According to IMARC Group latest report titled “Machine Condition Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on machine condition monitoring market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global machine condition monitoring market size reached US$ 2.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.6 Billion by 2027, exhibiting a growth rate (CAGR) of 7% during 2022-2027
Machine condition monitoring is a process of monitoring the health of machines and equipment to identify any potential failure or malfunction that could impact productivity, efficiency, and safety. Machine condition monitoring involves collecting and analyzing data about machines and their components, such as temperature, vibration, noise, and other performance metrics. The data collected is then used to detect any abnormalities and identify potential problems before they lead to significant downtime or safety issues.
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Market Trends:
Factors driving the growth of the machine condition monitoring market include the need for increased productivity and efficiency, the rising adoption of Industry 4.0 technologies, and the increasing focus on predictive maintenance to reduce downtime and maintenance costs. Furthermore, the growing use of wireless communication technology and the increasing adoption of cloud-based machine condition monitoring solutions are expected to drive the growth of the market in the coming years. Machine condition monitoring is used in various industries, including manufacturing, oil and gas, power generation, aerospace, and automotive. The manufacturing industry is the largest user of machine condition monitoring solutions, driven by the need to improve productivity and reduce downtime. The oil and gas industry is also a significant user of machine condition monitoring solutions, as downtime and safety issues can have severe consequences. Power generation is another key application area for machine condition monitoring solutions, as power plants rely heavily on the efficient and reliable operation of their equipment. Aerospace and automotive industries also use machine condition monitoring to ensure the safety and reliability of their equipment.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Brüel & Kjær Vibro GmbH (Spectris Plc)
- Emerson Electric Co.
- Flir Systems
- Fluke Corporation (Fortive)
- General Electric
- Honeywell International
- National Instruments
- Parker Hannifin
- PCB Piezotronics (MTS Systems Corporation)
- Rockwell Automation
- Schaeffler Group
- SKF
- Symphony AzimaAI
- Wilcoxon Sensing Technologies (Amphenol Corporation)
Machine Condition Monitoring Market Segmentation:
Our report has categorized the market based on region, monitoring technique, offering, deployment type and end use industry.
Breakup by Monitoring Technique:
- Vibration Monitoring
- Thermography
- Oil Analysis
- Corrosion Monitoring
- Ultrasound Emission
- Motor Current Analysis
Breakup by Offering:
- Hardware
- Software
Breakup by Deployment Type:
- On-Premises
- Cloud-based
Breakup by End Use Industry:
- Oil and Gas
- Power Generation
- Metals and Mining
- Chemicals
- Automotive
- Aerospace and Defense
- Food and Beverages
- Marine
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.
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