Global Machine Condition Monitoring Market Is Expected to Reach USD 2.91 Billion by the End of 2023
Market Research Future published a cooked research report on Machine Condition Monitoring Market which Is Expected To Reach USD 2.91 Billion By The End Of 2023
Pune, India -- (SBWire) -- 08/11/2017 --Global Machine Condition Monitoring Market, By End Users (Power, Oil and Gas, Chemical and Petrochemical, Pulp and Paper, Cement, Steel and Metal, Pharmaceutical, Automotive, Food and Beverage) - Forecast 2023
During the course of the 20th century, maintenance strategies have gone through many changes. Currently, predictive and proactive strategies present the maximum benefits at minimum expenditure. However, the preventive or scheduled maintenance approach is the most widely used strategy, particularly among the SMEs. This is mainly due to their reluctance to shift from a maintenance strategy that they have adapted over the years and the misconception that predictive and proactive strategies are expensive. With increased awareness, we expect the predictive and proactive approach to gain considerable momentum in the coming years.
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Machine condition monitoring is the process of monitoring the condition of a machine with the commitment to predict mechanical wear and tear. Vibration, noise, and temperature measurements are often used as key indicators of the state of the machine. Trends in the data provide health information about the machine and help to detect machine faults early, which prevents unexpected failure and costly repair. It has been observed that an increase in need for reduced maintenance cost is boosting the machine condition monitoring market.
The global Machine Condition Monitoring market is expected to reach USD 2.91 billion by the end of 2023 with 5.55% CAGR during forecast period 2017-2023.
Key Players
- Emerson Electric (U.S.)
- General Electric (U.S.)
- Rockwell Automation (U.S.)
- Timken (U.S.)
- FLIR Systems (U.S.)
- SKF (Swedan)
- NSK (Japan)
- Parker-Hannifin (U.S.)
- PCB Piezotronics (U.S.)
Global Machine Condition Monitoring Market Structure
By End Users
- Power
- Oil and Gas
- Chemical and Petrochemical
- Pulp and Paper
- Cement
- Steel and Metal
- Pharmaceutical
- Automotive
- Food and Beverage
By Region
- North America
- Europe
- Asia Pacific
- Row
The global Machine Condition Monitoring market is estimated to grow at a promising rate in upcoming years. The global machine condition monitoring market is segmented on the basis of geography into regions as North America, Europe, Asia-Pacific and Rest of world. Globally, North America Machine Condition Monitoring market has been valued at USD 754.77 million in 2016. Europe and Asia Pacific is estimated to grow at promising rate during the forecast period.
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Intended Audience
- Machine Condition Monitoring Equipment Manufactures
- Technology Providers
- Distributors
- Research firms
- Consultancy firms
- Semiconductor Manufacturers
- Stakeholders
- End-user sectors
- Technology Investors
Table of Contents
1 Executive Summary 10
1.1 Highlights 10
2 Scope of the Report 11
2.1 Market Overview 11
3 Market Research Methodology 13
3.1 Research Process 13
3.2 Primary Research 14
3.3 Secondary Research 14
3.4 Economic Indicators 15
4 Introduction 16
4.1 Key Market Highlights 16
4.2 Maintenance Methodologies 16
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5 Market Landscape 22
5.1 Market Overview 22
5.2 Five Forces analysis 24
6 Market Drivers 29
6.1 Shift from Preventive Maintenance to Predictive Maintenance 29
6.2 Employee Health and Safety Standards Commonly Followed Across Industries Worldwide 31
6.3 Capital investments by leading automobile companies 32
7 Impact of Drivers 33
8 Market Challenges 34
8.1 Lack of customization and increased costs 34
8.2 Slowdown in Major Economies and its Implications on Machine Condition Monitoring Market 34
9 Impact of Drivers and Challenges 36
