Machine Condition Monitoring Market

Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission, MCA), Monitoring Process, Deployment, Offering, Industry, and Region - Global Forecast to 2025

Report Code: SE 2739 Nov, 2019, by marketsandmarkets.com

[192 Pages Report] The global machine condition monitoring market size is estimated to be USD 2.6 billion in 2019 and is projected to reach USD 3.9 billion by 2025, at a CAGR of 7.0%. The growth of this market is expected to be driven by the advent of secure cloud platforms used in condition monitoring, increasing disposition toward predictive maintenance, and high demand from emerging applications. The report covers the machine condition monitoring industry segmented into monitoring technique, offering, deployment type, monitoring process, industry, and geography.

Machine Condition Monitoring Market

Vibration monitoring segment contributed largest share to machine condition monitoring market in 2018

Vibration monitoring is the most widely used technique for machine condition monitoring. Vibration may be defined as a cyclic or periodic displacement of a machine from its static position due to the back and forth motion. This motion is caused mainly by the oscillation of various components such as belts, gears, bearings, and drive motors. Vibration monitoring is used for measuring oscillation of components such as belts, gears, bearing, drive motors, and other elements. Since it is not possible to shut down these systems for condition monitoring, real-time vibration monitoring is required. Easy data analysis and one-time installation are the other factors driving the growth of the vibration monitoring market.

Hardware offering segment to have largest share of machine condition monitoring market during forecast period

Hardware components offered by machine condition monitoring solution providers mainly include vibration sensors & analyzers, infrared sensors, spectrometers, ultrasound detectors, spectrum analyzers, and corrosion probes. These systems are considered to be the main components of condition monitoring systems through which machine health is obtained in advance. The data extracted by hardware components enable effective predictive maintenance programs to avoid costly downtime.

Machine Condition Monitoring Market

North America to dominate machine condition monitoring market during forecast period

North America is a key market for machine condition monitoring as it is home to some of the largest multinational corporations in this market, including majority of the leading players such as Emerson Electric (US), General Electric (US), Honeywell International (US), and National Instruments (US). Machine condition monitoring solutions have the capability to accurately forecast equipment failure that helps organizations to reduce their maintenance and operational expenses. North America accounts for the major chunk of the machine condition monitoring market, and the region is considered to be one of the most advanced regions in terms of technology adoption and infrastructure.

Key Market Players

Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US), and SKF (Sweden) are the major players operating in the machine condition monitoring market.

Emerson Electric is engaged in the manufacturing and development of process control systems, valves, and analytical instruments. The company offers machine condition monitoring solutions under its automation solutions segment. The range of condition monitoring solutions includes vibration transmitters, online condition monitoring, machinery protection with embedded prediction, integrated condition monitoring for power and water applications, route-based vibration analyzers, and machinery health for the power industry. These solutions support in precisely diagnosing machine condition. Emerson Electric also provides maintenance services and training courses on machine condition monitoring systems.

Scope of the Report

Report Metric

Details

Market size available for years

2017–2025

Base year considered

2018

Forecast period

2019–2025

Forecast units

Value (USD)

Segments covered

Monitoring Technique, Offering, Deployment Type, Monitoring Process, Industry, Geography

Geographies covered

North America, Europe, APAC, and RoW

Companies covered

Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US), and SKF (Sweden), among other players. A total of 24 major players covered.

In this report, the machine condition monitoring market has been segmented into the following categories:

By Monitoring Technique

  • Vibration Monitoring
  • Thermography
  • Oil Analysis
  • Corrosion Monitoring
  • Ultrasound Emission
  • Motor Current Analysis

By Offering

  • Hardware
    • Vibration Sensors               
      • Accelerometers  
      • Proximity Probes
      • Tachometers
    • Infrared Sensors 
      • Thermal Infrared Sensors 
      • Quantum Infrared Sensors
    • Spectrometers    
      • Infrared Spectrometers     
      • Ultraviolet Spectrometers
      • Atomic Spectrometers
      • Mass Spectrometers
    • Ultrasound Detectors
      • Sound Pressure Meters
      • Stethoscopes
      • Ultrasonic Leak Detectors
    • Spectrum Analyzers           
      • Swept Spectrum Analyzers               
      • Real-time Spectrum Analyzers
    • Corrosion Probes
    • Others    (Velocity Sensors and Transmitters, Thermal Cameras and IR Thermometers, Viscometers and Particle Counters, Wireless Transmitters and Corrosion Data Collectors, Ultrasonic Probes, Current Transformers, and Resistive Shuts, and Networking Devices)
  • Software
    • Data Integration  
    • Diagnostic Reporting         
    • Order Tracking Analysis     
    • Parameter Calculation

