HOME Top Market Reports Machine Condition Monitoring Market by Monitoring Type (Vibration Monitoring, Thermography, Lubricating Oil Analysis, Corrosion Monitoring, Ultrasound Emission, MCSA), Offering, Industry, Monitoring Process, and Geography - Global Forecast to 2022

Machine Condition Monitoring Market by Monitoring Type (Vibration Monitoring, Thermography, Lubricating Oil Analysis, Corrosion Monitoring, Ultrasound Emission, MCSA), Offering, Industry, Monitoring Process, and Geography - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: November 2016
Report Code: SE 2739

 

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The increasing use of wireless communication technology, growth in the HVAC systems market, rising trend of smart factory or Industry 4.0, and transition from preventative to predictive maintenance are the driving factors for the growth of the machine condition monitoring market. The machine condition monitoring market was valued at USD 1.91 Billion in 2015 and is expected to grow at a CAGR of 7.0% between 2016 and 2022. The base year considered for study is 2015 and the forecast period is between 2016 and 2022. The objective of the report is to provide a detailed analysis of the machine condition monitoring market based on monitoring type, offering, industry, monitoring process, and geography. The report provides detailed information regarding the major factors influencing the growth of the machine condition monitoring market. The report also gives a detailed overview of the value chain of the machine condition monitoring market and analyzes the market trends on the basis of the Porter's five forces analysis.

The research methodology used to estimate and forecast the machine condition monitoring market begins with obtaining data on key vendor revenues through secondary research such as American Petroleum Institute (API), International Organization for Standardization (ISO), Association for Asset Management Professional (U.S.), and leading players’ newsletters and whitepapers. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the global machine condition monitoring market from the revenue of key players. After arriving at the overall market size, the total market has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews of people holding key positions in the industry such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of primaries has been depicted in the figure given below.

Machine Condition Monitoring Market

To know about the assumptions considered for the study, download the pdf brochure

The machine condition monitoring ecosystem comprises component providers, OEMs, system integrators, software providers, and distributors. The players involved in the development of machine condition monitoring systems include General Electric (U.S.), Emerson Electric Co. (U.S.), SKF AB (Sweden), National Instruments Corp. (U.S.), and Honeywell International Inc. (U.S.), among others. The American Petroleum Institute (API), American Society for Testing and Materials (ASTM), International Organization for Standardization (ISO), and Machinery Information Management Open System Alliance (MIMOSA) are among the major regulatory standards for machine condition monitoring systems.

Target audience of the report:

  • Asset management consultants that specialize in physical asset management
  • Associations and regulatory authorities related to plant maintenance
  • Government bodies, venture capitalists, and private equity firms
  • Manufacturers of components such as accelerometers, eddy current sensors, IR detectors, ultrasonic detectors, and other instruments used for machine condition monitoring
  • Maintenance personnel in various industries that are beneficiaries of machine condition monitoring systems and manufacturers and suppliers of machine condition monitoring systems
  • Research institutes and organizations

This study answers several questions for the stakeholders, primarily which market segments to focus on in the next two to five years for prioritizing efforts and investments.

Scope of the report:

This research report categorizes the global machine condition monitoring market on the basis of monitoring type, offering, industry, monitoring process, and geography.

Machine Condition Monitoring Market, by Monitoring Type:

  • Vibration Monitoring
  • Thermography
  • Lubricating Oil Analysis
  • Corrosion Monitoring
  • Ultrasound Emission
  • MCSA

Machine Condition Monitoring Market, by Offering:

  • Hardware
    • Vibration Sensors
    • Infrared Sensors
    • Spectrometers
    • Corrosion Probes
    • Ultrasound Detectors
    • Spectrum Analyzers
    • Others
  • Software

Machine Condition Monitoring Market, by Industry:

  • Oil and Gas
  • Energy and Power
  • Metals and Mining
  • Chemicals
  • Automotive
  • Aerospace and Defense
  • Food and Beverages
  • Marine
  • Others

