Brooklyn, New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- According to a recently revamped/updated market research report published by Global Market Estimates, the Global Machine Condition Monitoring Market is projected to grow from USD 3.2 billion in 2023 to USD 5.6 billion by 2028 at a CAGR value of 9.9% from 2023 to 2028.
Machine condition monitoring is the practice of keeping an eye on a machine's performance to anticipate mechanical wear and failure. The rapid adoption of automated condition monitoring technologies in smart factories and expanding manufacturer awareness of the benefits of implementing condition monitoring systems internationally are two significant factors driving the growth of the machine condition monitoring market.
Browse 147 Market Data Tables and 115 Figures spread through 163 Pages and in-depth TOC on “Global Machine Condition Monitoring Market - Forecast to 2028’’
Key Market Insights
- As per the monitoring technique outlook, the vibration monitoring segment is expected to be the largest segment in the global market from 2023 to 2028
- As per the deployment mode outlook, the cloud segment holds the largest share in the market
- The Asia Pacific region is analyzed to be the fastest-growing region in the market
- North America region will have the largest share in the market during the forecast period [2023-2028]
- Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US), Rockwell Automation (US), and SKF (Sweden) among others, are some of the key players in the machine condition monitoring market
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Monitoring Technique Outlook (Revenue, USD Billion, 2023-2028)
- Vibration Monitoring
- Thermography
- Oil Analysis
- Corrosion Monitoring
- Ultrasound Emission Monitoring
- Motor Current Analysis
Deployment Mode Outlook (Revenue, USD Billion, 2023-2028)
- On-premise
- Cloud
Industry Vertical Outlook (Revenue, USD Billion, 2023-2028)
- Oil & Gas
- Power Generator
- Metal & Mining
- Automotive
- Food & Beverages
Regional Outlook (Revenue, USD Billion, 2023-2028)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Spain
- Italy
- Netherlands
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- Indonesia
- Malaysia
- Singapore
- Vietnam
- Rest of APAC
Central & South America
- Brazil
- Argentina
- Chile
- Rest of CSA
Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of MEA
Contact: Yash Jain
Director - Global Accounts & Strategic Advisory
Email address: yash.jain@globalmarketestimates.com
Phone Number: +1 6026667238
Website: www.globalmarketestimates.com
