REPORT HIGHLIGHT
Machine Condition Monitoring Market size was valued at USD 2,800.12 Million in 2022, expanding at a CAGR of 7.77% from 2023 to 2030.
Machine condition monitoring is the practice of routinely evaluating the functionality and health of machinery used in industries to find early indications of defects or anomalies. It includes gathering data from sensors and analyzing it to spot possible problems. This prevents expensive failures and enables prompt repair, increasing operational effectiveness and decreasing downtime.
Machine Condition Monitoring Market- Market Dynamics:
- Growth of smart manufacturing to propel market demand.
- Through the use of cutting-edge technologies including big data analytics, the Internet of Things (IoT), and artificial intelligence, the development of smart manufacturing is propelling the Machine Condition Monitoring market. Real-time data gathering from sensors built into machinery is made possible by smart manufacturing, allowing for more thorough and precise status monitoring. Machine Condition Monitoring solutions have become more popular across a variety of industries as a result of the integration of intelligent technologies that improve predictive maintenance abilities, enable proactive recognition of potential faults, minimize unplanned downtime, optimize maintenance schedules, and ultimately lowers operational costs. The automobile industry will have 223 million active Internet of Things (IoT) linkages and 19 million enterprises in Europe by 2027, according to ETNO.
Machine Condition Monitoring Market- Key Insights:
- As per the analysis shared by our research analyst, the global Machine Condition Monitoring market is estimated to grow annually at a CAGR of around 7.77% over the forecast period (2023-2030)
- The Machine Condition Monitoring industry is projected to grow at a significant rate due to the growth of smart manufacturing
- Based on Monitoring Technique segmentation, vibration monitoring was predicted to show maximum market share in the year 2022
- Based on component segmentation, hardware was the leading type in 2022
- Based on Monitoring process segmentation, portable was the leading type in 2022
- Based on end-use industry segmentation, power generation was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Machine Condition Monitoring Market- Segmentation Analysis:
- The Global Machine Condition Monitoring Market is segmented on the basis of Monitoring Technique, Component, Monitoring Process, End-use Industry, and Region.
- The market is divided into categories based on Monitoring Techniques: oil analysis, vibration monitoring, corrosion monitoring, thermography, and others. The reduction of integration, operational, and maintenance complexity has increased for vibration monitoring solutions. Players in the industry have increased their investments in equipment that is constantly being monitored, including gearboxes for cooling towers, steam turbines, boiler feed pumps, and gas. Vibration monitoring is likely to be incorporated into systems by end users to improve dependability and safeguard data.
- The market is divided into categories based on end-user industry: oil & gas, automotive, food & beverages, metal & mining, aerospace, chemicals, marine, and others. The power generation sector dominates the market and is likely to maintain its dominance during the forecast period. The high failure rate of various components has been attributed to the expansion, along with rising maintenance costs, system overhauls, and hazardous working conditions in the power generation sector. This industry demands constant equipment maintenance since it is product-intensive.
Machine Condition Monitoring Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. When compared to the strong demand from the power generation, marine, oil & gas, aerospace, and food & beverage industries, the U.S. and Canada are expected to provide significant growth potential. For oil condition monitoring in the equipment lubricants used on oil and gas platforms, vibration monitoring has been a prominent trend. As offshore oil exploration increases across North America, forward-thinking businesses may be better positioned to compete in the local market. Predictive upkeep and dependability are set to increase for oil condition monitoring.
Machine Condition Monitoring Market- Competitive Landscape:
Companies sell their products through a variety of channels, including corporate websites, e-commerce websites, retailers, distributors, and end consumers. Products makers compete on a variety of aspects, including product costs, performance, product making, End-use Industry, reputation, and availability. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, Monitoring Process network development, R&D spending, and mergers and acquisitions. For instance, in November 2022, Advantech and Actility unveiled a revolutionary integrated AI-based solution to aid machine operation groups in adopting machine predictions and condition monitoring. Users may simultaneously monitor the condition of many devices as a result of it.
Recent Developments:
In April 2022, The unique K7TM condition monitoring for heating equipment, developed by OMRON, is largely used in the FMCG and automotive sectors. To aid in predictive maintenance and contribute to the realization of a carbon-free planet, the K7TM visualizes deterioration patterns.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL MACHINE CONDITION MONITORING MARKET KEY PLAYERS
- Meggitt Sensing Systems (Meggitt PLC)
- Rockwell Automation Inc.
- GE Bently Nevada
- Emerson Electric Co.
- SKF AB
- Brüel & Kjaer Vibro
- FLIR Systems Inc.
- Fluke Corporation
- Nippon Avionics Co., Ltd.
- Thermo Fisher Scientific Inc.
- Perkin Elmer Inc.
- AMETEK Spectro Scientific
- Parker Kittiwake (PARKER HANNIFIN CORP.)
- Gastops Ltd
GLOBAL MACHINE CONDITION MONITORING MARKET, BY MONITORING TECHNIQUE
- Oil Analysis
- Vibration Monitoring
- Corrosion Monitoring
- Thermography
- Others
GLOBAL MACHINE CONDITION MONITORING MARKET, BY COMPONENT
- Hardware
- Software
- Services
GLOBAL MACHINE CONDITION MONITORING MARKET, BY MONITORING PROCESS
GLOBAL MACHINE CONDITION MONITORING MARKET, BY END-USE INDUSTRY
- Oil & Gas
- Automotive
- Food & Beverages
- Metal & Mining
- Aerospace
- Chemicals
- Marine
- Others
GLOBAL MACHINE CONDITION MONITORING MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA