The global machine condition monitoring equipment market is expected to grow at a CAGR of 4.5% forecast to 2022. Among the various end users, the oil and gas segment accounted for largest share in the global machine condition monitoring equipment market.
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The surge in smart factories development, along with the advancement in efficiency and accuracy of machine conditioning component is expected to drive the growth of the machine condition monitoring equipment market during the forecast period. Over the last few years, asset management and reliability-centered maintenance has witnessed notable growth. In order to cut down the operating expenses, the companies are investing in predictive maintenance technologies for operating their plants more efficiently and productively.
The global online condition monitoring market is expected to witness considerable growth in predictive maintenance technique, especially in developing countries during the forecast period. Among the various components, the infrared sensor segment and corrosion probes segment are expected to be two of the fastest growing segments during the forecast period. The global machine condition monitoring equipment market is fragmented, with only few larger players operating globally. The entry barrier for new entrants in machine condition monitoring equipment market is fairly low, owing to low capital requirement and significant low proprietary learning curve in machine condition monitoring technologies.
Some of the companies operating in the global machine condition monitoring equipment market include General Electric Company, Corrpro Companies Inc., Emerson Electric Co., Alava Ingenieros Group, AB SKF, Honeywell International Inc., Parker Hannifin Corporation, Rockwell Automation Inc., Azima Dli Corporation, SAJ Engineering and Trading Company, The Timken Company, National Instruments Corporation, Brüel & Kjær Vibro GmbH, and Danaher Corporation.
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