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The condition monitoring equipment market will undergo a significant transformation over the next 5 to 7 years with the advent of new technologies changing customer requirements in connectivity and analytics features among other equipment specifications. Worth $1.92 billion in 2018, the market revenues are expected to reach $2.45 billion by 2023 at a CAGR of 5.1%, although revenue trajectory varies among different product segments. The global condition monitoring equipment market is going through an evolutionary phase. The reboot of key oil and gas prices and key technology changes such as connectivity and data analytics have pushed the equipment vendors to rethink and reinvent. Despite these trends, pockets of opportunities across the industry and increased awareness have helped the market surge ahead. This report identifies and analyzes a total of 19 companies and evaluated for the growth penetration and innovation leadership. Companies included are condition monitoring (CM) product and systems manufacturers, pure play service providers and technology start up companies. List of condition monitoring (CM) equipment manufacturers with greater market penetration included Bently Nevada, Meggitt Sensing Systems, Emerson, SKF Condition Monitoring, Brüel & Kjær, Fluke Corporation, Yokogawa and Rockwell Automation along with medium sized manufacturers such as FLIR Systems, Inc., ITT Inc., Petasense, Apergy (Windrock Inc.), PROGNOST Systems GmbH, and AMETEK Spectro Scientific. Small sized manufacturers included Nippon Avionics Co. Ltd., Thermo Fisher Scientific, PerkinElmer, GasTOPS, and Parker Kittiwake.
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