Machine Condition Monitoring Market

The machine condition monitoring market.

Machine condition monitoring market.

Machine condition monitoring market was valued at usd 2 54 billion in 2019 and is projected to reach usd 3 93 billion by 2027 growing at a cagr of 6 5 from 2020 to 2027. On the basis of monitoring process the global machine condition monitoring market is segmented into online condition monitoring and portable condition monitoring. The global machine condition monitoring market grew at a cagr of around 8 during 2014 2019 increasing digitization along with significant growth in the oil and gas automotive defense. Machine condition monitoring market by monitoring technique vibration monitoring thermography oil analysis corrosion monitoring ultrasound emission mca monitoring process deployment offering industry and region global forecast to 2025.

By type the market is segmented into thermal imaging lubricating oil analysis corrosion monitoring ultrasonic irradiation and motor current precursor analysis. By application the market is divided into oil power generation mining chemical aerospace food and other. The machine condition monitoring market players have witnessed substantial demand for their respective products among end users in the developed countries over the years in recent years several. The global machine condition monitoring market was valued at usd 2061 8 million in 2019 and is expected to reach a value of usd 2775 7 million by 2025 at a cagr of 5 14 over the forecast period 2020 2025.