NEW YORK, May 29, 2018 (GLOBE NEWSWIRE) -- The global machine condition monitoring equipment market is projected to reach $2.3 billion by 2022. The market is expected to grow significantly due to the growing monitoring equipment requirement in the coming years. Vibration monitoring of rotating machinery is considered as the best method of determining a machine's condition, as it is used to minimize unexpected breakdowns and maximize machine running time. The growth in the wind and tidal energy industry are opening new doors to the growth of machine condition monitoring equipment market. Moreover, large unexplored market in Middle East & Asia-Pacific region has provoked the establishment of new industries across several notable countries in Asia-Pacific region.
The use of wireless technology, growth in the heating ventilation and air conditioning (HVAC) market, increasing usage of remote monitoring solution, and increasing demand of smart factories are likely to drive the growth of the machine condition monitoring equipment market. The market is also driven by low entry barrier of new players and constant need for reduction of expenditure, with need of high return on investment. The ever-growing need for monitoring & controlling the various parameters of machines and increasing usage of the equipment in various industrial sectors are the fundamentals forces driving the growth of the market.
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Despite the growing usage of remote monitoring solution and increased development of smart factories, the manufacturing and use of machine condition monitoring equipment have remained a major challenge due to its high capital expenditure and maintenance requirement. The limited requisite skill workforce in most of the developing countries and end-user companies striving to build condition monitoring capabilities in-house is also hindering the growth of the global machine condition monitoring equipment market.
The market of machine condition monitoring equipment is uneven, among all the major geographical regions. The machine condition monitoring equipment industry in Asia–Pacific, Latin America, and emerging countries of Middle-East have witnessed promising growth during the past few years. The Western European machine condition monitoring equipment market is heading towards maturity and it is expected to witness an average growth during the forecast period. The growth of the machine condition monitoring equipment industry in Europe is mainly anticipated from emerging countries of Central and Eastern Europe.
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Some of the major companies operating in the global machine condition monitoring equipment market include Corrpro Companies Inc., General Electric Company, Alava Ingenieros Group, Emerson Electric Co., Honeywell International Inc., AB SKF, Rockwell Automation Inc., Parker Hannifin Corporation, SAJ Engineering and Trading Company, Azima Dli Corporation, National Instruments Corporation, The Timken Company, Danaher Corporation and Brüel & Kjær Vibro GmbH.
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