Machine Condition Monitoring Equipment Market Size .pdf
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Machine Condition Monitoring Equipment Market Size,
Share, Trends, Demand and Growth Forecast to 2023
The global machine condition monitoring equipment market is expected to
grow at a CAGR of 4.5% during 2016 – 2022. Among the various end
users, the oil and gas segment accounted for largest share in the global
machine condition monitoring equipment market in 2015. 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
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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
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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.
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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.