems three months in advance, providing sufficient time to fix the issue. These sensors find applications in various crucial parts of rotatory machines, including motors, pumps, turbines, bearings, fans, and broken or bent parts.
Browse in-depth TOC on "Machine Condition Monitoring Market"
210 – Tables
74 – Figures
264 – Pages
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=29627363
China to account for a significant market share of Asia Pacific from 2022 to 2027
China is projected to account for the major share of the machine condition monitoring market in Asia Pacific from 2022 to 2027. The country is a key manufacturer of electronic devices. It is the most significant economy in the region. Factors such as ongoing industrialization, the rising requirement for replacing aging plant equipment, and increasing adoption of preventive maintenance activities by manufacturing firms push the growth of the machine condition monitoring market in China.
Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US) and SKF (Sweden) are some of the key players operating in machine condition monitoring market globally.
Related Reports:
Asset Integrity Management Market with COVID-19 Impact Analysis by Service Type (NDT, RBI, Corrosion Management, Pipeline Integrity Management, HAZID Study, Structural Integrity Management, RAM Study), Industry and Region - Global Forecast to 2026
NVH Testing Market with Covid-19 Impact Analysis by Type (Hardware, Software), Application (Impact Hammer Testing, Powertrain NVH, Sound Intensity Measurement, Pass-by-Noise, Vibration Testing), Vertical and Geography - Global Forecast to 2026
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/machine-health-monitoring-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/machine-health-monitoring.asp
SOURCE MarketsandMarkets
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article