NEW YORK, April 7, 2021 /PRNewswire/ -- Technavio announces
the release of its latest report on the machine condition
monitoring sensors market. The market is segmented by end-user (oil
and gas industry, power industry, aerospace, and defense industry,
chemical and petrochemical industry, and other industries) and
geography (North America,
Europe, APAC, South America, and MEA). The report offers an
in-depth analysis of recent developments, changes in market
regulations, product approvals, product launches, and the market
behavior across various segments.
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Machine Condition Monitoring Sensors Market: Key
Findings
- Machine condition monitoring sensors market value to grow by
USD 334.41 million at over 4% CAGR
during 2020-2024
- Based on the end-user, the oil and gas segment will
offer maximum opportunities for vendors during the forecast
period
- Based on the geography, APAC dominated the market with a
32% share in 2019
- The machine condition monitoring sensors market is expected to
have a negative impact due to the spread of COVID-19
Machine Condition Monitoring Sensors Market: Growth
Drivers
The rise in demand for wireless vibration sensors is one of the
prime factors driving the growth of the market. End-users in the
market are exhibiting high demand for wireless vibration sensors
owing to their cost-effectiveness as they eliminate the need for
laying cables and wires. They are also capable of operating in
remote and hazardous environments. This improves productivity and
ensures the safety of both humans and machines. Many such benefits
are driving the demand for wireless vibration sensors, which, in
turn, is driving the growth of the market.
"Surging deployment of sensors in aging
infrastructure and rising adoption of machine condition monitoring
systems in APAC will further boost market growth during the
forecast period", says a senior analyst at Technavio.
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Machine Condition Monitoring Sensors Market: Major
Vendors
AB SKF: The company offers products such as CMSS
2100, CMSS 2100T, and other machine condition monitoring
sensors.
Connection Technology Center Inc.: The company
offers temperature sensors, hazardous area sensors and barries,
low-velocity sensors, and other products.
Emerson Electric Co.: The company offers products
such as AMS 9420 Wireless Vibration Transmitter, A0322RM, A0394DI,
and others.
Honeywell International Inc.: The company offers
products for temperature loss, fluid flow, temperature rise, and
other applications.
ifm electronic GmbH: The company offers a wide range
of machine condition monitoring sensors such as systems for
vibration monitoring and others.
Related Reports on Industrials Include:
Global Industrial Vibration Sensor Market – Global
industrial vibration sensor market is segmented by product
(displacement sensor, acceleration sensor, and velocity sensor),
end-user (process industries and discrete industries), and
geography (APAC, Europe,
North America, MEA, and
South America).
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Global Medium Voltage Motors Market – Global medium
voltage motors market is segmented by product (AC motors and DC
motors), end-user (process industries, discrete industries, and
HVAC), and geography (APAC, North
America, Europe, MEA, and
South America).
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About Technavio
Technavio is a leading global
technology research and advisory company. Their research and
analysis focuses on emerging market trends and provides actionable
insights to help businesses identify market opportunities and
develop effective strategies to optimize their market
positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
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Technavio's comprehensive coverage, extensive research, and
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and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Report:
www.technavio.com/report/machine-condition-monitoring-sensors-market-industry-analysis
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SOURCE Technavio