The global machine condition monitoring equipment market is expected to reach $3.2 billion by 2023. The growth in the market can be attributed to the increasing use of wireless technology, rising popularity of remote monitoring, along with growing HVAC market.
On the basis of monitoring type, the machine condition monitoring equipment market is categorized into vibration monitoring, ultrasound emission, thermography, lubricating oil analysis, corrosion monitoring, and motor current signature analysis.
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Based on monitoring system, the machine condition monitoring equipment market is segmented into portable monitoring system and fixed monitoring system. Fixed condition monitoring systems provide more detailed monitoring and analysis as compared to portable systems.
On the basis of type, the machine condition monitoring equipment market has been segmented into hardware and software. The hardware category held the higher market share of over 70% in 2017. However, the software category is expected to witness faster CAGR during the forecast period.
One of the major growth drivers for machine condition monitoring equipment market is the technological advancements in wireless communication. The features of wireless monitoring equipment such as low cost, high efficiency is incomparable with wired monitoring equipment.
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Some of the key players operating in the market are General Electric (GE) Company, Corrpro Companies, Inc., Grupo Álava Ingenieros, AB SKF, Honeywell International Inc., Rockwell Automation, Inc., Parker-Hannifin Corporation, National Instruments Corporation, and Azima DLI Corporation.
Mchine Condition Monitoring Equipment Market SegmentationMarket Segmentation by Type
- Ultrasound Detector
- Spectrum Analyzer
- Corrosion Probes
- Infrared Sensor
- Vibration Sensor
- Others (velocity sensors and transmitters, thermal cameras and IR thermometers, viscometers and particle counters, and networking devices)
Market Segmentation by Monitoring Type
- Vibration Monitoring
- Lubricating Oil Analysis
- Ultrasound Emission
- Corrosion Monitoring
- Motor Current Signature Analysis
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