Global Machine Condition Monitoring Market, By Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission and Motor Current Analysis), Offering (Hardware and Software), Deployment Type (On-premises, Cloud), Monitoring Process (Online Condition Monitoring and Portable Condition Monitoring), End-Use (Oil and Gas, Power Generation, Metals and Mining, Chemicals, Automotive, Aerospace and Defense, Food and Beverages, Marine and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa)- Industry Trends and Forecast to 2029
Market Analysis and Insights of Machine Condition Monitoring Market
Machine condition monitoring market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses the machine condition monitoring market to exhibit a CAGR of 6.00% for the forecast period of 2022 to 2029.
Machine condition monitoring is a procedure of monitoring the condition of a machine. It basically helps in predicting the mechanical wear and failure by monitoring the condition of machine such as humidity, temperature, pressure and others. It also provides early warning system for the machines to detect damage in correct time and helps to prevent further consequential damage.
The increasing disposition towards predictive maintenance along with trends of smart factory or 4.0 will emerge as the major factor driving market growth. Furthermore, the high demand from emerging applications and transition from predictive to preventative maintenance will further aggravate the market value. However, shortage of technical resources for data analysis act as a restraint for the market.
In addition to this, advancement in technology such as low cost advanced machine condition monitoring systems, direct communication process and rapid processing functions are estimated to create new opportunities for growing the market within the forecast period. The uncertainty in forecasting capabilities result as a challenge for the market.
This machine condition monitoring market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on machine condition monitoring market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Machine Condition Monitoring Market Scope and Market Size
The machine condition monitoring market is segmented on the basis of monitoring technique, offering, deployment type, monitoring process and end-use. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis monitoring technique, the machine condition monitoring market is segmented into vibration monitoring, thermography, oil analysis, corrosion monitoring, ultrasound emission and motor current analysis.
- On the basis of offering, the machine condition monitoring market is segmented into hardware and software. Hardware is further segmented into vibration sensors, infrared sensors, spectrometers, ultrasound detectors, spectrum analyzers, corrosion probes and others. Software is further segmented into data integration, diagnostic reporting, order tracking analysis and parameter calculation.
- On the basis of deployment type, the machine condition monitoring market is segmented into on-premises and cloud.
- On the basis of monitoring process, the machine condition monitoring market is segmented into online condition monitoring and portable condition monitoring.
- Based on end-use, the machine condition monitoring market is segmented into oil and gas, power generation, metals and mining, chemicals, automotive, aerospace and defense, food and beverages, marine and others.
Machine Condition Monitoring Market Country Level Analysis
The machine condition monitoring market is analyzed and market size, volume information is provided by monitoring technique, offering, deployment type, monitoring process and end-use as referenced above.
The countries covered in the machine condition monitoring market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific region dominates the machine condition monitoring market due to increased focus on optimum asset utilization. North America region is projected to undergo substantial during the forecast period owing to the increasing industrialization, rising adoption of predictive maintenance tools, and increasing competitive pressure to deliver operational efficiency across the Asian countries.
The country section of the machine condition monitoring market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Machine Condition Monitoring Market Share Analysis
The machine condition monitoring market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to machine condition monitoring market.
Some of the major players operating in the machine condition monitoring market report are Emerson Electric Co., General Electric, Honeywell International Inc., National Instruments Corp., AB SRF, ALS, Wilcoxon Sensing Technologies, Rockwell Automation, Inc., PARKER HANNIFIN CORP, Schaeffler AGSYMPHONY AZIMAAI, Brüel & Kjær., Fluke Corporation, Meggitt PLC, PCB Piezotronics, Inc., FLIR Systems, Inc., SPM Instrument AB., Analog Devices, Inc., Machine Saver, 3d SignalsLogiLube, LLC, Petasense Inc., and Senseye Ltd., among others.