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1019863

Global Machine Condition Monitoring Market - 2021-2028

Published: | DataM Intelligence | 180 Pages | Delivery time: 2 business days

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Global Machine Condition Monitoring Market - 2021-2028
Published: July 26, 2021
DataM Intelligence
Content info: 180 Pages
Delivery time: 2 business days
  • Description
  • Table of Contents

Machine Condition Monitoring Market Overview

The machine condition monitoring market size was worth US$ XX billion in 2020 and is estimated to reach US$ XX billion by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).

Machine condition monitoring is used to check the condition of machine, improve equipment efficiency and reduce shutdowns. It monitors important parameters of machines such as pressure and temperature and checks the probability of failure to provide scheduled and prevents consequential damages. It is gaining importance in numerous industries such as manufacturing, steelmaking, food, robotics and packaging. The IoT has made it possible to monitor the machine's condition without being physically present during up- or downtimes. IoT and web-based condition monitoring tools increase the production equipment efficiency throughout the life cycle of a machine.

The machine condition monitoring also helps a company meet federal and industry standards such as ASME, ANSI, API, and INPO. It also includes requirements imposed by the Department of Energy for specific industries and helps with certifications for quality and safety as requirements per OSHA.

Machine Condition Monitoring Market Dynamics

The global machine condition monitoring market growth is driven by introduction to IoT and web-based condition monitoring, use of wireless communication technology and in order to avoid losses incorporated from downtime.

Introduction to IoT and web-based condition monitoring

The demand for the machine condition monitoring market is expected to boost with the introduction to IoT platforms in machine condition monitoring. The IOT based condition monitoring offers following advantages: reduced implementation costs, integration with other management systems using API and continuous updates and 24/7 monitoring. In the era of Industry 4.0, manufacturers seek higher productivity of their equipment and selection for smart factory scenarios.

Various companies have adopted condition monitoring system to optimize their production and eliminate unwanted down-time. For example, Kaeser Kompressoren, one of the world's foremost suppliers of compressed air systems, uses SAP Leonardo Internet of Things for Sigma Smart Air Service to provide insights into asset health using the SAP Predictive Maintenance and Service solution. Also, the company combined IoT sensors with SAP HANA in the compressors for more efficient and effective operations.

Hirotec Group was incorporating high losses from unplanned downtime. The company paired an IoT platform with HPE Edgeline systems to prevent critical systems failures like its exhaust system inspection lines. The platform also provides historical data analysis to understand production facility performance and find ways to drive improvements.

High installation cost and lack of skilled professionals

The machine condition monitoring market is impacted by high installation cost and lack of trained professionals to analyze the data. Skilled professionals are needed to analyze downtime in a machine. The fast resolving of the data analysis results in minimal losses; however, if the data is not handled correctly will result in high losses.

Also, accessibility to the cloud and automated solutions for machine condition monitoring in remote areas is challenging. Many operators rely on their experiences to assess the condition of machines, which is not always a reliable option. Moreover, operators do not want to adapt the way of maintaining machines' performance due to the complexity of production systems, including multiple assets, thereby hindering market growth.

COVID-19 Impact Analysis

Due to the pandemic, stakeholders across the machine condition monitoring industry have seen a notable impact as all the production work, factories and other activities were closed. The market suffered a decline in 2020 due to reduced demand in construction, electronics, automotive and other related sectors. The production was hindered by halts and supply chain disruption globally. After the pandemic, the governments still imposed various restrictions such as working with half workforce and fewer operating hours.

On the other hand, after the pandemic, companies are expected to shift towards machine condition monitoring to maximum productivity by installing cloud-based condition monitoring systems and recover the lost time and profits. Also, the market is expected with full-plant connectivity empowered by the internet of things to collect directly from networked machines and equipment and thus eliminating human presence.

Machine Condition Monitoring Market Segment Analysis

By technique, the machine condition monitoring market is broadly classified into oil analysis, vibration analysis, thermography, corrosion monitoring and others.