Machine Condition Monitoring Market, by Monitoring Process:

  • Online Condition Monitoring
  • Portable Condition Monitoring

Machine Condition Monitoring Market, by Geography:

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Rest of the World (RoW)

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the companies’ specific needs. The following customization options are available for the report:

Company Information:

Detailed analysis and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 17)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Scope of the Study
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 21)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
                    2.2.1.1 Approach for Arriving at the Market Share By Bottom-Up Analysis (Demand Side)
           2.2.2 Top-Down Approach
                    2.2.2.1 Approach for Capturing the Market Share By Top-Down Analysis (Supply Side)
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 30)

4 Premium Insights (Page No. - 36)
    4.1 Machine Condition Monitoring Market, 2016–2022
    4.2 Machine Condition Monitoring Market, By Monitoring Type (2016–2022)
    4.3 Machine Condition Monitoring Market, By Offering (2016–2022)
    4.4 Machine Condition Monitoring Market, By Monitoring Process (2016–2022)
    4.5 Machine Condition Monitoring Market, By Industry and Region (2016)
    4.6 Machine Condition Monitoring Market, By Geography (2016)

5 Market Overview (Page No. - 40)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 By Monitoring Type
           5.2.2 By Offering
           5.2.3 By Industry
           5.2.4 By Monitoring Process
           5.2.5 By Geography
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Increasing Use of Wireless Communication Technology
                    5.3.1.2 Growth in the Hvac Systems Market
                    5.3.1.3 Rising Trend of Smart Factory Or Industry 4.0
                    5.3.1.4 Transition From Preventive to Predictive Maintenance
           5.3.2 Restraints
                    5.3.2.1 Unpredictable Maintenance Schedules
                    5.3.2.2 Additional Expenses Incurred in Retrofitting Existing Systems
           5.3.3 Opportunities
                    5.3.3.1 Industrial Internet of Things (IIoT)
                    5.3.3.2 Advent of Big Data Analytics
           5.3.4 Challenges
                    5.3.4.1 Availability of Expertise at Remote Locations
                    5.3.4.2 Integration of Condition Monitoring Systems With Pam and Cmms

6 Industry Trends (Page No. - 48)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Porter’s Five Forces Model
           6.3.1 Bargaining Power of Suppliers
           6.3.2 Bargaining Power of Buyers
           6.3.3 Threat of New Entrants
           6.3.4 Threat of Substitutes
           6.3.5 Intensity of Competitive Rivalry
    6.4 Regulatory Standards
           6.4.1 Api
           6.4.2 Astm
           6.4.3 Iso
           6.4.4 Mimosa

7 Market Analysis, By Monitoring Type (Page No. - 59)
    7.1 Introduction
    7.2 Vibration Monitoring
           7.2.1 Defects Detected By Vibration Monitoring
    7.3 Thermography
           7.3.1 Defects Detected By Thermography
    7.4 Lubricating Oil Analysis
           7.4.1 Defects Detected By Lubricating Oil Analysis
    7.5 Corrosion Monitoring
           7.5.1 Defects Detected By Corrosion Monitoring
    7.6 Ultrasound Emission
           7.6.1 Defects Detected By Ultrasound Emission Monitoring
    7.7 Motor Current Signature Analysis (MCSA)
           7.7.1 Defects Detected By Motor Current Signature Analysis

8 Market Analysis, By Offering (Page No. - 78)
    8.1 Introduction
    8.2 Hardware
           8.2.1 Vibration Sensors
                    8.2.1.1 Accelerometers
                    8.2.1.2 Proximity Probes
                    8.2.1.3 Tachometers
           8.2.2 Infrared Sensors
                    8.2.2.1 Thermal Infrared Sensors
                    8.2.2.2 Quantum Infrared Sensors
           8.2.3 Spectrometers
                    8.2.3.1 Infrared Spectrometers
                    8.2.3.2 Ultraviolet Spectrometers
                    8.2.3.3 Atomic Spectrometers
                    8.2.3.4 Mass Spectrometers
           8.2.4 Corrosion Probes
           8.2.5 Ultrasound Detectors
           8.2.6 Spectrum Analyzers
                    8.2.6.1 Swept Spectrum Analyzers
                    8.2.6.2 Real-Time Spectrum Analyzers
           8.2.7 Others
    8.3 Software
           8.3.1 Data Integration
           8.3.2 Diagnostic Reporting
           8.3.3 Order Tracking Analysis
           8.3.4 Parameter Calculation