By Deployment Type 

  • On-premises
  • Cloud

By Monitoring Process

  • Online Condition Monitoring
  • Portable Condition Monitoring

By Industry

  • Oil & Gas              
  • Power Generation              
  • Metals & Mining
  • Chemicals
  • Automotive
  • Aerospace & Defense
  • Food & Beverages
  • Marine
  • Others (Healthcare, Cement, Paper & Pulp, and Semiconductor & Electronics)

By Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Rest of Europe
  • APAC
    • China
    • Japan
    • India
    • Rest of APAC
  • Rest of the World (RoW)
    • Middle East & Africa
    • South America

Critical Questions Would Be:

  • Which monitoring technique would have the highest demand for machine condition monitoring in the near future?
  • Which industries prefer machine condition monitoring?
  • What are the opportunities and challenges for the machine condition monitoring market?
  • What are the key industry trends in the market?
  • Which specific region has the highest adoption of machine condition monitoring?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 21)
    1.1 Objectives of the Study
    1.2 Definition
           1.2.1 Inclusions and Exclusions
    1.3 Study Scope
           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. - 25)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
                    2.2.1.1 Approach for Arriving at the Market Size By Bottom-Up Analysis
           2.2.2 Top-Down Approach
                    2.2.2.1 Approach for Capturing the Market Size By Top-Down Analysis
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumption

3 Executive Summary (Page No. - 33)

4 Premium Insights (Page No. - 37)
    4.1 Attractive Growth Opportunities in Machine Condition Monitoring Market
    4.2 Machine Condition Monitoring Market, By Monitoring Technique
    4.3 Machine Condition Monitoring Market, By Monitoring Process
    4.4 Machine Condition Monitoring Market in North America, By Country and Application
    4.5 Machine Condition Monitoring Market, By Industry
    4.6 Machine Condition Monitoring Market, By Country, 2018

5 Market Overview (Page No. - 40)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Advent of Secure Cloud Computing Platforms Used in Condition Monitoring
                    5.2.1.2 Rising Adoption of Wireless Communication Technology in Machine Condition Monitoring
                    5.2.1.3 Increasing Disposition Toward Predictive Maintenance
                    5.2.1.4 Growing Adoption of Automated Condition Monitoring Technologies and Penetration of Smart Factory
                    5.2.1.5 High Demand From Emerging Applications
           5.2.2 Restraints
                    5.2.2.1 Reliability Issues in Prediction Capabilities of Machine Condition Monitoring Technology
                    5.2.2.2 Lack of Trained Technical Resources for Data Analysis
           5.2.3 Opportunities
                    5.2.3.1 Emergence of Machine Learning and Big Data Analytics
                    5.2.3.2 Strategic Partnerships and Collaborations
                    5.2.3.3 Industrial Internet of Things (IIoT) to Unfold New Growth Avenues
           5.2.4 Challenges
                    5.2.4.1 Accessibility to Expertise at Remote Locations
                    5.2.4.2 Requirement of Additional Expenses and Difficulties in Retrofitting Existing Systems
    5.3 Value Chain Analysis
    5.4 Regulatory Standards
           5.4.1 Api
           5.4.2 Astm
           5.4.3 Iso
           5.4.4 Mimosa

6 IoT in Machine Condition Monitoring (Page No. - 52)
    6.1 Introduction
           6.1.1 Machine Condition Monitoring Techniques
    6.2 Machine Condition Monitoring: IoT Platform
           6.2.1 Evolution in Cloud Computing Technology
           6.2.2 Digitization and Industrial Internet of Things (IIoT) to Unfold New Growth Avenues
    6.3 Future Trends
           6.3.1 Multi-Parameter Condition Monitoring
           6.3.2 Cloud-Based Predictive Maintenance (Maintenance–As–A–Service)
           6.3.3 Smart Maintenance for Smart Factories
    6.4 Major Companies Offering Cloud-Based Condition Monitoring Services

