Machine condition monitoring products such as vibration sensors, thermography, ultrasound, spectrum analysis and corrosion monitoring help in detecting faulty operations and reducing equipment downtime across industries. Early detection of equipment malfunctions helps optimize maintenance processes and improve asset reliability.
The global Machine Condition Monitoring Market is estimated to be valued at US$ 3965.6 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Cloud-based machine condition monitoring solutions have gained immense popularity over the recent past. These cloud-based solutions allow multiple users to access the condition monitoring data from any remote location using an internet-connected device. This convenient access to historical as well as real-time equipment condition data helps maintenance teams and plant operators to take prompt corrective actions and reduce downtime. Cloud-basedCondition Monitoring provides cost-effective predictive maintenance as it eliminates need for any additional hardware or software. growing adoption of Industry 4.0 technologies across industries requires integration of machine condition monitoring systems with IoT and cloud computing platforms which is driving demand for cloud-based condition monitoring solutions.
Segment Analysis
The global machine condition monitoring market is segmented based on monitoring techniques, offering, deployment type, monitoring process and end user industry. Based on monitoring techniques, vibration monitoring is expected to dominate the market during the forecast period. Vibration monitoring helps in identifying machine faults in an early stage and prevents unexpected downtime. This technique monitors machine vibrations to detect bearing faults, unbalanced parts, gear failures and mechanical looseness.
Key Takeaways
Global Machine Condition Monitoring Market Size is estimated to be valued at US$ 3965.6 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
Regional analysis: North America region accounts for the largest share in the global machine condition monitoring market currently. However, Asia Pacific region is expected to witness highest growth during the forecast period owing to rapid industrialization and growing need for predictive maintenance across industries.
Key players: Key players operating in the machine condition monitoring market are Applied Sciences Inc., Argon, Emerson Electric Co., General Electric, Honeywell, Meggitt PLC, National Instruments, Parker Hannifin, Petasense Inc., Rockwell Automation, Schaeffler Technologies AG & Co. KG, SKF, and Wilcoxon Sensing Technologies. Applied Sciences Inc., Emerson Electric Co. and General Electric together account for over 30% share of the global market currently.
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The new research report titled "Machine Condition Monitoring Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the machine condition monitoring market include ALS Limited, BrüelærVibro GmbH, Emerson Electric Co., Fluke Corporation, General Electric, Honeywell International, Meggitt SA, National Hardware, Parker Hannifin Corp, PRÜFTECHNIK Dieter Busch AG, Rockwell Automation, Inc., Schaeffler Technologies AG & Co. KG and SKF.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers& acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Machine Condition Monitoring Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/machine-condition-monitoring-market/download-sampleMarket DynamicsRising technological advancement in wireless technology and remote monitoring is fuelling market growth.
The demand for machine condition monitoring is rapidly increasing due to widely used across various industries like automotive, metals, chemicals, aerospace & defense, and mining.
