Albany, NY -- (SBWire) -- 01/10/2019 --North America and Asia Pacific to Continue to Hold a Significant Share in the Overall Market

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. China held a significant share of the market in Asia Pacific in 2017. The market in the country is estimated to expand at a significant CAGR during the forecast period. The market in North America is expected to expand at a rapid CAGR during the forecast period. In North America, increase in government expenditure, presence of a large number of market players, and rise in awareness about highly advanced technologies are fueling the machine condition monitoring market. Demand for machine condition monitoring systems in North America is likely to remain concentrated in the U.S., owing to the rapid expansion of sectors such as oil and gas and energy and power. The market in Europe is likely to expand at a significant CAGR over the forecast period, owing to significant expansion in the automotive sector. The U.K. held a major share of the machine condition monitoring market in Europe in 2017.

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In the Middle East & Africa (MEA), market players are increasing their investments to expand their physical presence. The market in GCC countries is expected to expand at a significant CAGR during the forecast period, driving investments for the development of condition monitoring technologies in the region. In South America, Brazil is expected to hold a significant market share throughout the forecast period.

The company profiling of key players in the global machine condition monitoring market includes company overview, major business strategies, SWOT analysis, and market revenues for the years 2016 to 2018. The key players profiled in the global machine condition monitoring market report include ALS Limited, Brüel & Kjær Vibro GmbH, Emerson Electric Co., Fluke Corporation, General Electric, Honeywell International, Meggitt SA, National Instruments, Parker Hannifin Corp, PRÜFTECHNIK Dieter Busch AG, Rockwell Automation, Inc., and Schaeffler Technologies AG & Co. KG, SKF. Various players are introducing machine condition monitoring systems with cloud technology and establishing partnerships with other players to meet the continuously rising demand for accurate and reliable equipment condition monitoring.