Albany, NY -- (SBWIRE) -- 02/17/2019 -- According to a new market report published by Transparency Market Research titled 'Machine Condition Monitoring Market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,' the global machine condition monitoring market is projected to expand at a CAGR of 8.1% during the forecast period. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors.

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Advantages offered by machine condition monitoring, increased adoption of vibration sensors, increasing equipment performance and productivity, increasing adoption of machine condition monitoring in the automotive industry, rise in online machine monitoring, and increasing equipment performance and productivity have boosted the penetration and growth of the global machine condition monitoring market.

Vibration Monitoring Segment to Remain Highly Lucrative

Vibration monitoring is expected to continue to be the leading segment of the market during the forecast period, due to rise in adoption of vibration sensors for monitoring equipment condition. The vibration monitoring segment is projected to expand at a considerable CAGR of 7.9% over the forecast period from 2018 to 2026. Vibrations measurement is the most common method of determining the mechanical status of machinery and equipment for condition monitoring. The use of vibration monitoring for testing high- speed rotating equipment is increasing rapidly. These factors are expected to drive the vibration monitoring segment in the coming years.

The lubrication oil monitoring segment is projected to expand at a significant CAGR over the forecast period, owing to the increasing use of lubrication oil as it plays an important role in early machine failure detection.

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Asia Pacific accounted for a significant revenue share in 2017 due to an increase in government regulation, high adoption of modern technologies for smart manufacturing, reduction in operational costs, and importance of security measures at workplaces. In Asia Pacific, multiple players are implementing cloud-based sensor networks for condition monitoring that avoid time-consuming and expensive downtime of much industrial equipment.

In September 2018, Azima DLI, a provider of predictive machine condition monitoring and analysis services, launched WATCHMAN,' its portable online intensive care condition monitoring system that can be quickly deployed by personnel in machines. Furthermore, the economies of China and India are growing at a robust pace, and there is rapid penetration of Internet of Things (IoT) in Asia Pacific.