Global Machine Condition Monitoring Market Size, Share & Industry Trends Analysis Report By Offering, By Monitoring Technique, By Industry, By Deployment Type, By Monitoring Process, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Machine Condition Monitoring Market
Market Report Description
The Global Machine Condition Monitoring Market size is expected to reach $4.2 billion by 2028, rising at a market growth of 7.4% CAGR during the forecast period.
Machine health monitoring systems collect information about the machine's health and performance. They support service professionals in maintaining machines, provide tools to help operators manage machines more effectively, and support managers in scheduling machine care and maintenance. These solutions are very useful in the industrial industry for increasing productivity. Machine health monitoring systems include data analysis software that helps predict failures, pinpoint the reason of failure, and provide important data for future advancements.
Machine breakdowns are less likely with predictive maintenance. Other potential factors for the market in the next years include wireless technology capable systems and the development of smart factories. Increased use of wind energy could provide a major potential opportunity for the industry, as wind turbines are located in remote places and require constant monitoring and maintenance to run smoothly. Smart sensor development, more software functionality, equipment with in-built vibration sensors, internet of things for device health monitoring, and lower implementation costs are some current market trends.
Some of the primary reasons driving the growth of the machine condition monitoring market are the increasing installation of automatic condition monitoring techniques in smart factories and increased awareness among manufacturers internationally about the benefits of adopting condition monitoring systems.
Over the last few decades, the automotive sector has changed tremendously. Cars used to be mechanical, with only the most rudimentary electrical systems providing power for headlights and spark plugs. Cars now have the latest features, such as radios, alarms, wipers, and so on, due to technological improvements. The automotive industry is one of the most important areas of the manufacturing industry. Automobiles are growing increasingly sophisticated as technology progresses.
COVID-19 Impact Analysis
The COVID-19 outbreak slowed the growth of the machine condition monitoring market in 2020. Supply chain interruptions, reduced manufacture of hardware components for machine status monitoring systems, and the stoppage of commercial and industrial activity were all part of the post-COVID-19 scenario. As a result, the market was negatively impacted in all regions in 2020. the current COVID-19 environment, since the pandemic is reducing the availability and usage of hardware components, such as sensors, in a number of applications. This is due to the global economy's and businesses' severe disruptions.
Market Growth Factors:
Strategic alliances to develop leading machine monitoring products
Integrators, independent software vendors, data analytics service providers, and technology providers all have significant opportunities for partnerships and collaborations due to the existence of established companies in the machine condition monitoring sector. In this industrial IoT era, the development of Industry 4.0 is projected to address a wide range of client needs, including more efficient plant operations and increased productivity. Collaborations and partnerships are anticipated to occur in jointly technology advancements that may be used to build world-class services and solutions for industrial clients around the world.
Manufacturing Facilities Have an Increasing Demands for Automated Solutions
The deployment of automated manufacturing technologies in developed countries has accelerated in recent years. As a result, the countries have seen an increase in the number of smart factories. Countries having much more manufacturing facilities, such as the United States, China, Canada, the United Kingdom, Germany, Japan, and France, are constantly seeking automated technology in manufacturing facilities across industries. With the constant growth of the market for manufacturing across industries, one of the most important techniques used by manufacturers is to expand their manufacturing facilities. As new and technologically advanced machinery requires regular monitoring of components during operation, the expanding number of industrial facilities has a favorable influence on the demand for automated solutions.
Marketing Restraining Factor:
Lack of technical expertise required to conduct data analysis
Condition monitoring necessitates the use of qualified personnel who are familiar with the newest technology and software. System optimization, software updates, system networking, data transmissions, and other technical tasks require technical competence. As a result, existing personnel must be educated to operate new systems. This could result in a skill gap between present workers and those who have been trained. Lack of educated resources may cause industrial plant operators to be hesitant to accept new technologies. As a result of the lack of a competent workforce for data analysis, emerging countries continue to struggle with the efficient adoption of machine monitoring systems and next-level manufacturing.