10 Market Trends 37
10.1 Integration of IoT in machine condition monitoring 37
11 Market Segmentation, By End-user 39
11.1 Introduction 39
11.1.1 Power 41
11.1.2 Oil and Gas 43
11.1.3 Chemical and Petrochemical 44
11.1.4 Pulp and Paper 46
11.1.5 Cement 47
11.1.6 Steel and Metal 48
11.1.7 Pharmaceutical 49
11.1.8 Automotive 51
11.1.9 Food and Beverage 52
12 Geographical Segmentation 54
12.1 Market Overview 54
12.1.1 North America 56
12.1.2 Europe 58
12.1.3 Asia Pacific 62
12.1.4 Rest of the World 66
13 Vendor Landscape 69
13.1 Competition Overview 69
14 Key Vendor Analysis 70
14.1 Emerson Electric 70
14.1.1 Business Overview 70
14.1.2 Emerson Electric – Key Products 70
14.1.3 Emerson Electric – Key Financials 70
14.1.4 Company Revenue 71
14.1.5 Business Strategy 72
14.1.6 SWOT Analysis 72
14.2 General Electric 73
14.2.1 Business overview 73
14.2.2 General Electric – Key Products 73
14.2.3 General Electric – Key Financials 73
14.2.4 Company Revenue 74
14.2.5 Business Strategy 74
14.2.6 SWOT Analysis 75
14.3 Honeywell International, Inc. 76
14.3.1 Business Overview 76
14.3.2 Honeywell International – Key Products 76
14.3.3 Honeywell International – Key Financials 76
14.3.4 Company Revenue 76
14.3.5 Business Strategy 77
14.3.6 SWOT Analysis 78
14.4 Rockwell Automation 79
14.4.1 Business Overview 79
14.4.2 Rockwell Automation – Key Products 79
14.4.3 Rockwell Automation – Key Financials 79
14.4.4 Company Revenue 80
14.4.5 Business Strategy 80
14.4.6 SWOT Analysis 81
14.5 Timken 82
14.5.1 Business Overview 82
14.5.2 Timken – Key Products 82
14.5.3 Timken – Key Financials 82
14.5.4 Company Revenue 82
14.5.5 Business Strategy 82
14.5.6 SWOT Analysis 83
14.6 FLIR Systems 84
14.6.1 Business Overview 84
14.6.2 FLIR Systems – Key Products 84
14.6.3 FLIR Systems – Key Financials 84
14.6.4 Company Revenue 84
14.6.5 Business Strategy 85
14.6.6 SWOT Analysis 85
14.7 SKF 86
14.7.1 Business Overview 86
14.7.2 SKF – Key Products 86
14.7.3 SKF – Key Financials 86
14.7.4 Company Revenue 87
14.7.5 Business Strategy 87
14.7.6 SWOT Analysis 88
14.8 NSK 89
14.8.1 Business Overview 89
14.8.2 NSK – Key Products 89
14.8.3 NSK – Key Financials 89
14.8.4 Company Revenue 89
14.8.5 Business Strategy 90
14.8.6 SWOT Analysis 90
14.9 Parker-Hannifin 91
14.9.1 Business overview 91
14.9.2 Parker-Hannifin – Key Products 91
14.9.3 Parker-Hannifin – Key Financials 91
14.9.4 Company Revenue 92
14.9.5 Business Strategy 92
14.9.6 SWOT Analysis 93
14.10 PCB Piezotronics 94
14.10.1 Business overview 94
14.10.2 PCB Piezotronics – Key Products 94
14.10.3 MTS System Corporation (PCB Piezotronics) – Key Financials 94
14.10.4 Company Revenue 94
14.11 Halma 95
14.11.1 Business overview 95
14.11.2 Halma – Key Products 95
14.11.3 Halma – Key Financials 95
14.11.4 Company Revenue 95
14.11.5 Business Strategy 96
14.12 National Instruments 97
14.12.1 Business overview 97
14.12.2 National Instruments – Key Products 97
14.12.3 National Instruments – Key Financials 97
14.12.4 Company Revenue 97
14.13 Shinkawa 99
14.13.1 Business Overview 99
14.13.2 Shinkawa – Key Products 99
14.13.3 Shinkawa – Key Financials 99
14.13.4 Company Revenue 99
14.14 Azima DLI 100
14.14.1 Business Overview 100
14.14.2 Azima DLI – Key Products 100
14.15 Bruel & Kjaer Sound and Vibration Measurement 101
14.15.1 Business Overview 101
14.15.2 Bruel & Kjaer Sound and Vibration Measurement – Key Products 101
14.16 Fluke Corporation 102
14.16.1 Business Overview 102
14.16.2 Fluke Corporation – Key Products 102
14.17 PDS Condition Monitoring Services 103
14.17.1 Business Overview 103
14.17.2 PDS Condition Monitoring Services – Key Products 103
14.18 Saj Engineering & Trading Company 104
14.18.1 Business Overview 104
14.18.2 Saj Engineering & Trading Company – Key Products 104
14.19 Scientific Monitoring, Inc. 105
14.19.1 Business Overview 105
14.19.2 Scientific Monitoring – Key Products 105
14.20 SPM Instrument 106
14.20.1 Business Overview 106
14.20.2 SPM Instrument – Key Products 106
15 Appendix 107
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