Machine condition monitoring market US$2.45B by 2020
November 5, 2015
By Manufacturing AUTOMATION
Nov. 5, 2015 – According to a new market research report, Machine Condition Monitoring Market by Monitoring Type (Vibration Monitoring, Ultrasound Monitoring, Thermography, & Others), Components, Monitoring Process (Portable & Online Condition Monitoring), Applications, and Geography – Global Trend & Forecast to 2020, published by MarketsandMarkets, the total market is expected to reach US2.45 billion by 2020, at a CAGR of 7.6 per cent during the forecast period.
The report covers the global machine condition monitoring market and all its aspects with opportunities, drivers, restraints, and others. In the report, the machine condition monitoring market is segmented on the basis of monitoring types, components, applications, monitoring processes, and geography.
According to the report, the machine condition monitoring market is expected to witness high growth especially from its emerging economies. Machine condition monitoring refers to a controlled and planned strategy of looking after the condition of machines. It measures various machinery parameters such as vibration, temperature, leakages, lubrication and others, thus providing a base to implement a maintenance strategy that will hopefully save costs.
Machine condition monitoring equipment is utilized for predictive maintenance, it works on the principle of calculating and managing the requirement of maintenance needed for a particular machine. End users can control costs and reduce machinery breakdown wastages by investing in machine condition monitoring and thus optimize the excessive use of their resources by using this technology.
One of the objectives of the report is to analyze the market trends for each of the machine condition monitoring market segments and their respective growth rates. Apart from the market segmentation, the report also covers in-depth analyses such as Porter’s five forces analysis, value chain with a process flow diagram, and market dynamics such as drivers, restraints, opportunities, and challenges for the machine condition monitoring market.