Based on Offering, the market is segmented into Hardware and Software. The hardware monitoring segment acquired the largest revenue share in the machine condition monitoring market in 2021. Due to the utilization of the Vibration sensors, vibration analyzers, infrared sensors, spectrometers, ultrasonic detectors, spectrum analyzers, corrosion probes, and other machine condition monitoring systems are the hardware components. With the help of software solutions, the data acquired by these components is further evaluated, allowing manufacturers to implement successful predictive maintenance plans and minimize costly downtime.
Monitoring Technique Outlook
Based on Monitoring Technique, the market is segmented into Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission Monitoring, and Others. The Thermography segment witnessed a substantial revenue share in the machine condition monitoring market in 2021. Thermography works on the premise of detecting infrared radiation emitted by any item that is warmer than Absolute Zero. It is possible to transform such radiations into electrical signals using an infrared detector, which can subsequently be presented on a monitor as a grey level image or a color image, indicating the object's entire surface temperature map. Thermography is used in a variety of industries, including healthcare, military, performance monitoring, electronic or mechanical engineering, energy evaluations, research and development, and so on, supporting market expansion over the projection period.
Based on Industry, the market is segmented into Power Generation, Metals & Mining, Aerospace & Marine, Automotive, Oil & Gas, Food & Beverages, Chemicals, and Others. The power generation segment garnered the largest revenue share in the machine condition monitoring market in 2021. Because these industries are production-intensive, online condition monitoring systems are used in industries like power generation and metals and mining, where there is a high rate of failure for some components, such as entire system overhauls, high repair costs, and unsafe work environment. As a result, these industries require continuous asset and machinery maintenance. Condition monitoring using portable monitoring methods is difficult in businesses with production units in remote areas; as a result, industries like power generation and metals and mining rely heavily on online condition monitoring systems.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. The cloud segment revenue registered a promising share in the machine condition monitoring market in 2021. It is due to the organizations benefit from cloud adoption because it delivers 24/7 services, increased scalability, and speed. The faster rate of growth of the marketplace for cloud-based machine condition monitoring systems is due to enterprises' rising choice for the software as a service (SaaS) model due to possible cost savings.
Monitoring Process Outlook
Based on Monitoring Process, the market is segmented into Online Condition Monitoring and Portable Condition Monitoring. The online condition monitoring segment acquired the highest revenue share in the machine condition monitoring market in 2021. Online condition monitoring offers operators real-time plant data, making it more appealing than the portable condition monitoring approach. In industries where 24-hour production is necessary, online condition monitoring equipment is used.
|Market size value in 2021||USD 2.6 Billion|
|Market size forecast in 2028||USD 4.2 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 7.4% from 2022 to 2028|
|Number of Pages||343|
|Number of Tables||580|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Offering, Monitoring Technique, Industry, Deployment Type, Monitoring Process, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia pacific revenue share in the machine condition monitoring market in 2021. Due to the ongoing industrialization, increased usage of predictive maintenance technologies, and increasing competitive pressure to attain operational efficiency. Furthermore, due to the reduced cost of labor in Asian countries such as China, India, and South Korea, several corporations from industrialized countries are intending to relocate their manufacturing operations there. As a result, the region's manufacturing activity is projected to develop further. The machine condition monitoring systems would be in high demand throughout the region.
Free Valuable Insights: Global Machine Condition Monitoring Market size to reach USD 4.2 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ALS Limited, Fortive Corporation (Fluke Corporation), Schaeffler AG, Honeywell International, Inc., Emerson Electric Co., Rockwell Automation, Inc., General Electric (GE) Co., Analog Devices, Inc., National Instruments Corporation, and Parker Hannifin Corporation.
Scope of the Study
Market Segments Covered in the Report:
By Monitoring Technique
- Vibration Monitoring
- Oil Analysis
- Corrosion Monitoring
- Ultrasound Emission Monitoring
- Power Generation
- Metals & Mining
- Aerospace & Marine
- Oil & Gas
- Food & Beverages
By Deployment Type
By Monitoring Process
- Online Condition Monitoring
- Portable Condition Monitoring
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- ALS Limited
- Fortive Corporation (Fluke Corporation)
- Schaeffler AG
- Honeywell International, Inc.
- Emerson Electric Co.
- Rockwell Automation, Inc.
- General Electric (GE) Co.
- Analog Devices, Inc.
- National Instruments Corporation
- Parker Hannifin Corporation
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