North America Machine Condition Monitoring Market Size, Share & Industry Trends Analysis Report By Offering, By Monitoring Technique, By Industry, By Deployment Type, By Monitoring Process, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Machine Condition Monitoring Market would witness market growth of 7.0% CAGR during the forecast period (2022-2028).
Extracting information directly from the machine control, employing digital and analogue I/O, or placing sensors on machines to collect and analyze information are all examples of machine control and sensor-based monitoring. Basic sensors are frequently thrown over or otherwise rendered inaccurate in manufacturing environments due to bumping, chemical or heat conditions, and so on. However, systems like the Machine Metrics High-Frequency Data Adapter, which plugs directly into the PLC and is resistant to shocks, tilts, flying metal shavings, and other hazardous circumstances, are less of a sensor in the classic sense. It also gathers data 1000 times faster than other sensors on the market. Because it enables remote machine monitoring and can employ cloud-based software to collect data, run analytics, create reports, and more, utilizing IoT takes machine condition monitoring to the next level. IoT also makes condition-based maintenance possible, frequently in real-time.
Factors such as the increased focus of manufacturing firms on optimal asset and resource utilization, strict regulatory requirements related to workplace and personnel safety, and strict quality control standards required to be followed by companies in the oil & gas, chemicals, and food & beverage industries are all driving demand for machine condition monitoring systems in North America.
The US has the highest share of the machine condition monitoring market due to a strong emphasis on effective plant asset management and the presence of key participants such as Emerson Electric, National Instruments, Honeywell International, General Electric, and Parker Hannifin are some of the most well-known companies internationally.
The tremendous increase in the use of automation technology in factories and the penetration of smart factories are undoubtedly contributing to market growth. Schneider Electric debuted its smart factory in the United States in June 2019, exhibiting the measurable, real-time benefits of breakthrough ecostruxure solutions. This factory primarily demonstrates IIoT integration techniques with End Users, Machine Builders, and Partners, which have resulted in a 20% reduction in the meantime to repair machinery.
The US market dominated the North America Machine Condition Monitoring Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $870.9 million by 2028. The Canada market is experiencing a CAGR of 9.4% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 8.4% during (2022 - 2028).
Based on Offering, the market is segmented into Hardware and Software. Based on Monitoring Technique, the market is segmented into Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission Monitoring, and Others. Based on Industry, the market is segmented into Power Generation, Metals & Mining, Aerospace & Marine, Automotive, Oil & Gas, Food & Beverages, Chemicals, and Others. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Monitoring Process, the market is segmented into Online Condition Monitoring and Portable Condition Monitoring. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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
- Rest of North America
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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