Machine Condition Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Machine Condition Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Machine Condition Monitoring Market (henceforth, referred to as the market studied) was valued at USD 3092.2 million in 2020, and it is projected to be worth USD 5246.8 million by 2026, registering a CAGR of 9.4% during the forecast period of 2021-2026. All businesses across the world having crucial assets for manufacturing goods and services have been experiencing a rapid decline in revenue due to the COVID-19 pandemic.

Key Highlights

• Operational equipment is responsive to many types of errors and faults, and it is, therefore, important to monitor minor and major changes in equipment by measuring parameters, such as vibration, temperature, voltage, current, pressure, flow, and many more.
• This significance has pushed various verticals to take extra effort to protect their machinery. The main benefit of fault identification using condition monitoring includes; allowing personnel to take remedial action to avoid or reduce repair costs and increase machinery safety, thus increasing human safety.
• The usage of predictive maintenance techniques in factories is expected to reduce the downtime by up to 50% and save between 10 to 40% on equipment maintenance expenses. Predictive Maintenance with reliance on condition monitoring offers measurement and analysis of physical characteristics, such as visual inspection, sound, temperature, or vibration.
• Industries with well-maintained and reliable equipment are expected to be the ones that will be better positioned to respond to upcoming rise in demand of goods and services. Those companies that are using predictive maintenance in order to prepare for the recovery are expected to profit.
• Multiple companies that have been shut down due to the recent COVID-19 outbreak need to adopt a condition monitoring equipment solution in place to prevent any failure of machinery when the operations resume and ensure any safety related concerns.
• Industries with well-maintained and reliable equipment are expected to be the ones that will be better positioned to respond to upcoming rise in demand for goods and services. Those companies that are using predictive maintenance to prepare for the recovery are expected to profit.
• However, the short-term investment is required and the equipment for condition monitoring is very expensive. Moreover, the sensors of condition monitoring may not survive depending upon the environment and the machine exhibits unpredictable maintenance periods. SUhc factor challenges the market growth.

Key Market TrendsAutomotive Transportation to Witness Significant Growth

• The automotive industry has undergone rapid changes over the last few decades. Previously, cars were mechanical, mostly equipped with basic electrical systems that offered power for headlights and spark plugs. With technological advancements, cars got equipped with the latest gadgets, such as radios, alarms, wipers, etc.
• Globally, the automotive sector is one of the major segments of the manufacturing sector. With rapid advances in technologies, automobiles today are becoming more complex. This increased complexity is leading to possible production errors.
• However, automobile manufacturers cannot afford these errors in the current, highly competitive environment. Hence, manufacturers are highly dependent on an effective approach to provide the quality that the customers demand. This has led to an increase in the adoption rate of machine condition monitoring systems.
• The main applications of condition monitoring in this industry are air-handling units, pumps, and many other such applications. Other vital areas where condition monitoring is being used in various test machinery, such as endurance testing of motors and transmission components, wind tunnels, electrical breaks for reliability testing, car test bench (artificial roads), and others.
• In a manufacturing setting of automobile, condition monitoring, a major component of predictive maintenance, is applied and presumes that machinery may deteriorate over a period of time and eventually break down. Condition monitoring provides the necessary information to schedule maintenance by being proactive and monitors the performance of equipment through technology and avoids issues that could create unexpected downtime.

Europe to Occupy Significant Share

• The aerospace industry in Germany is one of the most innovative and best-performing industries of the country and has witnessed significant success over the past 20 years. Since the mid-1990s, the industry revenues have grown more than four times, crossing EUR 32 billion (source: Germany Trade & Invest).
• As a global aerospace hub, it is also home to the leading players from all the defense and civil aviation market segments. In the next 20 years, it is estimated that nearly 30 to 35 thousand new aircraft will be put into service in order to meet the global aviation demand.
• Increasing need to replace old and low-efficient aircraft and rapidly growing passenger volumes are driving this market, which in turn drives the market for machine condition monitoring equipment.
• As per Wind Europe, UK is expected to install 18 GW new wind energy capacity followed by Germany with 16GW capacity by 2025. More than 14.7 GW of new wind power capacity was installed across Europe in 2020, with a majority of 1.98 GW installed by Netherlands.
• The country homes 43 automobile assemblies and production plants, with a capacity of more than 1/3rd of entire Europe’s automobile production. More than 3/4th of the cars produced in this country are destined for international markets, and this is driving the market for machine condition monitoring in the automotive sector.

Competitive Landscape

Machine Condition Monitoring Market is moderately competitive with no firm having a very large market share. The companies enter into strategic partnerships to gain market power and market dominance.

• March 2021 - Emerson Electric launched Rosemount 4390 series corrosion and erosion monitoring wireless transmitters with digital capabilities and integration with Plantweb Digital ecosystem.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.