Albany, NY -- (SBWIRE) -- 01/11/2017 -- A new market research report by Transparency Market Research, titled "Machine Condition Monitoring Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024," is an in-depth analysis of the machine condition monitoring market and is studied in terms of the value chain analysis and the technology front. The leading segments and sub-segments in this market along with their market size have also been presented.

Machine condition monitoring is also called as machine health monitoring and includes the process of measuring and monitoring certain parameters within an equipment including pressure, humidity, temperature, and others in order to detect any important change and faults within an equipment.

The global machine condition monitoring market is fuelled by the increasing implementation of predictive maintenance from preventive maintenance in numerous process industries. In addition, numerous technological developments such as the employment of remote monitoring and wireless technology in machine condition monitoring will provide impetus to the development of this market.

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Furthermore, the increasing demand for air conditioning, ventilating, and heating within small factories will positively impact the development of this market. The launch of cloud technology and the swift growth in wind energy market will also work in favor of the growth of the market for machine condition monitoring. On the other hand, the report states that long maintenance periods may hamper the development of the global machine condition monitoring market.

The segmentation of the market comes next in the report. Machine condition monitoring is employed across a number of sectors such as energy and power, metal and mining, oil and gas, chemicals, marine, aerospace and defense, automotive, and others. Of these, energy and power is the leading application segment in the market, trailed by the sector of oil and gas.

In terms of type, the market is segmented into motor current signature analysis, lubricating oil analysis, corrosion monitoring, ultrasound emission, vibration monitoring, and thermography. By component, the report categorizes the market into vibration sensors, corrosion probes, ultrasound detectors, spectrometers, spectrum analyzers, infrared sensors, and others. Of these, vibration sensors are further segmented into proximity probes, tachometers, and accelerometers.

Geographically, the report segments the market into Europe, Asia Pacific, North America, and Rest of the World (RoW). Amongst these, the machine condition monitoring market has experienced demand in both Europe and North America due to the development of energy and power sector and oil and gas sectors. The presence of numerous players in these regions will also fuel market development in these two regions.

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Azima DLI Corp. (U.S.), Emerson Process Management (U.S), General Electric Company (U.S.), Honeywell International Inc. (U.S.), National Instruments Corporation (U.S.), Parker Hannifin (U.S.), Fluke Corporation (U.S.), Rockwell Automation, Inc. (U.S.), and SKF (Sweden), among others, are the top players in the global machine condition monitoring market, as per this study.