According to a new market research report published by Global Insight Services “Machine Condition Monitoring Market is expected to reach US$ XX bn by 2031”. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
The condition of machinery is constantly changing as it operates. Machine condition monitoring is the process of assessing this change to determine if the machine is operating within its normal range, or if there is a problem that requires attention.
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Key Players
- Brüel & Kjær Vibro GmbH
- Emerson Electric Co.
- Flir Systems
- Fluke Corporation
- General Electric
- Honeywell International
Key Trends
There are several key trends in Machine Condition Monitoring technology:
Increased use of sensors: Sensors are becoming increasingly prevalent in machine condition monitoring, as they allow for more accurate and real-time data collection. This data can then be used to more effectively identify and diagnose problems.
Improved data analysis: With more data being collected, there is a greater need for effective data analysis. This can be done through the use of data mining, machine learning, and other analytical techniques.
Increased use of cloud-based solutions: Cloud-based solutions are becoming more popular in machine condition monitoring, as they offer a number of advantages such as scalability, flexibility, and cost-effectiveness.
Increased focus on predictive maintenance: Predictive maintenance is becoming increasingly important, as it can help to prevent problems before they occur. This is done by using data from sensors and other sources to identify potential issues and then taking steps to address them.
Key Drivers
The key drivers of machine condition monitoring market are the need for predictive maintenance, the miniaturization of sensors, the increasing adoption of Industry 4.0, and the growing need for energy efficiency.
Predictive maintenance is a type of maintenance that is performed based on the condition of the equipment. It is a proactive approach that seeks to avoid downtime by predicting when equipment is likely to fail.
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Market Segments
By Monitoring Technique
- Vibration Monitoring
- Thermography
- Oil Analysis
- Corrosion Monitoring
- Ultrasound Emission
- Motor Current Analysis
By Offering
- Hardware
- Software
By Deployment Mode
- On-Premises
- Cloud-based
By End Use Industry
- Oil and Gas
- Power Generation
- Metals and Mining
- Automotive
- Aerospace and Defense
- Food and Beverages
- Others
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