7 Procurement of Machine Condition Monitoring Equipment (Page No. - 58)
    7.1 Introduction
    7.2 Third-Party Service Providers
    7.3 End Users

8 Machine Condition Monitoring Market, By Monitoring Technique (Page No. - 59)
    8.1 Introduction
    8.2 Vibration Monitoring
           8.2.1 Route-Based Monitoring is A Significant Vibration Monitoring Technique
    8.3 Thermography
           8.3.1 Large Number of Defects Detected By Thermography Make It A Widely Adopted Technique
    8.4 Oil Analysis
           8.4.1 Advantages of Oil Analysis Make It A Prominent Condition Monitoring Technique
    8.5 Corrosion Monitoring
           8.5.1 Defects Detected By Corrosion Monitoring Help Prevent Corrosion of Equipment
    8.6 Ultrasound Emission
           8.6.1 Ultrasound Emission Monitoring Helps Detect Defects in Condition Monitoring of Electric Equipment
    8.7 Motor Current Analysis
           8.7.1 Detection of Faults By Motor Current Signature Analysis

9 Machine Condition Monitoring Market, By Offering (Page No. - 77)
    9.1 Introduction
    9.2 Hardware
           9.2.1 Vibration Sensors
                    9.2.1.1 Accelerometers
                               9.2.1.1.1 Accelerometers Use Piezoelectric Effect for Monitoring Accelerations
                    9.2.1.2 Proximity Probes
                               9.2.1.2.1 Proximity Probes Help in Accurate Measurement of Displacement of Devices
                    9.2.1.3 Tachometers
                               9.2.1.3.1 Tachometers Effectively Monitor the Speed of Rotating Machines
           9.2.2 Infrared Sensors
                    9.2.2.1 Thermal Infrared Sensors
                               9.2.2.1.1 Thermal Infrared Sensors are Used to Detect Possible Faults Which Can Be Caused Due to Heat
                    9.2.2.2 Quantum Infrared Sensors
                               9.2.2.2.1 Temperature Variations in Machines are Identified By Quantum Infrared Sensors
           9.2.3 Spectrometers
                    9.2.3.1 Infrared Spectrometers
                               9.2.3.1.1 Infrared Spectrometers Offer Identification of Various Materials, Including Organic Polymers
                    9.2.3.2 Ultraviolet Spectrometers
                               9.2.3.2.1 Ultraviolet Spectrometer is A Significant Tool for Oil Analysis
                    9.2.3.3 Atomic Spectrometers
                               9.2.3.3.1 Atomic Spectrometers Enable Recognition of Composition of Foreign Particles in Oil
                    9.2.3.4 Mass Spectrometers
                               9.2.3.4.1 Contaminating Compounds are Identified By Using Mass Spectrometers
           9.2.4 Ultrasound Detectors
                    9.2.4.1 Sound Pressure Meters
                               9.2.4.1.1 Sound Pressure Meters Help in Easier Noise Level Measurement
                    9.2.4.2 Stethoscopes
                               9.2.4.2.1 Stethoscopes Enable Monitoring of Noise of Machine Components
                    9.2.4.3 Ultrasound Leak Detectors
                               9.2.4.3.1 Ultrasound Leak Detectors Enable Identification of Leakages in Vacuum and Compressed Air Systems
           9.2.5 Spectrum Analyzers
                    9.2.5.1 Swept Spectrum Analyzers
                               9.2.5.1.1 Swept Spectrum Analyzers Can Display Individual Frequency Components That Form A Complex Signal
                    9.2.5.2 Real-Time Spectrum Analyzers
                               9.2.5.2.1 Real-Time Spectrum Analyzers Can are Majorly Used in Motor Current Analysis
           9.2.6 Corrosion Probes
                    9.2.6.1 Corrosion Probes Allow Measurement of Corrosion Rate
           9.2.7 Others
    9.3 Software
           9.3.1 Data Integration
                    9.3.1.1 Data Integration is the Key Function to Efficiently Portray Machine Health
           9.3.2 Diagnostic Reporting
                    9.3.2.1 Diagnostic Reporting Helps in Analysis of Machine Health
           9.3.3 Order Tracking Analysis
                    9.3.3.1 Order Tracking Analysis Enables Amplitude Measurement
           9.3.4 Parameter Calculation
                    9.3.4.1 Condition Monitoring Software Help in Evaluating Equipment Reliability Parameters