9 Market Analysis, By Industry (Page No. - 87)
    9.1 Introduction
    9.2 Oil & Gas
           9.2.1 Use of Data Analytics and Augmented Reality in the Oil & Gas Industry for Machine Condition Monitoring
    9.3 Energy & Power
           9.3.1 Launch of Condition Monitoring Alliance to Cut Down Grid Maintenance Costs
    9.4 Metals & Mining
           9.4.1 Development of Conveyor Condition Monitoring Systems to Detect Conveyor Faults in the Mining Industry
    9.5 Chemicals
           9.5.1 Digitalization of Plant Operations Increases Productivity of Chemical Plants
    9.6 Automotive
           9.6.1 Industrial Internet of Things (IIoT) Drives Innovation in Automobile Manufacturing
    9.7 Aerospace and Defense
           9.7.1 Artificial Intelligence in Monitoring Aircraft Manufacturing
    9.8 Food & Beverages
           9.8.1 Real-Time Process Monitoring in Food and Beverages Manufacturing
    9.9 Marine
           9.9.1 Effective Predictive Maintenance for Ship Manufacturing
    9.10 Others
           9.10.1 Cement Industry
           9.10.2 Healthcare
           9.10.3 Pulp & Paper
           9.10.4 Semiconductor & Electronics

10 Market Analysis, By Monitoring Process (Page No. - 112)
     10.1 Introduction
     10.2 Online Condition Monitoring
             10.2.1 Cloud Computing Gaining Importance in Online Condition Monitoring
     10.3 Portable Condition Monitoring
             10.3.1 Portable Monitoring: A Cost Effective Condition Monitoring Process

11 Cloud-Based Condition Monitoring Market (Page No. - 118)
     11.1 Introduction
     11.2 Need for Cloud-Based Condition Monitoring
     11.3 Benefits of Cloud-Based Condition Monitoring
     11.4 Major Cloud-Based Condition Monitoring Services Outsourced
             11.4.1 Remote Operation Monitoring
             11.4.2 Analytics as A Service
     11.5 Future Trends of Cloud-Based Condition Monitoring
             11.5.1 Multi-Parameter Condition Monitoring
             11.5.2 Cloud-Based Predictive Maintenance (Maintenance-As-A-Service)
             11.5.3 Smart Maintenance for Smart Factories
     11.6 Challenges for Cloud-Based Condition Monitoring
             11.6.1 Apprehensions About Data Security
             11.6.2 Absence of Infrastructure for Cloud in Emerging Economies
     11.7 Major Companies Offering Cloud-Based Condition Monitoring Services

12 Market Analysis, By Geography (Page No. - 125)
     12.1 Introduction
     12.2 North America
             12.2.1 U.S.
                        12.2.1.1 New Product Launches in the Lubricating Oil Analysis Market
             12.2.2 Canada
                        12.2.2.1 Increasing Demand for Machine Condition Monitoring Systems in the Oil and Gas Industry
             12.2.3 Mexico
                        12.2.3.1 Mexico, Being One of the Largest Industrial Automation Markets, Expected to Drive Machine Condition Monitoring Market
     12.3 Europe
             12.3.1 Germany
                        12.3.1.1 Increasing Implementation of Industry 4.0 to Transform the Machine Condition Monitoring Market
             12.3.2 U.K.
                        12.3.2.1 Investments in the Nuclear Power Plants Offer Growth Opportunities for the Machine Condition Monitoring Market
             12.3.3 France
                        12.3.3.1 Growing Aerospace Industry in France Supporting the Growth of Machine Condition Monitoring Market
             12.3.4 Rest of Europe
                        12.3.4.1 Metals and Mining Industry Driving the Growth of the Machine Condition Monitoring Market
     12.4 APAC
             12.4.1 China
                        12.4.1.1 Machine Condition Monitoring Capitalizing on the Increasing Automation in the Manufacturing Industries in China
             12.4.2 Japan
                        12.4.2.1 Automation in the Automotive Industry to Offer Growth Prospects for the Machine Condition Monitoring Market in Japan
             12.4.3 India
                        12.4.3.1 Make in India Initiative By the Indian Government
             12.4.4 Rest of APAC
                        12.4.4.1 Rapidly Developing Shipping and Offshore Industry Expected to Drive the Machine Condition Monitoring Market
     12.5 RoW
             12.5.1 Middle East
                        12.5.1.1 Huge Oil Reserves in the Middle East to Provide Huge Opportunities for the Machine Condition Monitoring Market
             12.5.2 South America
                        12.5.2.1 Investments From Emerging Asian Economies in South America for Industrial Setup
             12.5.3 Africa
                        12.5.3.1 Availability of Natural Resources Holds Opportunities for Rapid Industrialization

13 Competitive Landscape (Page No. - 140)
     13.1 Overview
     13.2 Ranking Analysis of the Players in the Machine Condition Monitoring Market
     13.3 Competitive Situation and Trends
             13.3.1 New Product Launches
             13.3.2 Acquisitions & Contracts
             13.3.3 Agreements, Collaborations, & Partnerships

14 Company Profiles (Page No. - 146)
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
     14.1 Introduction
     14.2 Emerson Electric Co.
     14.3 General Electric
     14.4 Honeywell International Inc.
     14.5 National Instruments Corp.
     14.6 SKF AB
     14.7 ALS Ltd.
     14.8 Meggitt PLC
     14.9 Parker Hannifin Corp.
     14.10 Rockwell Automation, Inc.
     14.11 Schaeffler AG
     14.12 Azima DLI Corp.
     14.13 Bruel & Kjaer Vibro GmbH

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

15 Appendix (Page No. - 176)
     15.1 Insights of Industry Experts
     15.2 Discussion Guide
     15.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     15.4 Introducing RT: Real-Time Market Intelligence
     15.5 Available Customizations
     15.6 Related Reports


List of Tables (64 Tables)