The vibration analysis technique market is expected to grow at the fastest CAGR during the forecast period (2021-2028)

The vibration analysis technique is expected to hold the largest market for the machine condition monitoring market in the forecast due to its capability to detect issues like bearing failures, imbalance, mechanical looseness, resonance and natural frequencies, misalignment, electrical motor faults, bent shaft and even cavitation. Hence saving production costs, providing scheduled maintenance repairs, longer life for equipment and preventing downtime cost. According to the Industry analysis, vibration warnings can provide three months of lead time before an actual failure occurs.

The market has observed significant developments in the vibration analysis field. In 2019, SDT introduced a new SDT340, together with UAS4.0, a cloud-connected condition monitoring solution to detect, trend and analyze ultrasound vibration parameters for better asset health. SPM Instrument launched a new MEMS type sensor Airius, a range of wireless vibration sensors for remote monitoring of industrial equipment with digital output, measuring triaxial vibration and temperature. Also, the company has received the order from Holmen Paper Hallsta for a total of 154 sensors to upgrade Hallsta's PM12 paper machine, providing the machine's online monitoring system.

Machine Condition Monitoring Market Geographical Analysis

Europe region holds the largest market for the global machine condition monitoring globally

Europe region holds the largest market share for the machine condition monitoring market globally and is expected to continue its dominance in the forecast period with the significant demand for automation technologies in the market and new launches by the leading market players in the region. Sanovo Technology Group uses a cloud system for external monitoring of various egg processing machines for service and optimization with Real-time machine KPI dashboards.

Better Origin, a leading insect farming company utilized the cloud to monitor the effectiveness of modular insect farms, which resulted in a 50% reduction of on-site visits upon commissioning, monitoring the performance of larvae via 4G, cost savings on internal R&D, solve problems using sensor data stored in the cloud and Improved customer experience by visualizing data in their custom app. Also, NSK Ltd has signed an agreement to acquire condition monitoring system business from Bruel & Kjær to expand its presence in the European market.

North America has also observed a significant growth in the market introduction to smart technologies such as; in 2020, Schneider Electric has launched the first smart factory in the U.S., demonstrating real-time benefits of innovative architecture, which resulted in a 20% reduction in mean time repairing of the machinery.

Machine Condition Monitoring Competitive Landscape

The machine condition monitoring market is consolidated with the local player's presence followed by the global companies, contributing to the major share in the market growth. In addition, some of the key players contributing to the growth of the market are Baker Hughes Company, Ixon B.V, Tulip Interfaces, Inc, Dewesoft d.o.o, Crystal Instruments, Adlink Technology Inc, Emerson Electric, General Electric, Honeywell International and others. The major players are adopting various new strategies to dominate the market, such as launching new products, acquisitions and collaborations, contributing to the growth of the machine condition monitoring market globally.

Adlink Technology Inc

Overview: Adlink Technology Inc. manufactures and designs products for test & measurement, embedded computing, and automation applications. The company is headquartered in Taiwan and has operations in the U.K, United States, Singapore, Beijing, Shanghai, Shenzhen, Korea, and Germany. The availability of products in over 40 countries expanded in five continents.

Product Portfolio: The Company manufactures various products for computer-on-modules, industrial motherboards, data acquisition modules and complete systems.

Key Development: In 2021, The Company joined the Senseye-Ready ecosystem to provide predictive maintenance solutions supported by the Senseye ROI Lock. It will enable predictive maintenance with complete confidence that they will get a minimum 100% return on their software investment.

Also, in 2020, Adlink Technology launched a new machine condition monitoring solution, the MCM-204 edge Data Acquisition System for a highly optimized MCM solution in mass deployment. The solution is powered by an ARM Cortex-A9 processor, it provides Ethernet ports for transmitting data to the back-end server and enables a daisy-chain connection for multiple devices.

Why Purchase the Report?

  • Visualize the segmentation of the machine condition monitoring market by component, type, technique, development model, end-users and region, highlighting the key commercial assets and players.
  • Identify commercial opportunities in the machine condition monitoring by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of machine condition monitoring market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players

The global machine condition monitoring market report would provide access to an approx: 77 market data table, 82 figures and 270 pages.

Target Audience

  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers
  • Distributors, logistic company, etc.
Product Code: DMAT3630

Table of Contents

1. Global Machine Condition Monitoring Market Methodology and Scope

  • 1.1. Research Methodology
  • 1.2. Research Objective and Scope of the Report

2. Global Machine Condition Monitoring Market - Market Definition and Overview

3. Global Machine Condition Monitoring Market - Executive Summary

  • 3.1. Market Snippet by Component
  • 3.2. Market Snippet by Type
  • 3.3. Market Snippet by Technique
  • 3.4. Market Snippet by Development model
  • 3.5. Market Snippet by End Users
  • 3.6. Market Snippet by Region

4. Global Machine Condition Monitoring Market-Market Dynamics

  • 4.1. Market Impacting Factors
    • 4.1.1. Drivers
      • 4.1.1.1. Introduction to IoT and web-based condition monitoring
      • 4.1.1.2. Developments of wireless communication technology
      • 4.1.1.3. In order to avoid losses incorporated from downtime
    • 4.1.2. Restraints:
      • 4.1.2.1. High installation cost
      • 4.1.2.2. Lack of skilled professionals
    • 4.1.3. Opportunity
    • 4.1.4. Impact Analysis

5. Global Machine Condition Monitoring Market - Industry Analysis

  • 5.1. Porter's Five Forces Analysis
  • 5.2. Supply Chain Analysis
  • 5.3. Pricing Analysis
  • 5.4. Regulatory Analysis
  • 5.5. Reimbursement Analysis
  • 5.6. Unmet Needs

6. Global Machine Condition Monitoring Market - COVID-19 Analysis

  • 6.1. Analysis of Covid-19 on the Market
    • 6.1.1. Before COVID-19 Market Scenario
    • 6.1.2. Present COVID-19 Market Scenario
    • 6.1.3. After COVID-19 or Future Scenario
  • 6.2. Pricing Dynamics Amid Covid-19
  • 6.3. Demand-Supply Spectrum
  • 6.4. Government Initiatives Related to the Market During Pandemic
  • 6.5. Manufacturers Strategic Initiatives
  • 6.6. Conclusion

7. Global Machine Condition Monitoring Market - By Component

  • 7.1. Introduction
    • 7.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Component
    • 7.1.2. Market Attractiveness Index, By Component
  • 7.2. Software*
    • 7.2.1. Introduction
    • 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
  • 7.3. Hardware
    • 7.3.1. Introduction
    • 7.3.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
    • 7.3.3. Analyzer
    • 7.3.4. Data Collector
    • 7.3.5. Spectrometers
    • 7.3.6. Sensor
    • 7.3.7. Detector
    • 7.3.8. Others
  • 7.4. Service

8. Global Machine Condition Monitoring Market - By Type

  • 8.1. Introduction
    • 8.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
    • 8.1.2. Market Attractiveness Index, By Type
  • 8.2. Online condition monitoring*
    • 8.2.1. Introduction
    • 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
  • 8.3. Manual condition monitoring
  • 8.4. Optical condition monitoring
  • 8.5. Web-based condition monitoring

9. Global Machine Condition Monitoring Market - By Technique

  • 9.1. Introduction
    • 9.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technique
    • 9.1.2. Market Attractiveness Index, By Technique
  • 9.2. Oil Analysis*
    • 9.2.1. Introduction
    • 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
  • 9.3. Vibration Analysis
  • 9.4. Motor Circuit Analysis
  • 9.5. Thermography
  • 9.6. Ultrasonic Monitoring
  • 9.7. Neutron Radiography
  • 9.8. Corrosion Monitoring
  • 9.9. Others

10. Global Machine Condition Monitoring Market - By Development Model

  • 10.1. Introduction
    • 10.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Development Model
    • 10.1.2. Market Attractiveness Index, By Development Model
  • 10.2. Cloud-Based*
    • 10.2.1. Introduction
    • 10.2.2. Market size analysis and y-o-y growth analysis (%)
  • 10.3. On-Premises