10 Machine Condition Monitoring Market, By Deployment Type (Page No. - 88)
     10.1 Introduction
     10.2 On-Premises
             10.2.1 Limitations of On-Premises Deployment to Restrain Future Growth
     10.3 Cloud
             10.3.1 Advantages of Cloud Deployment Over On-Premises Deployment to Drive Growth of Cloud Deployment Type

11 Machine Condition Monitoring Market, By Monitoring Process (Page No. - 92)
     11.1 Introduction
     11.2 Online Condition Monitoring
             11.2.1 Online Condition Monitoring Systems Deliver Real-Time Machinery Health Information for Operators and Maintenance
     11.3 Portable Condition Monitoring
             11.3.1 Portable Condition Monitoring is A Cost-Effective Condition Monitoring Process

12 Machine Condition Monitoring Market, By Industry (Page No. - 102)
     12.1 Introduction
     12.2 Oil & Gas
             12.2.1 Advent of Industry 4.0 to Address Machine Condition Monitoring Needs in Oil & Gas Industry
     12.3 Power Generation
             12.3.1 Increasing Investments in Sustainable Energy to Drive Machine Condition Monitoring Market in Power Generation Industry
     12.4 Metals & Mining
             12.4.1 Vibration Sensors are Essential for Identifying Faults in Mining Machinery
     12.5 Chemicals
             12.5.1 Rising Need to Monitor Chemical Processing to Boost Machine Condition Monitoring Market in Chemicals Industry
     12.6 Automotive
             12.6.1 IIoT is Enabling Automotive Industry to Adopt Easier Machine Condition Monitoring Solutions
     12.7 Aerospace & Defense
             12.7.1 Adoption of Smart Factory Solutions to Encourage Use of Machine Condition Monitoring Solutions in Aerospace & Defense Industry
     12.8 Food & Beverages
             12.8.1 Rapid Technological Developments in Food & Beverages Industry Boost Growth of Machine Condition Monitoring Market
     12.9 Marine
             12.9.1 Predictive Maintenance is Gaining Significant Importance in Marine Industry
     12.10 Others

13 Geographical Analysis (Page No. - 124)
     13.1 Introduction
     13.2 North America
             13.2.1 US
                        13.2.1.1 New Product Launches and Collaborations By Key Players to Boost Machine Condition Monitoring Market Growth in US
             13.2.2 Canada
                        13.2.2.1 Adoption of Smart Factory Solutions in the Country to Propel Machine Condition Monitoring Market
             13.2.3 Mexico
                        13.2.3.1 Growth in Mexican Industrial Automation Market to Boost Machine Condition Monitoring Market in the Country
     13.3 Europe
             13.3.1 Germany
                        13.3.1.1 Growth of Industry 4.0 to Support Machine Condition Monitoring Market Growth in Germany
             13.3.2 UK
                        13.3.2.1 Deployment of IoT in Manufacturing Sector to Drive Machine Condition Monitoring Market in UK
             13.3.3 France
                        13.3.3.1 Focus on Technological R&D and Government Support to Fuel Machine Condition Monitoring Market in France
             13.3.4 Rest of Europe
     13.4 APAC
             13.4.1 China
                        13.4.1.1 Increasing Labor Costs to Encourage Use of Machine Condition Monitoring Solutions in China
             13.4.2 Japan
                        13.4.2.1 Notable Growth in Automotive Industry Propelling the Market in Japan
             13.4.3 India
                        13.4.3.1 Make in India Initiative to Drive Adoption of Machine Condition Monitoring Solutions in Manufacturing Sector
             13.4.4 Rest of APAC
     13.5 Rest of the World (RoW)
             13.5.1 Middle East
                        13.5.1.1 Oil & Gas Sector is the Major Driving Force for Machine Condition Monitoring Market
             13.5.2 South America
                        13.5.2.1 Investments By Asian Economies to Support Growth in the Region

14 Competitive Landscape (Page No. - 146)
     14.1 Overview
     14.2 Market Ranking Analysis: Machine Condition Monitoring Market, 2018
     14.3 Competitive Leadership Mapping
             14.3.1 Visionary Leaders
             14.3.2 Innovators
             14.3.3 Dynamic Differentiators
             14.3.4 Emerging Companies
     14.4 Competitive Situation and Trends
             14.4.1 Agreements, Collaborations, and Mergers
             14.4.2 Product Launches

