Machine Condition Monitoring Market - By Monitoring Technique, By Deployment Type, By Offering, By Monitoring Process, By End Use & Forecast, 2023

Description

List of Tables

Machine Condition Monitoring Market size is anticipated to expand at over 8% CAGR from 2023-2032. The rapid expansion of the energy sector, including oil and gas, wind, and solar worldwide is contributing to the growing adoption of reliable condition monitoring to ensure the uninterrupted operations of critical equipment.

In recent years, to counter the declining and aging workforce as well as the scarcity of professionals, there has been an increasing need for predictive maintenance systems to monitor the state of machinery and equipment to discover irregularities and prevent issues early. Several industry players are placing proactive efforts by investing significantly in R&D activities to introduce cutting-edge monitoring solutions, incorporating advanced sensors, AI-driven analytics, and IoT integration for catering to the evolving industry needs, further boosting the market expansion. For instance, in September 2023, NSK exhibited a new type of condition monitoring system capable of assessing and diagnosing the state of linear motion machinery.

The machine condition monitoring industry is segmented into monitoring technique, offering, deployment type, monitoring process, end-use, and region.

Based on monitoring technique, the market share from the corrosion monitoring segment is likely to gain prominence between 2023 and 2032. The growth is owing to the increasing awareness of the economic and safety implications associated with corrosion in industrial machinery. Moreover, the increasing adoption of sophisticated sensors and non-intrusive techniques for corrosion detection is preventing equipment degradation with real-time monitoring capabilities across industrial setups.

In terms of end-use, the machine condition monitoring market from the aerospace and defense segment is projected to attain higher demand from 2023-2032. The increasing complexity of aerospace systems is necessitating advanced monitoring technologies to prevent unforeseen failures. Continuous real-time monitoring, predictive analytics, and sensor integration are also becoming integral to maintenance strategies. Furthermore, the ongoing modernization efforts led by multiple governments and defense agencies are expected to propel the segment growth.

Regionally, the Asia Pacific machine condition monitoring industry size is poised to exhibit over 9.5% growth rate from 2023-2032 driven by the rise of predictive maintenance and Industry 4.0 initiatives across the region. The surging industrialization and the widespread adoption of smart manufacturing practices are escalating the focus on machinery health, further providing lucrative growth opportunities to the industry participants. For instance, in March 2023, OMRON Corporation introduced the K7DD-PQ Series of its advanced motor condition monitoring equipment in Japan to automate the monitoring of anomalies on the production site in place of human employees.

Product Code: 6943

Chapter 1 Methodology & Scope

1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data Sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Machine condition monitoring market 360 degree synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Monitoring technique trends
2.5 Offering trends
2.6 Deployment type trends
2.7 Monitoring process trends
2.8 End-use trends

Chapter 3 Machine Condition Monitoring Market Industry Insights

3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Offering & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
- 3.8.1 Partnership/Collaboration
- 3.8.2 Merger/Acquisition
- 3.8.3 Investment
- 3.8.4 Product launch & innovation
3.9 Regulatory landscape
3.10 Impact forces
- 3.10.1 Growth drivers
  - 3.10.1.1 Increased Focus on Predictive Maintenance
  - 3.10.1.2 Advancements in Sensor Technologies
  - 3.10.1.3 Industry 4.0 and IIoT Integration
  - 3.10.1.4 Cost Savings and Operational Efficiency
  - 3.10.1.5 Regulatory Compliance
- 3.10.2 Industry pitfalls & challenges
  - 3.10.2.1 Complexity of Data Interpretation
  - 3.10.2.2 Initial Investment Costs
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTEL analysis

Chapter 4 Competitive Landscape, 2022

4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
- 4.3.1 Emerson Electric
- 4.3.2 General Electrics
- 4.3.3 Honeywell International
- 4.3.4 National Instruments
- 4.3.5 Baker Huges
- 4.3.6 Analog Devices Inc
- 4.3.7 Amphenol Inc.
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022

Chapter 5 Machine Condition Monitoring Market Estimates & Forecast, By Monitoring Technique (USD Million)

5.1 Key trends, by monitoring technique
5.2 Thermography
5.3 Corrosion monitoring
5.4 Vibration Monitoring
5.5 Ultrasound Emission
5.6 Motor Current Analysis
5.7 Oil Analysis

Chapter 6 Machine Condition Monitoring Market Estimates & Forecast, By Offering (USD Million)

6.1 Key trends, by offering
6.2 Hardware
6.3 Software
6.4 Services

Chapter 7 Machine Condition Monitoring Market Estimates & Forecast, By Deployment Type (USD Million)

7.1 Key trends, by deployment type
7.2 On-premise
7.3 Cloud

Chapter 8 Machine Condition Monitoring Market Estimates & Forecast, By Monitoring Process (USD Million)

8.1 Key trends, by monitoring process
8.2 Online condition monitoring
8.3 Portable condition monitoring

Chapter 9 Machine Condition Monitoring Market Estimates & Forecast, By End-use (USD Million)

9.1 Key trends, by end-use
9.2 Automotive
9.3 Oil and Gas
9.4 Power Generation
9.5 Chemicals
9.6 Metals and Mining
9.7 Aerospace and Defense
9.8 Food and Beverages
9.9 Others

Chapter 10 Machine condition monitoring Market Estimates & Forecast, By Region (USD Million)

10.1 Key trends, by region
10.2 North America
- 10.2.1 U.S.
- 10.2.2 Canada
10.3 Europe
- 10.3.1 UK
- 10.3.2 Germany
- 10.3.3 France
- 10.3.4 Italy
- 10.3.5 Spain
- 10.3.6 Rest of Europe
10.4 Asia Pacific
- 10.4.1 China
- 10.4.2 India
- 10.4.3 Japan
- 10.4.4 South Korea
- 10.4.5 ANZ
- 10.4.6 Rest of Asia Pacific
10.5 Latin America
- 10.5.1 Brazil
- 10.5.2 Mexico
- 10.5.3 Rest of Latin America
10.6 MEA
- 10.6.1 GCC
- 10.6.2 South Africa
- 10.6.3 Rest of MEA

Chapter 11 Company Profiles

11.1 ALS
11.2 Amphenol Inc.
11.3 Analog Devices Inc
11.4 Baker Huges
11.5 Banner Engineering
11.6 Emerson Electric
11.7 General Electrics
11.8 Honeywell International
11.9 IFM
11.10 Megget PLC
11.11 National Instruments
11.12 Parker Hannifin
11.13 Rockwell Automation, Inc.
11.14 Schaeffler AG
11.15 SKF