Table 1 Machine Condition Monitoring Market, 2013–2022 (USD Million & Thousand Units)
Table 2 Machine Condition Monitoring Market, By Monitoring Type, 2013–2022 (USD Million)
Table 3 Market for Vibration Monitoring , By Industry, 2013–2022 (USD Million)
Table 4 Market for Vibration Monitoring, By Monitoring Process, 2013–2022 (USD Million)
Table 5 Market for Vibration Monitoring , By Region, 2013–2022 (USD Million)
Table 6 Market for Thermography, By Industry, 2013–2022 (USD Million)
Table 7 Market for Thermography, By Monitoring Process, 2013–2022 (USD Million)
Table 8 Market for Thermography, By Region, 2013–2022 (USD Million)
Table 9 Market for Lubricating Oil Analysis, By Industry, 2013–2022 (USD Million)
Table 10 Market for Lubricating Oil Analysis, By Monitoring Process, 2013–2022 (USD Million)
Table 11 Market for Lubricating Oil Analysis, By Region, 2013–2022 (USD Million)
Table 12 Market for Corrosion Monitoring, By Industry, 2013–2022 (USD Million)
Table 13 Market for Corrosion Monitoring, By Monitoring Process, 2013–2022 (USD Million)
Table 14 Market for Corrosion Monitoring, By Region, 2013–2022 (USD Million)
Table 15 Market for Ultrasound Emission, By Industry, 2013–2022 (USD Million)
Table 16 Market for Ultrasound Emission, By Monitoring Process, 2013–2022 (USD Million)
Table 17 Market for Ultrasound Emission, By Region, 2013–2022 (USD Million)
Table 18 Market for MCSA, By Industry, 2013–2022 (USD Million)
Table 19 Market for MCSA, By Monitoring Process, 2013–2022 (USD Million)
Table 20 Market for MCSA, By Region, 2013–2022 (USD Million)
Table 21 Machine Condition Monitoring Market, By Offering, 2013–2022 (USD Million)
Table 22 Machine Condition Monitoring Market for Hardware, By Type, 2013–2022 (USD Million)
Table 23 Machine Condition Monitoring Market, By Industry, 2013–2022 (USD Million)
Table 24 Machine Condition Monitoring Market for the Oil and Gas Industry, By Monitoring Type, 2013–2022 (USD Million)
Table 25 Machine Condition Monitoring Market for the Oil and Gas Industry, By Monitoring Process, 2013–2022 (USD Million)
Table 26 Machine Condition Monitoring Market for the Oil and Gas Industry, By Region, 2013–2022 (USD Million)
Table 27 Machine Condition Monitoring Market for the Energy & Power Industry, By Monitoring Type, 2013–2022 (USD Million)
Table 28 Machine Condition Monitoring Market for the Energy & Power Industry, By Monitoring Process, 2013–2022 (USD Million)
Table 29 Machine Condition Monitoring Market for the Energy & Power Industry, By Region, 2013–2022 (USD Million)
Table 30 Machine Condition Monitoring Market for the Metals & Mining Industry, By Monitoring Type, 2013–2022 (USD Million)
Table 31 Machine Condition Monitoring Market for the Metals & Mining Industry, By Monitoring Process, 2013–2022 (USD Million)
Table 32 Machine Condition Monitoring Market for the Metals & Mining Industry, By Region, 2013–2022 (USD Million)
Table 33 Machine Condition Monitoring Market for the Chemicals Industry, By Monitoring Type, 2013–2022 (USD Million)
Table 34 Machine Condition Monitoring Market for the Chemicals Industry, By Monitoring Process, 2013–2022 (USD Million)
Table 35 Machine Condition Monitoring Market for the Chemicals Industry, By Region, 2013–2022 (USD Million)
Table 36 Machine Condition Monitoring Market for the Automotive Industry, By Monitoring Type, 2013–2022 (USD Million)
Table 37 Machine Condition Monitoring Market for the Automotive Industry, By Monitoring Process, 2013–2022 (USD Million)
Table 38 Machine Condition Monitoring Market for the Automotive Industry, By Region, 2013–2022 (USD Million)
Table 39 Machine Condition Monitoring Market for the Aerospace & Defense Industry, By Monitoring Type, 2013–2022 (USD Million)
Table 40 Machine Condition Monitoring Market for the Aerospace & Defense Industry, By Monitoring Process, 2013–2022 (USD Million)
Table 41 Machine Condition Monitoring Market for the Aerospace & Defense Industry, By Region, 2013–2022 (USD Million)
Table 42 Machine Condition Monitoring Market for the Food & Beverages Industry, By Monitoring Type, 2013–2022 (USD Million)
Table 43 Machine Condition Monitoring Market for the Food & Beverages Industry, By Monitoring Process, 2013–2022 (USD Million)
Table 44 Machine Condition Monitoring Market for the Food & Beverages Industry, By Region, 2013–2022 (USD Million)
Table 45 Machine Condition Monitoring Market for the Marine Industry, By Monitoring Type, 2013–2022 (USD Million)
Table 46 Machine Condition Monitoring Market for the Marine Industry, By Monitoring Process, 2013–2022 (USD Million)
Table 47 Machine Condition Monitoring Market for the Marine Industry, By Region, 2013–2022 (USD Million)
Table 48 Machine Condition Monitoring Market for the Other Industries, By Monitoring Type, 2013–2022 (USD Million)
Table 49 Machine Condition Monitoring Market for the Other Industries, By Monitoring Process, 2013–2022 (USD Million)
Table 50 Machine Condition Monitoring Market for the Other Industries, By Region, 2013–2022 (USD Million)
Table 51 Machine Condition Monitoring Market, By Monitoring Process, 2013–2022 (USD Million)
Table 52 Online Condition Monitoring Market, By Monitoring Type, 2013–2022 (USD Million)
Table 53 Online Condition Monitoring Market, By Industry, 2013–2022 (USD Million)
Table 54 Portable Condition Monitoring Market, By Monitoring Type, 2013–2022 (USD Million)
Table 55 Portable Condition Monitoring Market, By Industry, 2013–2022 (USD Million)
Table 56 Machine Condition Monitoring Market, By Region, 2013–2022 (USD Million)
Table 57 Machine Condition Monitoring Market in North America, By Country, 2013–2022 (USD Million)
Table 58 Machine Condition Monitoring Market in Europe, By Country, 2013–2022 (USD Million)
Table 59 Machine Condition Monitoring Market in APAC, By Country, 2013–2022 (USD Million)
Table 60 Machine Condition Monitoring Market in RoW, By Region, 2013–2022 (USD Million)
Table 61 Ranking of the Top 5 Players in the Machine Condition Monitoring Market, 2015
Table 62 New Product Launches, 2014–2016
Table 63 Acquisitions & Contracts, 2014–2016
Table 64 Agreements, Collaborations, & Partnerships, 2014–2016