15 Company Profiles (Page No. - 152)
     15.1 Key Players
(Business Overview, Products/Services Offered, Recent Developments, SWOT Analysis, and MnM View)*
             15.1.1 Emerson Electric
             15.1.2 General Electric
             15.1.3 Honeywell International
             15.1.4 National Instruments
             15.1.5 SKF
             15.1.6 ALS
             15.1.7 Wilcoxon Sensing Technologies
             15.1.8 Parker Hannifin
             15.1.9 Rockwell Automation
             15.1.10 Schaeffler
             15.1.11 Symphony Azimaai
             15.1.12 Bruel & Kjaer
* Business Overview, Products/Services Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.
             15.1.13 Right-To-Win
     15.2 Other Players
             15.2.1 Fluke
             15.2.2 Meggitt
             15.2.3 Pcb Piezotronics
             15.2.4 Flir Systems
             15.2.5 Spm Instrument
             15.2.6 Analog Devices
             15.2.7 Machine Saver
             15.2.8 3Dsignals
             15.2.9 Logilube
             15.2.10 Petasense
             15.2.11 Senseye
             15.2.12 Uptake Canada

16 Appendix (Page No. - 184)
     16.1 Insights of Industry Experts
     16.2 Discussion Guide
     16.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     16.4 Available Customizations
     16.5 Related Reports
     16.6 Author Details


List of Tables (104 Tables)

