The Insight PartnersThe growing demand for condition monitoring solutions across industries is throttling the growth of machine condition monitoring marketAccording to the new research report published by The Insight Partners, titled “Machine Condition Monitoring Market - Global Analysis and Forecast to 2027”, the global machine condition monitoring market is expected to reach US$ 3,922.0 million by 2027, registering a CAGR of 5.1% during 2020–2027.
Strategic Insights
Report Coverage | Details |
Market Size Value in | US$ 2,640.0 Million in 2019 |
Market Size Value by | US$ 3,922.0 Million by 2027 |
Growth rate | CAGR of 5.1% from 2020-2027 |
Forecast Period | 2020-2027 |
Base Year | 2020 |
No. of Pages | 186 |
No. Tables | 164 |
No. of Charts & Figures | 115 |
Historical data available | Yes |
Segments covered | Monitoring Technique; Offering; Deployment; Monitoring Process; and Industry |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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The machine condition monitoring market is prominently soaring in the current scenario, with the rising number of manufacturing plants. The manufacturers of condition monitoring systems are experiencing substantial demand for their products from end users across the globe. Owing to the continuous pressure from the end users of condition monitoring systems, the manufacturers of these systems, are investing significant amounts and staff-hours to design and develop robust technologies. Most of the manufacturers are emphasizing on developing and supplying wireless technologies for machine condition monitoring.
The development and commercialization of wireless condition monitoring system have attracted several end users and has gained tremendous demand in the market. At present, the large enterprises with the well-balanced financial condition are the major procurers of these wireless technologies. However, the adoption of the same among the medium-scale end users is also anticipated to rise over the years, which would propel the growth of machine condition monitoring market. PCE Instruments, Emerson Electric Co., National Instruments, and Embressed Instrument are among the key players offering wireless condition monitoring technologies.
The final report will add the analysis of the Impact of Covid-19 in this report Machine Condition Monitoring Market.
Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 pandemic on the global Machine Condition Monitoring Market is included in the present report. The influence of the novel coronavirus pandemic on the growth of the Machine Condition Monitoring Market is analyzed and depicted in the report.
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Increasing Demand for Automated Solutions in Manufacturing Facilities
The rate of adoption of automated technologies for manufacturing purposes in developed countries has surged over the years. This has led the countries to experience the growth of smart factories. The countries with a significantly higher number of manufacturing facilities include the US, China, Canada, the UK, Germany, Japan, and France, among others, are continually seeking automated technologies in manufacturing facilities across industries. With the continuously rising demand for production across industries, the expansion of manufacturing facilities is one of the crucial strategies adopted by the manufacturers. The growing number of manufacturing facilities positively impacts the demand for automated solutions as new and technologically advanced machinery requires constant monitoring of components during operation.
Machine Condition Monitoring Market: Monitoring Technique
Based on the monitoring technique, the market is segmented into a Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, and Motor Current Analysis. Presently, predictive maintenance, as well as condition monitoring of machines, are requirements for every company wherein machinery is critical for attaining production goals. Further, the company needs to identify the cost-effectiveness and benefits of various machine condition monitoring for achieving its goals and objectives. Every technique is limited to specific machinery types and for identifying particular types of problems. Moreover, these techniques also deliver distinct short term and long term economic benefits.
Machine Condition Monitoring Market: Competitive Landscape and Key Developments
ASL Limited, Emerson Electric Co., General Electric Co., Honeywell International Inc., National Instruments, Parker-Hannifin Corp., Rockwell Automation, Schaeffler Technologies, SKF, and Wilcoxon Sensing Technologies are among the key players in the global Machine Condition Monitoring market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2020, With Schaeffler OPTIME, comprehensive and automated condition monitoring is now a cost-effective proposition for maintenance personnel and facility operators. Schaeffler OPTIME has become an efficient and easy-to-use low-cost solution designed specifically for the comprehensive condition monitoring of all indirectly process-critical assets across entire machine and equipment parks.
In 2019, National Instruments Corporation helps accelerate the development and performance of automated test and automated measurement systems, today announced new wireless monitoring hardware for InsightCM, the most open solution for online condition monitoring on the market with full access to data and customization with the InsightCM Software Development Kit.
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