Online machine condition monitoring equipment market
23/12/2021
The new ‘Online machine condition monitoring equipment market’ report published by Market Insights Reports provides the overall structure and business outlook of the global and regional industries. The study also involves the important achievements of the market, research and development, new product launches, product responses and regional growth of the leading competitors operating in the market on a global and local scale.This study provides information about the growth and revenue during the historic and forecasted period of 2015 to 2026. The structured analysis contains graphical as well as a diagrammatic representation of the global online machine condition monitoring equipment market with its specific geographical regions.
The report states that the online machine condition monitoring equipment market size is projected to grow from US$2.6 billion in 2021 to US$ 3.6 billion by 2026; it is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2026.
Leading companies profiled in the ‘Online machine condition monitoring equipment market report’ are Emerson Electric, General Electric, Honeywell, National Instruments, SKF, ALS Ltd, Meggitt, Parker Hannifin, Rockwell Automation, Schaeffler, Azima Dli, Brüel & Kjær, Fluke Corporation, Prüftechnik Dieter Busch and PCB Piezotronics.
In March 2021, Emerson introduced a complete portfolio of corrosion and erosion monitoring systems with digital capabilities and full integration with the Plantweb digital ecosystem through the new Rosemount 4390 series of corrosion and erosion wireless transmitters and Plantweb Insight Non-Intrusive Corrosion application. The monitoring portfolio turns existing offline corrosion probes into online tools to monitor the risk of corrosion or erosion in oil and gas processing.
In February 2020, Rockwell Automation Inc and Accenture’s Industry X.0 partnered to develop a digital offering to help industrial clients move beyond existing manufacturing solutions to transform their entire connected enterprise.
North America accounted for the largest share of the machine condition monitoring market in 2020.
Factors that are driving the demand for machine condition monitoring systems and solutions in North America include: increased focus on optimum asset utilisation; tight government regulations for workplace and personnel safety; and stringent quality control in the oil & gas, chemicals and food and beverages industries. The aerospace industry in Germany is one of the most innovative and best-performing industries of the country and has witnessed significant success over the past 20 years. Since the mid-1990s, the industry revenues have grown more than four times, crossing €32 billion.
Germany is investing significantly in offshore wind power projects. More than 3000 MW of offshore wind power was connected to the European grid in the recent past, with the vast majority coming from Germany.