Table 1 Machine Condition Monitoring Market, Value and Volume, 2017–2025
Table 2 Machine Condition Monitoring Market, By Monitoring Technique, 2017–2025 (USD Million)
Table 3 Vibration Monitoring Market, By Offering, 2017–2025 (USD Million)
Table 4 Vibration Monitoring Market, By Monitoring Process, 2017–2025 (USD Million)
Table 5 Vibration Monitoring Market, By Industry, 2017–2025 (USD Million)
Table 6 Vibration Monitoring Market, By Region, 2017–2025 (USD Million)
Table 7 Thermography Market, By Offering, 2017–2025 (USD Million)
Table 8 Thermography Market, By Monitoring Process, 2017–2025 (USD Million)
Table 9 Thermography Market, By Industry, 2017–2025 (USD Million)
Table 10 Thermography Market, By Region, 2017–2025 (USD Million)
Table 11 Oil Analysis Market, By Offering, 2017–2025 (USD Million)
Table 12 Oil Analysis Market, By Monitoring Process, 2017–2025 (USD Million)
Table 13 Oil Analysis Market, By Industry, 2017–2025 (USD Million)
Table 14 Oil Analysis Market, By Region, 2017–2025 (USD Million)
Table 15 Corrosion Monitoring Market, By Offering, 2017–2025 (USD Million)
Table 16 Corrosion Monitoring Market, By Monitoring Process, 2017–2025 (USD Million)
Table 17 Corrosion Monitoring Market, By Industry, 2017–2025 (USD Million)
Table 18 Corrosion Monitoring Market, By Region, 2017–2025 (USD Million)
Table 19 Ultrasound Emission Monitoring Market, By Offering, 2017–2025 (USD Million)
Table 20 Ultrasound Emission Monitoring Market, By Monitoring Process, 2017–2025 (USD Million)
Table 21 Ultrasound Emission Monitoring Market, By Industry, 2017–2025 (USD Million)
Table 22 Ultrasound Emission Monitoring Market, By Region, 2017–2025 (USD Million)
Table 23 Motor Current Analysis Market, By Offering, 2017–2025 (USD Million)
Table 24 Motor Current Analysis Market, By Monitoring Process, 2017–2025 (USD Million)
Table 25 Motor Current Analysis Market, By Industry, 2017–2025 (USD Million)
Table 26 Motor Current Analysis Market, By Region, 2017–2025 (USD Million)
Table 27 Machine Condition Monitoring Market, By Offering, 2017–2025 (USD Million)
Table 28 Machine Condition Monitoring Market, By Hardware, 2017–2025 (USD Million)
Table 29 Machine Condition Monitoring Hardware Market, By Monitoring Technique, 2017–2025 (USD Million)
Table 30 Machine Condition Monitoring Software Market, By Monitoring Technique, 2017–2025 (USD Million)
Table 31 Machine Condition Monitoring Market, By Deployment Type, 2017–2025 (USD Million)
Table 32 Machine Condition Monitoring Market, By Monitoring Process, 2017–2025 (USD Million)
Table 33 Online Machine Condition Monitoring Market, By Monitoring Technique, 2017–2025 (USD Million)
Table 34 Online Machine Condition Monitoring Market, By Industry, 2017–2025 (USD Million)
Table 35 Online Machine Condition Monitoring Market, By Region, 2017–2025 (USD Million)
Table 36 Online Machine Condition Monitoring Market in North America, By Country, 2017–2025 (USD Million)
Table 37 Online Machine Condition Monitoring Market in Europe, By Country, 2017–2025 (USD Million)
Table 38 Online Machine Condition Monitoring Market in APAC, By Country, 2017–2025 (USD Million)
Table 39 Online Machine Condition Monitoring Market in RoW, By Region, 2017–2025 (USD Million)
Table 40 Portable Machine Condition Monitoring Market, By Monitoring Technique, 2017–2025 (USD Million)
Table 41 Portable Machine Condition Monitoring Market, By Industry, 2017–2025 (USD Million)
Table 42 Portable Machine Condition Monitoring Market, By Region, 2017–2025 (USD Million)
Table 43 Portable Machine Condition Monitoring Market in North America, By Country, 2017–2025 (USD Million)
Table 44 Portable Machine Condition Monitoring Market in Europe, By Country, 2017–2025 (USD Million)
Table 45 Portable Machine Condition Monitoring Market in APAC, By Country, 2017–2025 (USD Million)
Table 46 Portable Machine Condition Monitoring Market in RoW, By Region, 2017–2025 (USD Million)
Table 47 Machine Condition Monitoring Market, By Industry, 2017–2025 (USD Million)
Table 48 Machine Condition Monitoring Market for Oil & Gas Industry, By Monitoring Technique, 2017–2025 (USD Million)
Table 49 Machine Condition Monitoring Market for Oil & Gas, By Monitoring Process, 2017–2025 (USD Million)
Table 50 Machine Condition Monitoring Market for Oil & Gas Industry, By Region, 2017–2025 (USD Million)
Table 51 Machine Condition Monitoring Market for Power Generation Industry, By Monitoring Technique, 2017–2025 (USD Million)
Table 52 Machine Condition Monitoring Market for Power Generation, By Monitoring Process, 2017–2025 (USD Million)
Table 53 Machine Condition Monitoring Market for Power Generation Industry, By Region, 2017–2025 (USD Million)
Table 54 Machine Condition Monitoring Market for Metals & Mining Industry, By Monitoring Technique, 2017–2025 (USD Million)
Table 55 Machine Condition Monitoring Market for Metals & Mining, By Monitoring Process, 2017–2025 (USD Million)
Table 56 Machine Condition Monitoring Market for Metals & Mining Industry, By Region, 2017–2025 (USD Million)
