Global Machine Condition Monitoring Market
The Global Machine Condition Monitoring Market is expected to grow from US$ 2.1 Billion in 2021 to US$ 4.09 Billion by 2027; it is estimated to grow at a CAGR of 6.4% from 2021 to 2027.
A machine condition monitoring system assists in predicting mechanical wear and failure by keeping track of factors like temperature, humidity, pressure, and others. Additionally, measurements of vibration, temperature, and noise are some of the most important indicators of the condition of the equipment. Machine condition monitoring systems are increasingly being used in a variety of industry verticals, including oil and gas, metal and mining, food and beverage, and automotive, as a result of the enormous losses that result from equipment failure.
Drivers: The primary driver of market growth will be the rising propensity for preventative maintenance along with trends of smart factories or Industry 4.0. The market value will also be made worse by the high demand from new applications and the switch from predictive to preventative maintenance.
Restraints: For handling the most recent hardware and software, condition monitoring requires trained personnel. For system optimization, software updates, system networking, data transmissions, etc., technical expertise is required. As a result, training is required for existing resources to operate new systems. As a result, there might be a skills gap between trained workers and current employees. Operators of industrial plants may be reluctant to adopt new technologies due to a lack of trained personnel.
Opportunities: System integrators, independent software vendors, data analytics service providers, and technology providers have a lot of opportunities for partnerships and collaborations right now because there are established players operating in the machine condition monitoring market. In this industrial IoT era, the development of Industry 4.0 is anticipated to meet a wide range of customer requirements, including effective plant operations and increased productivity. It is anticipated that partnerships and collaborations will lead to the development of technologies that can be used to manufacture top-notch products and solutions for industrial customers around the world.
Impact of Covid-19
Due to the COVID-19 outbreak, the market growth for machine condition monitoring decreased in 2020. Supply chain disruptions, decreased production of the hardware needed for machine condition monitoring systems, and a halt to commercial and industrial activity were the hallmarks of the post-COVID-19 scenario. As a result, the market suffered in 2020 across all regions; however, following the economic recovery, the market has gained some momentum.
Segmentation By Monitoring Technique: The Machine Condition Monitoring Market is divided into Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission Monitoring, and Motor Current Analysis on the basis of Monitoring Technique.
Segmentation By Offering: The Machine Condition Monitoring Market is divided on the basis of offering into Hardware and Software.
Segmentation By Deployment Type: The Machine Condition Monitoring Market is anticipated to witness a significant increase in cloud-based monitoring during the forecast period. Organizations benefit from cloud-based deployment because it provides round-the-clock support, increased scalability & speed, and improved IT security.
Segmentation By Region: Machine Condition Monitoring Market is classified on the basis of Region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape: The key players of Machine Condition Monitoring Market are Emerson Electric, General Electric, ALS Limited, Meggitt, Honeywell International, National Instruments and SKF.
Industrial Development
Market Taxonomy
By Monitoring Technique
By Offering
By Deployment Type
By Region
Key Questions Addressed by the Report
Global Machine Condition Monitoring Market TOC
1. Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2. Research Methodology
2.11 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sizes
3. Executive Summary
4. Global Machine Condition Monitoring Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Challenges
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5. Global Machine Condition Monitoring Market, By Monitoring Technique
5.1 Y-o-Y Growth Comparison, By Monitoring Technique
5.3 Global Machine Condition Monitoring Market Size and Forecast, By Monitoring Technique
5.3.1 Vibration Monitoring
5.3.2 Thermography
5.3.2 Oil Analysis
5.3.3 Corrosion Monitoring
5.3.4 Ultrasound Emission Monitoring
5.3.5 Motor Current Analysis
6. Global Machine Condition Monitoring Market, By Offering
6.1 Y-o-Y Growth Comparison, By Offering
6.2 Global Machine Condition Monitoring Market Share Analysis, By Offering
6.3 Global Machine Condition Monitoring Market Size and Forecast, By Offering
6.3.1 Hardware
6.3.2 Software
7. Global Machine Condition Monitoring Market, By Deployment Type
7.1 Y-o-Y Growth Comparison, By Deployment Type
7.2 Global Machine Condition Monitoring Market Share Analysis, By Deployment Type
7.3.1 On-premises
7.3.2 Cloud
8. Global Machine Condition Monitoring Market, By Region
8.1 Global Machine Condition Monitoring Market Share Analysis, By Region
8.2 Global Machine Condition Monitoring Market Size and Forecast, By Region
8.2 Global Machine Condition Monitoring Market Size and Forecast, By Region
9. North America Machine Condition Monitoring Market Analysis and Forecast (2022-2027)
9.1 Introduction
9.2 North America Machine Condition Monitoring Market Share Analysis, By Monitoring Technique
9.3 North America Machine Condition Monitoring Market Size and Forecast, By Offering
9.4 North America Machine Condition Monitoring Market Size and Forecast, By Deployment Type
9.5 North America Machine Condition Monitoring Market Size and Forecast, By Country
9.5.1 US
9.5.2 Canada
9.5.3 Mexico
10. Europe Machine Condition Monitoring Market Analysis and Forecast (2022-2027)
10.1 Introduction
10.2 Europe Machine Condition Monitoring Market Share Analysis, By Monitoring Technique
10.3 Europe Machine Condition Monitoring Market Size and Forecast, By Offering
10.4 Europe Machine Condition Monitoring Market Size and Forecast, By Deployment Type
10.5 Europe Machine Condition Monitoring Market Size and Forecast, By Country
10.5.1 UK
10.5.2 Germany
10.5.3 France
10.5.4 Rest of Europe
11. Asia Pacific Machine Condition Monitoring Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 Asia Pacific Machine Condition Monitoring Market Share Analysis, By Monitoring Technique
11.3 Asia Pacific Machine Condition Monitoring Market Size and Forecast, By Offering
11.4 Asia Pacific Machine Condition Monitoring Market Size and Forecast, By Deployment Type
11.5 Asia Pacific Machine Condition Monitoring Market Size and Forecast, By Country
11.5.1 China
11.5.2 India
11.5.3 Japan
11.5.4 South Korea
11.2.5 Rest of Asia Pacific
12 Latin America Machine Condition Monitoring Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Latin America Machine Condition Monitoring Market Share Analysis, By Monitoring Technique
12.3 Latin America Machine Condition Monitoring Market Size and Forecast, By Offering
12.4 Latin America Machine Condition Monitoring Market Size and Forecast, By Deployment Type
12.5 Latin America Machine Condition Monitoring Market Size and Forecast, Country
12.5.1. Brazil
12.5.2. Rest of Latin America
13 Middle East Machine Condition Monitoring Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 Middle East Machine Condition Monitoring Market Share Analysis, By Monitoring Technique
12.3 Middle East Machine Condition Monitoring Market Size and Forecast, By Offering
13.4 Middle East Machine Condition Monitoring Market Size and Forecast, By Deployment Type
13.5 Middle East Machine Condition Monitoring Market Size and Forecast, By Country
13.5.1. Saudi Arabia
13.5.2. UAE
13.5.3. Egypt
13.5.4. Kuwait
13.5.5. South Africa
14. Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15. Company Profiles
15.1 Emerson Electric
15.1. Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 General Electric
15.2.1. Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3. ALS Limited
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4. Meggitt
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5. Honeywell International
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6. National Instruments
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7. SKF
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