List of Figures (80 Figures)

Figure 1 Segmentation of the Machine Condition Monitoring Market
Figure 2 Machine Condition Monitoring Market: Research Design
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Top-Down Approach to Arrive at the Market Size
Figure 5 Data Triangulation
Figure 6 Segmentation of the Machine Condition Monitoring Market
Figure 7 Snapshot of the Machine Condition Monitoring Market (2016 vs 2022): Vibration Monitoring to Hold the Largest Share of the Market in 2016
Figure 8 Machine Condition Monitoring Market for Software Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 9 Machine Condition Monitoring Market for the Automotive and Aerospace & Defense Industries Expected to Grow at A High Rate Between 2016 and 2022
Figure 10 Market for Online Condition Monitoring to Grow at the Highest Rate Between 2016 and 2022
Figure 11 North America to Hold the Largest Share of the Machine Condition Monitoring Market in 2016
Figure 12 Attractive Opportunities in the Machine Condition Monitoring Market Between 2016 and 2022
Figure 13 Machine Condition Monitoring Market for Motor Current Signature Analysis Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 14 Hardware Expected to Lead the Machine Condition Monitoring Market During the Forecast Period
Figure 15 Online Condition Monitoring to Hold the Largest Share of the Machine Condition Monitoring Market in 2016
Figure 16 Oil & Gas Industry Expected to Hold the Largest Share of the Global Machine Condition Monitoring Market in 2016
Figure 17 U.S. Likely to Hold the Largest Share of the Machine Condition Monitoring Market in 2016
Figure 18 Machine Condition Monitoring Market, By Geography
Figure 19 Droc: Machine Condition Monitoring Market, 2016
Figure 20 Value Chain Analysis: Major Value is Added During the Manufacturing and System Integration Stages
Figure 21 Machine Condition Monitoring Market: Porter’s Five Forces Analysis, 2016
Figure 22 Bargaining Power of Suppliers Expected to Have A High Impact on the Market
Figure 23 High Quality of Raw Materials to Have A Significant Impact on the Bargaining Power of Suppliers
Figure 24 Moderate Consumer Adoption to Have A Medium Impact on the Bargaining Power of Buyers
Figure 25 Increasing Requirement for Robust R&D Units to Have A Medium Impact on the Threat of New Entrants
Figure 26 No Direct Substitute Leading to Low Impact of the Threat of Substitutes on the Market
Figure 27 Moderate Number of Suppliers Leading to Medium Impact of Competition
Figure 28 Market Segmentation, By Monitoring Type
Figure 29 Warning Signs of Machine Failure
Figure 30 North America Expected to Hold the Largest Size of the Vibration Monitoring Market Between 2016 and 2022
Figure 31 Market for Thermography in APAC Expected to Grow at the Highest Rate During the Forecast Period
Figure 32 Market for Lubricating Oil Analysis in APAC Expected to Grow at the Highest CAGR Between 2016 and 2022
Figure 33 Oil & Gas Industry Expected to Hold the Largest Size of the Corrosion Monitoring Market During the Forecast Period
Figure 34 Online Condition Monitoring to Dominate the Market for Ultrasound Emission Between 2016 and 2022
Figure 35 Machine Condition Monitoring Market, By Offering
Figure 36 Hardware to Hold the Largest Market Size During Forecast Period
Figure 37 Machine Condition Monitoring Market, By Hardware
Figure 38 Vibration Sensors Expected to Hold the Largest Market Size Between 2016 and 2022
