The Machine Condition Monitoring Market Growth Potentially Worth 3.07 Billion USD by 2022 Led by Motor Current Signature Analysis (MCSA)

PUNE, India, Nov. 20, 2016 /PRNewswire-iReach/ -- The market for motor current signature analysis (MCSA) expected to grow at the highest rate during forecast period. The market for MCSA is expected to grow at a high CAGR between 2016 and 2022. The common reasons for motor failures include bearing failure, overloading, normal insulation deterioration, unbalanced or incorrect voltage, misalignment/vibration, and poor maintenance practices; MCSA helps to monitor the above mentioned parameters, thereby reducing motor failures and energy consumption. Complete report on "Machine Condition Monitoring Market" spread across 185 pages, profiling 12 companies and supported with 64 tables and 80 figures is now available athttp://www.reportsnreports.com/reports/297820-machine-condition-monitoring-market-by-product-vibration-monitoring-thermography-ultrasound-emission-lubricating-oil-analysis-corrosion-monitoring-and-motor-current-signature-analysis-component-application-and-geography-global-forecast-to.html .

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Oil and gas to hold the largest share of the overall machine condition monitoring market in 2016. The oil and gas industry is expected to hold the largest share of the global machine condition monitoring market in 2016. The oil and gas industries use extremely complex and expensive equipment such as boilers, pumps, generators, and piping network for their operations. The equipment consumes a lot of power and generates an equally large amount of heat. Even a minor fault in the equipment can result into an increase in power consumption and may even trigger the release of powerful gases, or lead to an explosion, which is why, predictive maintenance technologies are essential in these industries.

The machine condition monitoring market to exhibit a significant growth potential between 2016 and 2022. However, the major restraining factors for the growth of this market are unpredictable maintenance schedules and additional expenses incurred in retrofitting the existing systems.

The APAC to be the fastest-growing machine condition monitoring market during the forecast period. The machine condition monitoring market in APAC is expected to grow at a high rate between 2016 and 2022. Rapid industrialization, growing adoption of predictive maintenance tools, and competitive pressure to achieve operational efficiency are driving the growth of the machine condition monitoring market in this region.

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The key players operating in the machine condition monitoring market include Emerson Electric Co. (U.S.), General Electric (U.S.), Honeywell International Inc. (U.S.), National Instruments Corp. (U.S.), SKF AB (Sweden), Parker Hannifin Corp. (U.S.), Rockwell Automation, Inc. (U.S.), Bruel & Kjaer Vibro GmbH (Germany), Azima DLI Corp. (U.S.), Meggitt PLC (U.K.), ALS Ltd. ( Australia), and Schaeffler AG (Germany). Make an Inquiry on "Machine Condition Monitoring Market by Monitoring Type (Vibration Monitoring, Thermography, Lubricating Oil Analysis, Corrosion Monitoring, Ultrasound Emission, MCSA), Offering, Industry, Monitoring Process, and Geography - Global Forecast to 2022" research report at http://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=297820 .

In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (50%), Tier 2 (30%) and Tier 3 (20%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (60%), Director Level (25%) and others (15%) from various key organizations operating in the machine condition monitoring market. The primary interviews were conducted worldwide covering regions such as North America (15%), Asia-Pacific (30%), Europe (25%), and RoW (10%).

Research Coverage: The research report on the global machine condition monitoring market covers different segments—monitoring type, offering, industry, monitoring process, and geography. The market has been segmented on the basis of monitoring type into vibration monitoring, thermography, lubricating oil analysis, corrosion monitoring, ultrasound emission, and MCSA. On the basis of offering, the machine condition monitoring market has been classified into hardware and software.  The machine condition monitoring market has been segmented on the basis of industry into oil and gas, energy and power, metals and mining, chemicals, automotive, aerospace and defense, food and beverages, marine, and others .In addition, the report covers two types of monitoring processes—online monitoring and portable monitoring. The report covers the market in four major geographical regions—North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW).

On a related note, another research titled Smart Factory Market Global Forecast to 2022says, the smart factory market size, in terms of value, is expected reach USD 74.80 billion by 2020, at a CAGR of 10.4% between 2016 and 2022. Integration of engineering and manufacturing by the adoption of IoT and advancements in M2M communication technology in the industrial sector are driving the growth of the smart factory market. The smart factory market for the process industry is expected to gain the maximum traction during the forecast period. Companies such as FANUC Corporation (Oshinomura, Japan), Siemens AG (Munich, Germany), ABB Ltd. (Zurich, Switzerland), Honeywell International, Inc. (New Jersey, U.S.), Yokogawa Electric Corp. (Tokyo, Japan), Schneider Electric (Rueil-Malmaison, France), Atos SE (France), Emerson Electric (U.S.), Freescale Semiconductor, Ltd. (Texas, U.S.), General Electric (U.S.), Johnson Controls, Inc. (Wisconsin, U.S.), Robert Bosch GMBH (Stuttgart, Germany), Rockwell Automation, Inc. (Wisconsin, U.S.) and KUKA Aktiengesellschaft (Germany) have been profiled in this 202 pages research report available at http://www.reportsnreports.com/reports/267692-smart-factory-market-by-technology-scada-dcs-plc-erp-mes-plm-mom-field-devices-industrial-network-robotics-rfid-and-motors-drives-relays-switches-sensors-application-process-discrete-global-forecast-analysis-2013-2018-.html .

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