11. Global Machine Condition Monitoring Market - By End Users

  • 11.1. Introduction
    • 11.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End Users
    • 11.1.2. Market Attractiveness Index, By End Users
  • 11.2. Renewable Energy*
    • 11.2.1. Introduction
    • 11.2.2. Market size analysis and y-o-y growth analysis (%)
  • 11.3. Mining
  • 11.4. Additive Industrial Manufacturing
  • 11.5. Aerospace
  • 11.6. Automotive
  • 11.7. Electronics
  • 11.8. Oil & Gas
  • 11.9. Others

12. Global Machine Condition Monitoring Market - By Region

  • 12.1. Introduction
  • 12.2. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Region
  • 12.3. Market Attractiveness Index, By Region
  • 12.4. North America*
    • 12.4.1. Introduction
    • 12.4.2. Key Region-Specific Dynamics
    • 12.4.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Component
    • 12.4.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
    • 12.4.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technique
    • 12.4.6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Development model
    • 12.4.7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End Users
    • 12.4.8. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 12.4.8.1. U.S.
      • 12.4.8.2. Canada
      • 12.4.8.3. Mexico
  • 12.5. Europe
    • 12.5.1. Introduction
    • 12.5.2. Key Region-Specific Dynamics
    • 12.5.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Component
    • 12.5.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
    • 12.5.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technique
    • 12.5.6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Development model
    • 12.5.7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End Users
    • 12.5.8. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 12.5.8.1. Germany
      • 12.5.8.2. U.K.
      • 12.5.8.3. France
      • 12.5.8.4. Italy
      • 12.5.8.5. Spain
      • 12.5.8.6. Rest of Europe
  • 12.6. South America
    • 12.6.1. Introduction
    • 12.6.2. Key Region-Specific Dynamics
    • 12.6.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Component
    • 12.6.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
    • 12.6.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technique
    • 12.6.6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Development model
    • 12.6.7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End Users
    • 12.6.8. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 12.6.8.1. Brazil
      • 12.6.8.2. Argentina
      • 12.6.8.3. Rest of South America
  • 12.7. Asia Pacific
    • 12.7.1. Introduction
    • 12.7.2. Key Region-Specific Dynamics
    • 12.7.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Component
    • 12.7.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
    • 12.7.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technique
    • 12.7.6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Development model
    • 12.7.7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End Users
    • 12.7.8. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
      • 12.7.8.1. China
      • 12.7.8.2. India
      • 12.7.8.3. Japan
      • 12.7.8.4. Australia
      • 12.7.8.5. Rest of Asia Pacific
  • 12.8. Middle East and Africa
    • 12.8.1. Introduction
    • 12.8.2. Key Region-Specific Dynamics
    • 12.8.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Component
    • 12.8.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
    • 12.8.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technique
    • 12.8.6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Development model
    • 12.8.7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End Users

13. Global Machine Condition Monitoring Market - Competitive Landscape

  • 13.1. Competitive Scenario
  • 13.2. Market Positioning/Share Analysis
  • 13.3. Mergers and Acquisitions Analysis

14. Global Machine Condition Monitoring Market- Company Profiles

  • 14.1. Adlink Technology Inc*
    • 14.1.1. Company Overview
    • 14.1.2. Product Portfolio and Description
    • 14.1.3. Key Highlights
    • 14.1.4. Financial Overview
  • 14.2. Baker Hughes Company
  • 14.3. Ixon B.V
  • 14.4. Tulip Interfaces Inc
  • 14.5. Dewesoft d.o.o
  • 14.6. Crystal Instruments
  • 14.7. Emerson Electric
  • 14.8. General Electric
  • 14.9. Honeywell International Inc
  • 14.10. SPM Instruments

LIST NOT EXHAUSTIVE

15. Global Machine Condition Monitoring Market - Premium Insights

16. Global Machine Condition Monitoring Market - DataM

  • 16.1. Appendix
  • 16.2. About Us and Services
  • 16.3. Contact Us