Figure 39 Machine Condition Monitoring Market, By Software
Figure 40 Machine Condition Monitoring Market, By Industry
Figure 41 Vibration Monitoring Expected to Hold the Largest Size of the Machine Condition Monitoring Market for the Oil & Gas Industry During the Forecast Period
Figure 42 Online Condition Monitoring to Dominate the Machine Condition Monitoring Market for the Energy & Power Industry Between 2016 and 2022
Figure 43 Online Condition Monitoring to Dominate the Machine Condition Monitoring Market for the Metals & Mining Industry During the Forecast Period
Figure 44 North America to Hold the Largest Size of the Machine Condition Monitoring Market for the Chemicals Industry During the Forecast Period
Figure 45 Online Condition Monitoring to Dominate the Machine Condition Monitoring Market for the Automotive Industry During the Forecast Period
Figure 46 North America Expected to Hold the Largest Size of the Machine Condition Monitoring Market for the Aerospace & Defense Industry During the Forecast Period
Figure 47 Vibration Monitoring to Hold the Largest Size of the Machine Condition Monitoring Market for the Marine Industry During the Forecast Period
Figure 48 Online Condition Monitoring to Dominate the Machine Condition Monitoring Market for the Other Industries Between 2016 and 2022
Figure 49 Market Segmentation, By Monitoring Process
Figure 50 Vibration Monitoring to Hold the Largest Market Size Between 2016 and 2022
Figure 51 Portable Condition Monitoring Market for the Automotive Industry Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 52 Overview of Cloud-Based Condition Monitoring
Figure 53 Overview of Cloud-Based Remote Operation Monitoring
Figure 54 Data Exchange in the Cloud-Based Maintenance Framework
Figure 55 Transformation of the Traditional Automation Layer Through Cloud
Figure 56 Machine Condition Monitoring Market in India to Grow at the Highest Rate During the Forecast Period
Figure 57 Snapshot of the Machine Condition Monitoring Market in North America
Figure 58 U.S. to Hold the Largest Size of the Machine Condition Monitoring Market in North America During the Forecast Period
Figure 59 Germany to Hold the Largest Size of the Machine Condition Monitoring Market in Europe Between 2016 and 2022
Figure 60 Snapshot of the Machine Condition Monitoring Market in APAC
Figure 61 Machine Condition Monitoring Market in India Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 62 Middle East Expected to Hold the Largest Size of the Machine Condition Monitoring Market in RoW Between 2016 and 2022
Figure 63 Companies Adopted New Product Launches as A Key Growth Strategy Between 2014 and 2016
Figure 64 Battle for Market Share: New Product Launches Was the Key Strategy
Figure 65 Geographic Revenue Mix of Key Market Players (2015)
Figure 66 Emerson Electric Co.: Company Snapshot
Figure 67 Emerson Electric Co.: SWOT Analysis
Figure 68 General Electric: Company Snapshot
Figure 69 General Electric: SWOT Analysis
Figure 70 Honeywell International Inc.: Company Snapshot
Figure 71 Honeywell International Inc.: SWOT Analysis
Figure 72 National Instruments Corp.: Company Snapshot
Figure 73 National Instruments Corp.: SWOT Analysis
Figure 74 SKF AB: Company Snapshot
Figure 75 SKF AB: SWOT Analysis
Figure 76 ALS Ltd.: Company Snapshot
Figure 77 Meggitt PLC: Company Snapshot
Figure 78 Parker Hannifin Corp.: Company Snapshot
Figure 79 Rockwell Automation Inc.: Company Snapshot
Figure 80 Schaeffler AG: Company Snapshot

