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Machine Condition Monitoring Market Share

Report ID: GMI6943
Published Date: Oct 2023
Report Format: PDF

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Machine Condition Monitoring Market Share

The machine condition monitoring industry is highly competitive owing to the presence of key players such as:

Emerson Electric
General Electrics
Honeywell International
National Instruments
Baker Huges
Analog Devices Inc.
Amphenol Inc.

These market players are adoption strategic initiatives including mergers & acquisitions, product offerings, technological advancements, innovations, and geographical expansion to gain significant market share and a competitive edge.

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Market size for machine condition monitoring was USD 2.5 billion in 2022 and is anticipated to record over 8% CAGR between 2023 and 2032.

The thermography segment is estimated to register over 9.5% CAGR during 2023 to 2032 as it allows maintenance teams to detect the overheating of components before they lead to critical failures, thereby reducing downtime and maintenance costs.

North America machine condition monitoring market share was over 32% in 2022 and will grow through 2032 due to its advanced industrial landscape and the early adoption of cutting-edge technologies.

Emerson Electric, General Electrics, Honeywell International, National Instruments, Baker Huges, Analog Devices Inc., and Amphenol Inc.