Report Scope & Overview:
Machine Condition Monitoring Market Size was valued at USD 2.32 billion in 2022 and is expected to reach USD 3.63 billion by 2030, and grow at a CAGR of 5.7% over the forecast period 2023-2030.
Machine Condition Monitoring states, such as temperature, humidity, and pressure, a machine monitoring system can help predict aging and failure. Noise levels, temperature, and vibration are also important markers of mechanical health. Mechanical failure causes considerable losses, which is why a system to monitor the state of the machine in various industry roles has been implemented.
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Operational control and supervision.
From Preventive to Predictive Maintenance.
Focus on Health and Safety Standards for Employees.
Lack of technical knowledge.
The Beginning of Big Data Analytics.
Increased costs associated with retrofitting existing systems.
IMPACT OF COVID-19:
COVID-19 has had a severe impact on the global economy as well as all industries. To stop the plague from spreading, governments in several countries have established borders. The initial phase of the epidemic's global shutdown in many countries has had a significant influence on people's lives and quality of life. As a result, the global supply chain has been set off. The global economy has shrunk as commodity demand has decreased considerably. Due to the outbreak, which has caused a lack of immature materials, production in all industries has been slowed. Productivity declines are caused by variables such as depreciation and supply chain disruption.
The post-COVID-19, the supply chain was disrupted, hardware components for machine monitoring systems production was decreased, and commercial and industrial activities were halted. When a result, the market in all regions had a negative impact by 2020; however, as the economy recovered, the market acquired a moderate pace after 2021.
Thanks to technical advancements such as wireless technology and remote monitoring, the global market for machine condition monitoring is likely to rise rapidly in the near future. These enhancements allow businesses to collect data and monitor the operation of fundamental tools and machines. Remote monitoring also offers real-time data to the plant operator and is the recommended monitoring technique for hazardous plants that run continuously and are prone to failure. It also enables the operator to collect reliable data, some of which can be immediately submitted to all necessary authorities. Furthermore, the rise of the global monitoring system has been aided by the development of the wind energy market.
KEY MARKET SEGMENTATION:
Ultrasound Emission Monitoring
Motor Current Analysis
Online Condition Monitoring
Portable Condition Monitoring
Oil & Gas
Metal & Mining
Food & Beverages
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Machine Condition Monitoring has been studied in Asia, North America, Europe, and other parts of the world. North America had the largest market share. This can be attributed to the growth of production units in the region which has created a great need for the market to monitor the condition of the machine. The European Machine Condition Monitoring is expected to grow due to the growing demand for production facilities in various parts of Europe has exacerbated the need for automated solutions. Modern production units require state-of-the-art equipment and constant monitoring of equipment during production. The Asia-Pacific Machine Condition Monitoring has grown rapidly due to industrial growth and the growing demand for heavy machinery in modern production facilities are key factors that promote the growth of the machine monitoring market in the region.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The key players in the Global Machine Condition Monitoring market are Emerson Electric Co, Rockwell Automation Inc, Analog Devices Inc, Amphenol Inc., National Instruments Corp, Fluke Corporation, General Electric, Parker Hannifin Corp, SKF, Allied Reliability, Meggitt PLC and other.
Analog Devices Inc-Company Financial Analysis
|Market Size in 2022
|US$ 2.32 Billion
|Market Size by 2030
|US$ 3.63 Billion
|CAGR of 5.7% From 2023 to 2030
|Report Scope & Coverage
|Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
|• By Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission Monitoring, Motor Current Analysis)
• By Deployment (on-Cloud, on-Premises)
• By Process (Online Condition Monitoring, Portable Condition Monitoring)
• By Industry (Oil & Gas, Metal & Mining, Automotive, Food & Beverages, Power Generation, Chemicals, Aerospace, Marine, Others)
|North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Emerson Electric Co, Rockwell Automation Inc, Analog Devices Inc, Amphenol Inc., National Instruments Corp, Fluke Corporation, General Electric, Parker Hannifin Corp, SKF, Allied Reliability, Meggitt PLC and other.
|• Operational control and supervision.
• From Preventive to Predictive Maintenance.
|• Lack of technical knowledge.
The Machine Condition Monitoring Market size was valued at 2.2 billion in 2021 at a CAGR of 5.7%.
From Preventive to Predictive Maintenance and focus on Health and Safety Standards for Employees.
North America is dominating the Machine Condition Monitoring Market.
Yes, and they are Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, including government agencies and NGO, Commercial research & development (R&D) institutions, Importers and exporters, Government organizations, research organizations, and consulting firms, Trade/Industrial associations, End-use industries.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
188.8.131.52 United Kingdom
184.108.40.206 South Korea
220.127.116.11 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Machine Condition Monitoring Market Segmentation, by Technique
8.2 Vibration Monitoring
8.4 Oil Analysis
8.5 Corrosion Monitoring
8.6 Ultrasound Emission Monitoring
8.7 Motor Current Analysis
9. Global Machine Condition Monitoring Market Segmentation, by Deployment
10. Global Machine Condition Monitoring Market Segmentation, By Process
10.2 Online Condition Monitoring
10.3 Portable Condition Monitoring
11. Global Machine Condition Monitoring Market Segmentation, By Industry
11.2 Oil & Gas
11.3 Metal & Mining
11.5 Food & Beverages
11.6 Power Generation
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Meggitt PLC.
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Emerson Electric Co
13.3 Rockwell Automation Inc
13.4 Analog Devices Inc
13.4 Amphenol Inc.
13.5 National Instruments Corp
13.6 Fluke Corporation
13.7 General Electric
13.8 Parker Hannifin Corp
13.10 Allied Reliability
14. Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share analysis
14.3 Recent Developments
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