The machine condition monitoring market is expected to be valued at USD 3.07 Billion by 2022, growing at a CAGR of 7.0% between 2016 and 2022. The growth of this market is propelled by the increasing use of wireless communication technology, growth in the HVAC systems market, rising trend of smart factory or Industry 4.0, and transition from preventive to predictive maintenance.

Vibration monitoring is expected to hold a large share of the overall machine condition monitoring market in 2016.

Vibration monitoring is a widely used predictive maintenance technique as it is capable of detecting a fault in its early stage and identifying the exact location of the fault. The market for motor current signature analysis (MCSA) is expected to grow at a high rate between 2016 and 2022. MCSA is a relatively new machine condition monitoring technology, which is slowly gaining acceptance in the market. It is mostly used for monitoring motor-driven equipment and detecting defects related to belts, coupler, and alignments.

Hardware accounted for the largest share of the machine condition monitoring market in 2015. The increasing awareness and adoption of condition monitoring techniques to maximize asset health and performance is contributing to the growth of the machine condition monitoring market for hardware. The market for software is expected to grow at a high rate between 2016 and 2022. There exist a significant opportunity for the market for software as the market for hardware is already well-established. Software plays an integral role in machine condition monitoring systems; it provides real-time monitoring of machineries, which reduces the downtime of machineries and maximizes the performance of the plants.

The oil and gas industry is expected to hold the largest size of the machine condition monitoring market during the forecast period. In the oil and gas industries, machine condition monitoring ensures that the production machinery is operational 24 hours and downtime is minimized, which helps in reducing maintenance costs and increasing productivity of the machinery. The machine condition monitoring market for the automotive industry is expected to grow at a high rate between 2016 and 2022. Improper lubrication, misalignment of components, and extreme mechanical loads in the manufacturing equipment lead to machine failures, which necessitate the adoption of machine condition monitoring systems in the automotive industry.

Online condition monitoring is expected to hold the largest size of the machine condition monitoring market during the forecast period. The market for online condition monitoring is expected to grow at a high rate between 2016 and 2022. Currently, online condition monitoring is the most preferred monitoring process as it is more advanced than portable condition monitoring and provides real-time data to the plant operators.

Machine Condition Monitoring Market

North America is expected to account for the largest share of the machine condition monitoring market during the forecast period. Growing focus on optimum asset utilization, stringent government regulations for workplace and personal safety, and tight quality control in the industries such as food and beverages, oil and gas, chemicals, and pharmaceuticals are driving the demand for machine condition monitoring systems in North America. APAC is expected to be the fastest-growing market for machine condition monitoring market between 2016 and 2022. The major driving factors for the growth of the market in APAC include rapid industrialization and growing adoption of predictive maintenance tools. In addition, the expansion of manufacturing activities as a result of the migration of production bases to Asian countries with low labor costs such as China, India, and South Korea is driving the demand for machine condition monitoring systems in the region.

One of the key restraining factors for the growth of the machine condition monitoring market is the additional expenses incurred in retrofitting existing systems.

The key market players such as General Electric (U.S.) and Emerson Electric Co. (U.S.) are focusing on strategies such as new product launches and developments, acquisitions, and agreements to enhance their product offerings and expand their business.

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