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Machine Condition Monitoring Market

Machine Condition Monitoring Market Size, Share & Segment By Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission Monitoring, Motor Current Analysis) By Deployment (Vibration, Monitoring, Oil Analysis, Thermography, Corrosion Monitoring) By Process (Online Condition Monitoring, Portable Condition Monitoring) By Industry (Oil & Gas, Metal & Mining, Automotive, Food & Beverages, Power Generation, Chemicals, Aerospace, Marine, Others), By Regions | Global Market Forecast 2022-2028

Report Id: SNS/SEMI/1552 | June 2022 | Region: Global | 125 Pages

Report Scope & Overview:

Machine Condition Monitoring Market Size was valued at USD 2.2 billion in 2021 and is expected to reach USD 3.8 billion by 2028, and grow at a CAGR of 5.7% over the forecast period 2022-2028.

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.

Machine Condition Monitoring Market Revenue Graph

MARKET DYNAMICS: 

KEY DRIVERS:

  • Operational control and supervision.

  • From Preventive to Predictive Maintenance.

  • Focus on Health and Safety Standards for Employees.

RESTRAINTS: 

  • Lack of technical knowledge.

OPPORTUNITIES: 

  • The Beginning of Big Data Analytics.

CHALLENGES: 

  • 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.

MARKET ESTIMATION:

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.

COMPETITIVE LANDSCAPE:

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.

KEY MARKET SEGMENTATION:

BY TECHNIQUE

  • Vibration Monitoring

  • Thermography

  • Oil Analysis

  • Corrosion Monitoring

  • Ultrasound Emission Monitoring

  • Motor Current Analysis

BY DEPLOYMENT

  • Vibration Monitoring

  • Oil Analysis

  • Thermography

  • Corrosion Monitoring

BY PROCESS

  • Online Condition Monitoring

  • Portable Condition Monitoring

BY INDUSTRY

  • Oil & Gas

  • Metal & Mining

  • Automotive

  • Food & Beverages

  • Power Generation

  • Chemicals

  • Aerospace

  • Marine

  • Others

Machine Condition Monitoring Market Segment Pie Chart

REGIONAL ANALYSIS:

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.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The 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

 

Machine Condition Monitoring Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 2.2 Billion
Market Size by 2028 US$ 3.8 Billion
CAGR CAGR of 5.7% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission Monitoring, Motor Current Analysis)
• By Deployment (Vibration, Monitoring, Oil Analysis, Thermography, Corrosion Monitoring)
• By Process (Online Condition Monitoring, Portable Condition Monitoring)
• By Industry (Oil & Gas, Metal & Mining, Automotive, Food & Beverages, Power Generation, Chemicals, Aerospace, Marine, Others)
Regional Analysis/Coverage 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)
Company Profiles 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.
Key Drivers • Operational control and supervision.
• From Preventive to Predictive Maintenance.
Restraints • Lack of technical knowledge.


Frequently Asked Questions (FAQ) :

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. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of Ukraine-Russia War

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Global Machine Condition Monitoring Market Segmentation, by Technique

8.1Introduction

8.2 Vibration Monitoring

8.3 Thermography

8.4 Oil Analysis

8.5 Corrosion Monitoring

8.6 Ultrasound Emission Monitoring

8.7 Motor Current Analysis

8.8 Other

 

9. Global Machine Condition Monitoring Market Segmentation, by Deployment

9.1 Introduction

9.2 Vibration Monitoring

9.3 Oil Analysis

9.4 Thermography

9.5 Corrosion Monitoring

9.6 Other

 

10. Global Machine Condition Monitoring Market Segmentation, By Process

10.1 Introduction

10.2 Online Condition Monitoring

10.3 Portable Condition Monitoring

10.4 Other

 

11. Global Machine Condition Monitoring Market Segmentation, By Industry

11.1 Introduction

11.2 Oil & Gas

11.3 Metal & Mining

11.4 Automotive

11.5 Food & Beverages

11.6 Power Generation

11.7 Chemicals

11.8 Aerospace

11.9 Marine

11.10 Others

11.11 Others  

 

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2    Canada

12.2.3    Mexico

12.3        Europe

12.3.1    Germany

12.3.2    UK

12.3.3    France

12.3.4    Italy

12.3.5    Spain

12.3.6    The Netherlands

12.3.7    Rest of Europe

12.4        Asia-Pacific

12.4.1    Japan

12.4.2    South Korea

12.4.3    China

12.4.4    India

12.4.5    Australia

12.4.6    Rest of Asia-Pacific

12.5        The Middle East & Africa

12.5.1    Israel

12.5.2    UAE

12.5.3    South Africa

12.5.4    Rest

12.6        Latin America

12.6.1    Brazil

12.6.2    Argentina

12.6.3    Rest of Latin America

 

 

13. Company Profiles

13.1 Meggitt PLC.

13.1.1 Financial

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

13.9 SKF

13.10 Allied Reliability

13.11 Other

 

14. Competitive Landscape

14.1 Competitive Benchmark

14.2 Market Share analysis

14.3 Recent Developments

 

15. Conclusion

 

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Secondary Research

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