Europe Machine Condition Monitoring Market Size, Share & Industry Trends Analysis Report By Offering, By Monitoring Technique, By Industry, By Deployment Type, By Monitoring Process, By Country and Growth Forecast, 2022 - 2028
The Europe Machine Condition Monitoring Market would witness market growth of 6.7% CAGR during the forecast period (2022-2028).
Vibration sensors are frequently employed in applications where bearing failure is a major problem, such as HVAC compressor instabilities, electric motor degeneration, drive spindles, and any fan employed inside a machine or factory. Increased vibration is a prominent early warning indication of failure in pneumatic or hydraulic systems, such as large metalworking machinery like presses or injection molding machines. Temperature is the second indicator of early failure. This is especially true in equipment that does not start and stop regularly, but instead runs at a constant temperature rate 24 hours a day, seven days a week.
Minor temperature changes can be tracked, allowing for a better understanding of equipment health. This would allow user to act before a breakdown occurs. Temperature sensors and transmitters can function across a wide range of temperatures, depending on requirements. Typical temperature ranges are -40 to 572 degrees Fahrenheit, with specific sensors programmable from 148 to 1,112 degrees Fahrenheit.
Poland has some of the finest conditions in the world for the automotive industry. Poland is recognized as one of the five greatest sites for automotive projects in Europe due to relatively inexpensive but well-educated and efficient human resources, the little risk associated with conducting economic activity, and full access to the EU market.
One of Italy's most important industries is the automobile. In 2019, sales were about €106 billion, representing 11% of Italy's industrial turnover and 6.2 percent of GDP. The transition from internal combustion engines to electromobility in the hybrid and the electric sector is reshaping the industry. The development of the aftermarket industry in Italy may also be influenced by major changes in the circulating stock.
The German government places a high priority on aerospace in its strategic planning. Aerospace is an important industry in Germany, according to the Federal Ministry of Economic Affairs and Energy (BMWi), with high growth rates and a solid industrial core. The revised and updated "2020 Technology Strategy of the German Aerospace Industry" builds on BMWi's previous "Aerospace Strategy," emphasizing the aerospace sector's technological and economic relevance for Germany as an industrial country.
The Germany market dominated the Europe Machine Condition Monitoring Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $285 million by 2028. The UK market is anticipated to grow at a CAGR of 5.9% during (2022 - 2028). Additionally, The France market would showcase a CAGR of 7.5% during (2022 - 2028).
Based on Offering, the market is segmented into Hardware and Software. Based on Monitoring Technique, the market is segmented into Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission Monitoring, and Others. Based on Industry, the market is segmented into Power Generation, Metals & Mining, Aerospace & Marine, Automotive, Oil & Gas, Food & Beverages, Chemicals, and Others. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Monitoring Process, the market is segmented into Online Condition Monitoring and Portable Condition Monitoring. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ALS Limited, Fortive Corporation (Fluke Corporation), Schaeffler AG, Honeywell International, Inc., Emerson Electric Co., Rockwell Automation, Inc., General Electric (GE) Co., Analog Devices, Inc., National Instruments Corporation, and Parker Hannifin Corporation.
Scope of the Study
Market Segments covered in the Report:
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