Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission), Monitoring Process (Online, Portable), Deployment, Offering - Global Forecast to 2027
The global machine condition monitoring market is expected to grow from USD 2.8 Billion in 2022 to USD 4.0 Billion by 2027, at a CAGR of 7.8% during 2022ꟷ2027. Increasing use of vibration sensors and vibration analyzers for vibration monitoring and rising inclination of several industries towards predictive maintenance techniques are some of the key factors expected to fuel the market growth.
COVID-19 has emerged as a global pandemic that has spread worldwide and disrupted various industries around the world. The prominent players across industries have been affected by this pandemic. The foreseeable decline in the growth of end-user industries may have a considerable direct impact on the machine condition monitoring market.
“Online condition monitoring segment accounted for the larger share of market in 2021”
Online condition monitoring provides real-time plant data to operators, which make online condition monitoring more favorable then portable condition monitoring process. Online condition monitoring systems are used in those industries where 24-hours production is required. Industries such as oil & gas, power generation, and metals & mining are using online condition monitoring system as these industries are production-intensive industries, as there is high rate of failure for some devices like complete system overhauls, high repay costs and an unsafe work environment. Thus, such industries require continuous monitoring of assets and machinery. In industries with production plants at remote locations, condition monitoring through portable monitoring processes is challenging; therefore, industries such as oil & gas, power generation, and metals & mining primarily rely on online condition monitoring systems.
“Automotive Industry is expected to grow at the highest CAGR of the machine condition monitoring market during the forecast period.”
The players across the automotive industry are keen on automating and upgrading their assembly lines. Several motors are installed at these assembly lines, and hence, they need to be monitored regularly. The motor current signature analysis technique helps reduce machine failures and extends their lifespan. The automotive industry is witnessing significant growth in the number of units produced per day. The machinery on the production floor of the automobile manufacturing plant needs proper maintenance to ensure an enhanced production cycle and production output/efficiency. Machine condition monitoring enables predictive maintenance and helps increase the operational efficiency of the assembly lines in the automotive industry. Hence, the automotive industry is expected to exhibit significant growth from 2022 to 2027.
“North America is expected to account for the largest share of market during the forecast period.”
Factors such as the increased focus of manufacturing firms on optimum asset and resource utilization; tight government regulations related to workplace and personnel safety; and stringent quality control standards required to be followed by companies from the oil & gas, chemicals, and food & beverages industries accelerate the demand for machine condition monitoring systems in North America. High emphasis on effective plant asset management and the prominent presence of market players such as Emerson Electric, General Electric, Honeywell International, National Instruments, and Parker Hannifin in the US contribute to the largest share of the country in the machine condition monitoring market. The aerospace and oil & gas industries are developing at a rapid pace in Canada and Mexico, which, in turn, will support the market growth in North America.
Break-up of the profiles of primary participants:
By Company Type –Tier 1 – 40%, Tier 2 – 25%, and Tier 3 – 35%
By Designation – C-level Executives – 35%, Directors – 40%, and Others – 25%
By Region– North America - 45%, Europe – 15%, Asia Pacific – 35%, and RoW – 5%
The machine condition monitoring market has been segmented into monitoring technique, offering, deployment type, monitoring process, industry, and region. The machine condition monitoring market has been studied for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons to buy the report:
Illustrative segmentation, analysis, and forecast of the market based on monitoring type, offering, deployment type, monitoring process, industry, and region have been conducted to give an overall view of the machine condition monitoring market.
A value chain analysis has been performed to provide in-depth insights into the machine condition monitoring market.
The key drivers, restraints, opportunities, and challenges pertaining to the machine condition monitoring market have been detailed in this report.
The report includes a detailed competitive landscape of the market, along with key players, as well as an in-depth analysis of their revenues
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