Market Highlights
The global Machine
Condition Monitoring Equipment Market is projected to be valued
at USD 2,887.1 million by the end of 2025, registering a CAGR of
5.6% during the forecast period.
Machine condition monitoring is a crucial part of predictive
maintenance The advent of secure cloud computing platforms used for machine
condition monitoring, inclination toward predictive maintenance of industrial
machinery, adoption of wireless communication technology in machine condition
monitoring, and positioning automated condition monitoring technologies in
smart factories is expected to increase their demand in the global market.
MRFR has identified the following companies as the key players
in the global machine condition monitoring market— Emerson Electric Co.
(US), General Electric (US), Rockwell Automation, Inc. (US), Parker Hannifin
Corp (US), Analog Devices, Inc. (US), SKF (Sweden), Amphenol, Inc. (Maryland),
Allied Reliability (US), National Instruments Corp (US), Meggitt PLC (UK),
Fluke Corporation (US)
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The primary factor driving the global machine condition
monitoring market owing to increase in demand for machine condition
monitoring solutions across different sectors of food & beverage, aerospace
& defense, oil & gas, power generation, and chemicals has driven the
demand for the market. Small companies and industries are increasingly
adopting predictive machine maintenance solutions as they find it challenging
to bear expenses such as machine failure and downtime, which may incur
non-sustainable losses
Furthermore, less trained operators cannot take the new way of
planning and maintaining the performance of machines, thereby resulting in
disapprovals for the implementation of successful machine condition monitoring
programs. With cloud-based systems, the technician with the smarter tools and
technologies available does not have to be the expert to take the measurements
and perform the analysis. Hence, the advent of big data analytics is expected
to help create growth opportunities for the players operating in the global
machine condition monitoring market.
COVID-19 Impact Analysis
The COVID-19 is creating economic hardship for enterprises,
consumers, and commodities across the globe. While several companies have
maintained continuity plans that were initially meant for natural disasters, the
other manufacturers are facing the threat of bankruptcy due to declining demand
from consumers, debt obligations, and reducing production and revenues. Many
manufacturers are implementing cross-industry manufacturing of medical and
healthcare equipment to sustain the production and overall turnover of the
manufacturing unit. The worst-hit industries include oil and gas, coal
products, textile, metal, and machinery.
However, not all semiconductor companies are witnessing a
decline in growth as the remote monitoring of production activities has allowed
companies to continue working during lockdowns as well. It is anticipated that
the demand for condition monitoring systems and solutions would increase in the
coming years, and the global market is expected to recover by the end of 2021.
Segment Analysis
The global Machine Condition Monitoring market has been
segmented on the basis of monitoring type, component, monitoring process type,
end use, and region.
By component, the machine condition monitoring market has been
bifurcated into hardware and software. The hardware segment is further divided
into vibration sensors and analyzers, infrared sensors, spectrometers,
ultrasound detectors, spectrum analyzers, corrosion probes, and others. The
software segment is sub-categorized into data integration, diagnostic
reporting, order tracking, and parameter calculation.
By monitoring type, the machine condition monitoring market
has been segmented into vibration monitoring, thermography, oil analysis,
corrosion monitoring, ultrasound emission monitoring, and motor current
analysis. The vibration monitoring segment accounted for the largest market
share of 20.4% in 2018, with a market value of USD 449.3 million; it is
expected to register a CAGR of 3.2% during the forecast period.
Based on monitoring process type, the machine condition
monitoring market has been divided into online condition monitoring and
portable condition monitoring. Portable condition monitoring is designed to
perform tasks of maintenance and operation professions of all skill levels. It
performs predictive maintenance through rotating the machinery in multiple
industries, collecting, analyzing, using, and sharing the machine condition
data to the manufacturers in the most convenient way.
By end-user, the machine condition monitoring market has been
segmented into food & beverage, chemical & petrochemical, oil &
gas, pulp & paper, steel & metal, automotive, mining, and power
industry, cement industry, pharmaceutical industry. In the oil & gas
industry, industrial equipment such as pumps is critical to an oil well. There
is a direct correlation to an oil company’s bottom line as cash flow is tied to
oil and gas production.
Key Findings of the Study:
- The
global machine condition monitoring market is projected to reach
a value of USD 2,887.1 million by 2025, with a CAGR of around 5.6% during
the forecast period from 2021 to 2025.
- North
America accounted for the largest market share in 2018; this is due to the
growing development of the manufacturing units across this region has
created a considerable demand for the machine condition monitoring market
- Europe
is expected to register the second largest market Germany accounted for
the largest market share of 32.93% in 2018
- The
Asia-Pacific market is anticipated to register significant growth due to
the increasing investment in machinery development across sectors such as
automotive, oil & gas, power generation, aerospace & defense, and
others is expected to fuel the market's growth.
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