The Global Machine Condition Monitoring Market is Predict to reach $4.2 Billion by 2028, at a CAGR of 7.4%

Published Date: 31-May-2022

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Machine Condition Monitoring Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, 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.

The Software segment is showcasing a CAGR of 8% during (2022 - 2028). The machine condition monitoring program consists of PC client software, a high-level Web-based consumer level with an overview of the machinery's state, and a Historian time-series database for long-term data preservation. The Machine Condition Monitoring program contains a web-based assessment of the machinery's condition, which is critical for making timely decisions.

The Vibration Monitoring segment acquired maximum revenue share in the Global Machine Condition Monitoring Market by Monitoring Technique 2021, thereby, achieving a market value of $1.24 billion by 2028. Vibration monitoring is the process of calculating and recording typical vibration readings and operating characteristics. It delivers real-time data that can be used to diagnose machine conditions and discover defects in machine operations. Because vibration-based monitoring detects faults early, it is critical for predictive maintenance. The use of this monitoring approach in the oil and gas industry ensures that production machinery is always on and downtime is kept to a minimum, lowering operating costs and increasing productivity and profits.

The Aerospace & Marine segment has shown growth rate of 8.2% during (2022 - 2028). An Aircraft Condition Monitoring System (ACMS) is a proactive maintenance tool made up of a high-capacity flight data acquisition unit and sensors that sample, monitor, and store data and flight parameters from major aircraft systems and components.

The On-premise segment is leading the Global Machine Condition Monitoring Market by Deployment Type 2021, thereby, achieving a market value of $2.72 billion by 2028. Due to the hardware and software programs that are maintained on-site as part of the IT infrastructure. In contrast, IT assets housed by a cloud-based service or a remote data center are hosted locally. By preserving the performance, security, and upkeep of on-premises IT assets, as well as their physical location, businesses have had more control over them.

The Portable Condition Monitoring market is experiencing a CAGR of 8.9% during (2022 - 2028). Because it easier to gather, evaluate, use, and distribute machine condition data in a variety of sectors. Some of these gadgets are also authorized for use in hazardous locations and were designed and certified expressly for use in demanding industrial situations. Gather both dynamic (vibration) and static (process) observations from a variety of sources, then integrate them with data from a variety of sensors and devices to create a full 'big data' picture of rotating plant assets.

The Asia Pacific market dominated the Global Machine Condition Monitoring Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.5 billion by 2028. The Europe market is estimated to witness a CAGR of 6.7% during (2022 - 2028). Additionally, The North America market would experience a CAGR of 7% during (2022 - 2028).

Full Report:

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.

Global Machine Condition Monitoring Market Segmentation

By Offering

  • Hardware
  • Software

By Monitoring Technique

  • Vibration Monitoring
  • Thermography
  • Oil Analysis
  • Corrosion Monitoring
  • Ultrasound Emission Monitoring
  • Others

By Industry

  • Power Generation
  • Metals & Mining
  • Aerospace & Marine
  • Automotive
  • Oil & Gas
  • Food & Beverages
  • Chemicals
  • Others

By Deployment Type

  • On-premise
  • Cloud

By Monitoring Process

  • Online Condition Monitoring
  • Portable Condition Monitoring

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Companies Profiled

  • 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

Unique Offerings from KBV Research

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  • The highest number of market tables and figures
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  • Assured post sales research support with 10% customization free

Related Reports:

North America Machine Condition Monitoring Market Future Scope & Opportunities 2022-2028

Europe Machine Condition Monitoring Market Size & Growth Forecast 2022-2028

Asia Pacific Machine Condition Monitoring Market Size, Share & Industry Outlook to 2028

LAMEA Machine Condition Monitoring Market Growth, Trends & Forecasts 2022-2028

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