Market Highlights
Machine Condition Monitoring Market is expected to growth substantial rate during the forecast period. Shift from preventive maintenance to predictive maintenance is one of the major driving factor of the market. In this developing environment, the observations show biggest opportunities in equipment manufacturing as the optimization of maintenance and providing supporting services to enable cost savings. The organizations are looking forward to determining the condition of their equipment to foresee a need for maintenance in the near future, so they can make informed decisions. Traditional preventative maintenance has undergone scrutiny and a need to shift from preventive to predictive maintenance. Owing to these factors a shift from preventive maintenance to predictive maintenance is witnessed.
Machine condition monitoring is an integral part of predictive maintenance. Predictive maintenance is regular monitoring of the actual mechanical condition, operating efficiency, and other indicators of the operating condition of machines and process systems will provide the data required to ensure the maximum interval between repairs and minimize the number and cost of unscheduled outages created by the failures. Predictive maintenance helps companies foresee the likely developments in a machine’s condition and plan their service activities accordingly. Recently there has been a rise in demand for transforming maintenance and reducing asset downtime which is fulfilled by predictive maintenance. Thus, the shift from preventive to predictive maintenance is responsible for the growth of machine condition monitoring market.
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The global Machine Condition Monitoring market is expected to reach USD 2.91 billion by the end of 2023 with 5.55% CAGR during forecast period 2017-2023.
Taste the market data and market information presented through more than 85 market data tables and figures spread over 108 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Machine Condition Monitoring Market Research Report -Forecast to 2023”.
The prominent players in the market of Machine Condition Monitoring market are – Emerson Electric (U.S.), General Electric (U.S.), Rockwell Automation (U.S.), Timken (U.S.), FLIR Systems (U.S.), SKF (Swedan), NSK (Japan), Parker-Hannifin (U.S.), PCB Piezotronics (U.S.) among others.
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