Global Market for Machine Condition Monitoring is Anticipated to grow at a Significant Pace i.e., USD 3.9 Billion during the Forecast Period 2021-2027

Published Date: Mar, 2022

Machine maintenance is critical, hence machine condition monitoring is an important aspect of the process as it limits the severity of machine downtime, allows for efficient maintenance program scheduling, and protects the safety of the equipment, resulting in a growth of 7.2% CAGR during the forecast period.  Many businesses have been focusing more on asset usage and productivity enhancements, resulting in the growth of the machine conditioning monitoring market. The operational equipment is sensitive to a wide range of mistakes and defects, thereby it's critical to keep a track of minor and major changes in equipment by measuring parameters like vibration, temperature, voltage, current, pressure, and flow, among others. As a result of its relevance, several verticals have increased their efforts to secure their machinery. The fundamental advantage of adopting condition monitoring is to identify faults that allow workers to take corrective action and minimize maintenance costs, as well as improve machinery safety, which increases human safety. The use of condition monitoring in predictive maintenance allows for the measurement and analysis of physical properties like visual inspection, sound, temperature, or vibration, resulting in reducing downtime and saving equipment costs. Nevertheless, technological development like building a secure cloud computing environment, increased demand for HVAC, wireless technologies, and integration of IoT, will further accelerate the growth of the market.

In February 2021, SKF has expanded its tachometer line, which can aid industrial organizations in optimizing condition monitoring in their operations.  Three new devices have been added to SKF's basic condition monitoring equipment lineup, including an all-mechanical variant. The handheld gadgets track variables like rotational and linear speed to assist maintenance personnel in detecting mechanical issues in rotating machinery.

Due to the COVID-19 epidemic, all businesses throughout the world with critical assets for manufacturing goods and services have seen a drastic drop in revenue. However, companies need to adopt machine condition monitoring so as to avoid failure in machinery during the resumption of operations and enhance safety-related issues.

Browse 73 market data Tables and 47 Figures spread through 250 Pages and in-depth TOC on " Machine Condition Monitoring Market by Offering (Hardware (Vibration Sensors, Infrared Sensors, Spectrometers, Ultrasound Detectors, Spectrum Analyzers, Corrosion Probes, and Others) and Software (Data Integration, Diagnostic Reporting, Order Tracking Analysis, and Parameter Calculation)), by Monitoring Techniques (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, and Motor Current Analysis), by Deployment Type (On-Premises and Cloud), by Monitoring Process (Online Condition Monitoring and Portable Condition Monitoring), by Industry (Oil & Gas, Power Generation, Metals & Mining, Chemicals, Automotive, Aerospace & Defense, Food & Beverages, Marine, and Others), and Region - Global Forecast to 2027"

By monitoring techniques, motor current analysis is anticipated to have a high CAGR during 2021-2027.

The motor current analysis segment is expected to grow at a higher CAGR throughout the forecast period due to the increased usage of recent motor analysis to predict and minimize motor failure concerns such as bearing failure, overloading, vibration, or misalignment unbalanced or indirect voltage. Furthermore, because motor monitoring is an important aspect of the machine, the automotive sector is focusing on updating and automating its assembly line, which raises the demand for motor monitoring solutions. Motor current analysis reduces the chances of a machine breakdown, increases its longevity, and lowers overall energy use.

Global Machine Condition Monitoring Market Segmentation Analysis

Segment

Categorization

Leading Category

Offering

 Hardware (Vibration Sensors, Infrared Sensors, Spectrometers, Ultrasound Detectors, Spectrum Analyzers, Corrosion Probes, and Others) and Software (Data Integration, Diagnostic Reporting, Order Tracking Analysis, and Parameter Calculation)

Hardware (Largest)

Monitoring Techniques

Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, and Motor Current Analysis

Thermography (Largest)

Motor Current Analysis (High CAGR)

Deployment Type

On-Premises and Cloud

Cloud (Significant Growth)

 

Monitoring Process

Online Condition Monitoring and Portable Condition Monitoring

Online Condition Monitoring

(Largest)

 

Industry

Oil & Gas, Power Generation, Metals & Mining, Chemicals, Automotive, Aerospace & Defense, Food & Beverages, Marine, and Others

Oil & Gas (Largest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America

(Largest)

Asia-Pacific (Fastest)

 

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“Asia-Pacific is anticipated to have significant growth in the Machine Condition Monitoring market during 2021-2027.”

Asia-Pacific is anticipated to have a significant growth owing to the growth in developing economies like India and China, the surge in penetration of IoT, rise in adoption of technologies for smart manufacturing, and decline in operational costs will propel the growth of the machine condition monitoring market. Furthermore, the rising number of new manufacturing plants, growth in FDI will further accelerate the growth in the region.

Some of the major players in the global Machine Condition Monitoring market include Emerson Electric Co., General Electric, Honeywell International Inc., NATIONAL INSTRUMENTS CORP, SKF AB, ALS Limited, Rockwell Automation, Inc., Schaeffler AG, PARKER HANNIFIN CORP, and Meggitt PLC.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Offering, Monitoring Techniques, Deployment Type, Monitoring Process, Industry, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Emerson Electric Co., General Electric, Honeywell International Inc., NATIONAL INSTRUMENTS CORP, SKF AB, ALS Limited, Rockwell Automation, Inc., Schaeffler AG, PARKER HANNIFIN CORP, and Meggitt PLC

Global Machine Condition Monitoring Market Coverage

Offering Insight and Forecast 2015-2027

  • Hardware
    • Vibration Sensors
    • Infrared Sensors
    • Spectrometers
    • Ultrasound Detectors
    • Spectrum Analyzers
    • Corrosion Probes
    • Others
  • Software
    • Data Integration
    • Diagnostic Reporting
    • Order Tracking Analysis
    • Parameter Calculation

Monitoring Techniques Insight and Forecast 2015-2027

  • Vibration Monitoring
  • Thermography
  • Oil Analysis
  • Corrosion Monitoring
  • Ultrasound Emission
  • Motor Current Analysis

Deployment Type Insight and Forecast 2015-2027

  • On-Premises
  • Cloud  

Monitoring Process Insight and Forecast 2015-2027

  • Online Condition Monitoring
  • Portable Condition Monitoring  

Industry Insight and Forecast 2015-2027

  • Oil & Gas
  • Power Generation
  • Metals & Mining
  • Chemicals
  • Automotive
  • Aerospace & Defense
  • Food & Beverages
  • Marine
  • Others

Geographical Segmentation

Machine Condition Monitoring Market by Region

North America

  • By Offering
  • By Monitoring Techniques
  • By Deployment Type
  • By Monitoring Process
  • By Industry
  • By Country – U.S., Canada, and Mexico

Europe

  • By Offering
  • By Monitoring Techniques
  • By Deployment Type
  • By Monitoring Process
  • By Industry
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Offering
  • By Monitoring Techniques
  • By Deployment Type
  • By Monitoring Process
  • By Industry
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Offering
  • By Monitoring Techniques
  • By Deployment Type
  • By Monitoring Process
  • By Industry
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries