Portland, OR -- (SBWIRE) -- 07/31/2017 -- Condition monitoring is an essential component of any predictive maintenance as it monitors the parameters for a condition in machinery such as vibration analysis and diagnostics, lubricant analysis, acoustic emission (airborne ultrasound), infrared thermography, ultrasound testing (material thickness/flaw testing), motor condition monitoring, and motor current signature analysis (MCSA). This type of monitoring identifies a significant change, which is indicative of a developing fault.

The use of condition monitoring facilitates extended bearing service life, minimized unscheduled downtime, maximized machine productivity, minimized number of open, inspect & repair if necessary, safely extend overhaul intervals, and increased machine life.

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It allows maintenance to be scheduled, or other actions to be taken to prevent failure and avoid its consequences. However, there are some shortcomings of condition monitoring such as all machines not following the same schedule and minor errors, for instance, alignment, mounting conditions, and balancing of components, which are expected to dematerialize in the coming year owing to the research activities being conducted by the key manufacturers in the market.

The global machine condition monitoring market is expected to grow at a CAGR of 6.8% from 2017 to 2025.

Based on technology, the market comprises of lubricating oil analysis, vibration analysis & diagnostics, corrosion monitoring, infrared thermography, motor current signature analysis (MCSA), and ultrasound emission testing. Vibration analysis & diagnostics machine condition monitoring is one of the leading markets in 2015. Furthermore, the market is categorized based on industry vertical of machine condition monitoring, which includes oil and gas, steel and metal, chemical & petrochemical, automotive, pharmaceutical, and others (cement, power, pulp & paper, and food & beverage). Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Market Dynamics:

Drivers:

- The demand for machine condition monitoring market is expected to rise due to enhanced life and proper maintenance of machines enabled by machine monitoring system.

- Machine monitoring system eliminates unexpected downtime & reduce repair cost.

Restraints:

- Extra cost incurred in case of minor errors in machine condition monitoring system restrain the market growth.

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Market Players:
The top players in the global machine condition monitoring market include Honeywell International Inc., General Electric Company, Emerson Process Management, National Instruments Corporation, Rockwell Automation, Inc., and others.

Key Point from Table of Content
1. Executive summary
1.1. Key Findings
1.2. Market Attractiveness and Trend analysis
1.3. Competitive Landscape and Recent Industry Development Analysis

2. Introduction
2.1. Report Description
2.2. Scope and Definitions
2.3. Research Methodology

3. Market landscape
3.1. Growth Drivers
3.1.1. Impact Analysis
3.2. Restrains and Challenges
3.2.1. Impact Analysis
3.3. Porter's Analysis
3.3.1. Bargaining Power of Buyers
3.3.2. Bargaining Power of Suppliers
3.3.3. Threat of Substitutes
3.3.4. Industry Rivalry
3.3.5. Threat of New Entrants
3.4. Global Machine Condition Monitoring Market Shares Analysis, 2014-2025
3.4.1. Global machine condition monitoring market share by technology, 2014-2025

7. Company profiles
7.1. General Electric Company
7.1.1. Overview
7.1.2. Financials and business segments
7.1.3. Recent developments
7.2. Emerson Process Management
7.2.1. Overview

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Market Landscape By Technology
- Lubricating Oil Analysis
- Vibration Analysis & Diagnostics
- Corrosion Monitoring
- Infrared Thermography
- Motor Current Signature Analysis (MCSA)
- Ultrasound Emission Testing

Market Landscape By Industry Vertical
- Oil and Gas
- Steel and Metal
- Chemical & Petrochemical
- Automotive
- Pharmaceutical
- Others (Cement, Power, Pulp & Paper, and Food & Beverage)

Market Landscape By Geography
- North America
-U.S.
-Canada
-Mexico
- Europe
-UK
-Germany
-France
-Spain
-Italy
-Rest of Europe
- Asia-Pacific
-China
-Japan
-India
-Australia
-South Korea
-LAMEA
-Brazil
-Saudi Arabia
-South Africa
-Rest of LAMEA