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20 April, 2018

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Machine monitoring market will hit $2.4bn by 2017

16 December, 2011

The global market for machine condition monitoring equipment will be worth $2.4bn by 2017, driven by the introduction of novel products over the next few years, a new report suggests. The market analyst Global Industry Analysts says that the development of advanced, low-cost condition monitoring equipment with fast processing functions and improved software will produce “tremendous opportunities”.

The condition monitoring market continued to grow during the recent recession, which affected sales of most other industrial equipment. The need to cut maintenance costs and reduce unscheduled outages were two driving factors, GIA suggests. Also, the widespread postponement of new equipment purchases extended the replacement cycle, thus requiring additional maintenance of ageing machinery.

The US is the largest regional market for condition monitoring equipment, while Asia-Pacific is the fastest growing, with sales expected to grow by 10.7% a year in the period to 2017. Vibration monitoring equipment is the largest product segment, while thermography equipment is the fastest growing, with sales expanding by about 7.3% a year.




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