Global Machine Condition Monitoring Equipment market – Overview
- The report will cover the overall analysis and insights in relation to the size and growth rate of the “Global Machine Condition Monitoring Equipment market ” by various segments at a global and regional level for the 2014-2027 period, with 2014-2019 as historical data, 2020 as a base year, 2021 as an estimated year and 2021-2027 as forecast period.
Global Machine Condition Monitoring Equipment market – Introduction
- Machine Condition monitoring involves the regular measurement of parameters such as vibration, temperature, and sound in and around machines and equipment. In condition monitoring, component defects are recognized at an early stage and the remaining runtimes of bearings, shafts, etc., are optimized. This saves sudden downtime, which hampers the production line. Multiple sensors integrated in Machine condition monitoring systems measure the various parameters and are analyzed by the deployed software. Condition monitoring tools that provide data in real-time enable the rapid determination of the root cause of an issue and wireless sensors on assets automatically connect employees with real-time data via remote access using smartphones or tablets.
- Machine Condition monitoring equipment are majorly used with electro-mechanical systems and conditional operating conditions can be monitored and damaging operating conditions can be identified and corrected to ensure that expensive and disruptive failures are avoided. This reduces the total cost of ownership and enhances the lifecycle of the asset.
Global Machine Condition Monitoring Equipment market Report Scope
- The scope of the report covers the clear understanding and overview of the product.
- Analysis of market trends in the region, with market data considering 2020 as the base year, 2021 as the estimate year and forecast for 2027 with projection of CAGR from 2021 to 2027.
- The report covers discussion of economic trends and technology.
- Global Machine Condition Monitoring Equipment Market estimates represent revenue.
- In-depth analysis of the market segmentation assists in determining the prevailing market scope.
|Market size available for years||2014–2027|
|Base year considered||2020|
|Forecast units||Value (USD) & Volume (Million Units)|
|Forecast units||Value (USD) & Volume (Million Units)|
North America, Europe, Asia Pacific, Latin America and Middle East & Africa
United States, Russia, China, Germany, United Kingdom, France, Japan, Israel, Saudi Arabia, South Korea, United Arab Emirates, Canada, Indonesia, Malaysia, Switzerland, Australia, India, Italy, Sweden, Spain, Belgium, Netherlands, Norway, Brazil, Argentina, Mexico, South Africa and 54 Others.
|By Monitoring Techniques
Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission and Motor Current Analysis.
Vibration Sensors, Infrared Sensors, Spectrometers , Ultrasound Detectors, Spectrum Analyzers and Corrosion Probes.
Data Integration, Diagnostic Reporting, Order Tracking Analysis and Parameter Calculation.
|By Deployment Type
On-premises and Cloud.
|By Monitoring Process
Online Condition Monitoring and Portable Condition Monitoring.
Oil & Gas, Power Generation, Metals & Mining, Chemicals, Automotive, Aerospace & Defense, Food & Beverages, Marine and Others (Healthcare, Cement, Paper & Pulp and Semiconductor & Electronics).
|Companies covered||ALS Limited; Azima DLI LLC; Brüel & Kjær Vibro; ClampOn AS; Cosasco; Crystal Instruments; CTRL Systems, Inc.; Data Physics Corporation; Emerson Electric Co., ; FLIR Systems, Inc.; Fluke Corporation; General Electric; Honeywell Process Solutions; ITT Corporation; Meggitt PLC; National Instruments Corporation; Parker Hannifin Corp.; Parker Kittiwake; PCB Piezotronics, Inc.; Rockwell Automation, Inc.; Schaeffler Technologies AG & Co. KG; Shinkawa Electric Co., Ltd.; SKF; SPM Instrument AB and Others.|
Segments Covered in Global Machine Condition Monitoring Equipment market
- The report has classified the global Machine Condition Monitoring Equipment industry into segments including product type and application. Every segment is evaluated based on growth rate and share. Besides, the analysts have studied the potential regions that may prove rewarding for the Machine Condition Monitoring Equipment manufacturers in the coming years. The regional analysis includes reliable predictions on value and volume, thereby helping market players to gain deep insights into the overall Machine Condition Monitoring Equipment industry.
Covid-19 Impact on the Global Machine Condition Monitoring Equipment market
- The machine condition monitoring Equipment market was moderately impacted by the COVID-19 pandemic. In the prevailing COVID-19 situation, the expected growth of the machine condition monitoring market is expected to decline as the pandemic is restricting the supply and adoption of hardware components, such as sensors, in a number of applications. This is due to the severe disruptions in businesses and the global economy. However, not all semiconductor companies are witnessing a decline in growth as remote monitoring of production activities has allowed companies to continue working during lockdowns as well. It is expected that the demand for condition monitoring systems and solutions will increase in the coming years, and the market is expected to recover in 2021. After the recovery phase, the machine condition monitoring market is projected to grow at a moderate rate until Forecast period.
Recent Developments in Global Machine Condition Monitoring Equipment market
- In March 2021, Emerson introduced a complete portfolio of corrosion and erosion monitoring systems with digital capabilities and full integration with the Plantweb digital ecosystem through the new Rosemount 4390 series of corrosion and erosion wireless transmitters and Plantweb Insight Non-Intrusive Corrosion application. The monitoring portfolio turns existing offline corrosion probes into online tools to monitor the risk of corrosion or erosion in oil and gas processing.
- In January 2021, SKF collaborated with Norwegian ship owner Solvang to introduce predictive maintenance to its fleet of tankers by investing in the new system for manual vibration monitoring, Enlight ProCollect from SKF. Solvang, which transports a variety of petrochemicals, will use SKF’s QuickCollect vibration sensors and ProCollect app to monitor a range of onboard rotating equipment. This will allow the company to identify equipment failure early, helping it to reduce unplanned downtime and maintenance costs.
Key Market Players in Global Machine Condition Monitoring Equipment market
- The major players in the Global Machine Condition Monitoring Equipment market are ALS Limited; Azima DLI LLC; Brüel & Kjær Vibro; ClampOn AS; Cosasco; Crystal Instruments; CTRL Systems, Inc.; Data Physics Corporation; Emerson Electric Co.,; FLIR Systems, Inc.; Fluke Corporation; General Electric; Honeywell Process Solutions; ITT Corporation; Meggitt PLC; National Instruments Corporation; Parker Hannifin Corp.; Parker Kittiwake; PCB Piezotronics, Inc.; Rockwell Automation, Inc.; Schaeffler Technologies AG & Co. KG; Shinkawa Electric Co., Ltd.; SKF; SPM Instrument AB and Others.
- Also, the Machine Condition Monitoring Equipment market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
Objectives of the Global Machine Condition Monitoring Equipment market
- To provide detailed information regarding drivers, restraints, opportunities and challenges are influencing the growth in the Global Machine Condition Monitoring Equipment market.
- To analyze the competitive intelligence of players based on company profiles and their key growth strategies.
- To strategically analyze micro markets with respect to the individual growth trends, their prospects, and their contribution to the total Global Machine Condition Monitoring Equipment market.
- To analyze competitive developments such as expansions, and product launches, along with research & development (R&D) activities undertaken in the Global Machine Condition Monitoring Equipment market.
- A unique model is created customized for each study also offers suggestions that help enterprises to identify and mitigate risks.
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