Table 57 Machine Condition Monitoring Market for Chemicals Industry, By Monitoring Technique, 2017–2025 (USD Million)
Table 58 Machine Condition Monitoring Market for Chemicals, By Monitoring Process, 2017–2025 (USD Million)
Table 59 Machine Condition Monitoring Market for Chemicals Industry, By Region, 2017–2025 (USD Million)
Table 60 Machine Condition Monitoring Market for Automotive Industry, By Monitoring Technique, 2017–2025 (USD Million)
Table 61 Machine Condition Monitoring Market for Automotive, By Monitoring Process, 2017–2025 (USD Million)
Table 62 Machine Condition Monitoring Market for Automotive Industry, By Region, 2017–2025 (USD Million)
Table 63 Machine Condition Monitoring Market for Aerospace & Defense Industry, By Monitoring Technique, 2017–2025 (USD Million)
Table 64 Machine Condition Monitoring Market for Aerospace & Defense, By Monitoring Process, 2017–2025 (USD Million)
Table 65 Machine Condition Monitoring Market for Aerospace & Defense Industry, By Region, 2017–2025 (USD Million)
Table 66 Machine Condition Monitoring Market for Food & Beverages Industry, By Monitoring Technique, 2017–2025 (USD Million)
Table 67 Machine Condition Monitoring Market for Food & Beverages, By Monitoring Process, 2017–2025 (USD Million)
Table 68 Machine Condition Monitoring Market for Food & Beverages Industry, By Region, 2017–2025 (USD Million)
Table 69 Machine Condition Monitoring Market for Marine Industry, By Monitoring Technique, 2017–2025 (USD Million)
Table 70 Machine Condition Monitoring Market for Marine, By Monitoring Process, 2017–2025 (USD Million)
Table 71 Machine Condition Monitoring Market for Marine Industry, By Region, 2017–2025 (USD Million)
Table 72 Machine Condition Monitoring Market for Other Industries, By Monitoring Technique, 2017–2025 (USD Million)
Table 73 Machine Condition Monitoring Market for Other Industries, By Monitoring Process, 2017–2025 (USD Million)
Table 74 Machine Condition Monitoring Market for Other Industries, By Region, 2017–2025 (USD Million)
Table 75 Machine Condition Monitoring Market, By Region, 2017–2025 (USD Million)
Table 76 Machine Condition Monitoring Market in North America, By Monitoring Technique, 2017–2025 (USD Million)
Table 77 Machine Condition Monitoring Market in North America, By Monitoring Process, 2017–2025 (USD Million)
Table 78 Machine Condition Monitoring Market in North America, By Industry, 2017–2025 (USD Million)
Table 79 Machine Condition Monitoring Market in North America, By Country, 2017–2025 (USD Million)
Table 80 Machine Condition Monitoring Market in Us, By Monitoring Process, 2017–2025 (USD Million)
Table 81 Machine Condition Monitoring Market in Canada, By Monitoring Process, 2017–2025 (USD Million)
Table 82 Machine Condition Monitoring Market in Mexico, By Monitoring Process, 2017–2025 (USD Million)
Table 83 Machine Condition Monitoring Market in Europe, By Monitoring Technique, 2017–2025 (USD Million)
Table 84 Machine Condition Monitoring Market in Europe, By Monitoring Process, 2017–2025 (USD Million)
Table 85 Machine Condition Monitoring Market in Europe, By Industry, 2017–2025 (USD Million)
Table 86 Machine Condition Monitoring Market in Europe, By Country, 2017–2025 (USD Million)
Table 87 Machine Condition Monitoring Market in Germany, By Monitoring Process, 2017–2025 (USD Million)
Table 88 Machine Condition Monitoring Market in Uk, By Monitoring Process, 2017–2025 (USD Million)
Table 89 Machine Condition Monitoring Market in France, By Monitoring Process, 2017–2025 (USD Million)
Table 90 Machine Condition Monitoring Market in France, By Monitoring Process, 2017–2025 (USD Million)
Table 91 Machine Condition Monitoring Market in APAC, By Monitoring Technique, 2017–2025 (USD Million)
Table 92 Machine Condition Monitoring Market in APAC, By Monitoring Process, 2017–2025 (USD Million)
Table 93 Machine Condition Monitoring Market in APAC, By Industry, 2017–2025 (USD Million)
Table 94 Machine Condition Monitoring Market in APAC, By Country, 2017–2025 (USD Million)
Table 95 Machine Condition Monitoring Market in China, By Monitoring Process, 2017–2025 (USD Million)
Table 96 Machine Condition Monitoring Market in Japan, By Monitoring Process, 2017–2025 (USD Million)
Table 97 Machine Condition Monitoring Market in India, By Monitoring Process, 2017–2025 (USD Million)
Table 98 Machine Condition Monitoring Market in RoAPAC, By Monitoring Process, 2017–2025 (USD Million)
Table 99 Machine Condition Monitoring Market in RoW, By Monitoring Technique, 2017–2025 (USD Million)
Table 100 Machine Condition Monitoring Market in RoW, By Monitoring Process, 2017–2025 (USD Million)
Table 101 Machine Condition Monitoring Market in RoW, By Industry, 2017–2025 (USD Million)
Table 102 Machine Condition Monitoring Market in RoW, By Region, 2017–2025 (USD Million)
Table 103 Machine Condition Monitoring Market in South America, By Monitoring Process, 2017–2025 (USD Million)
Table 104 Machine Condition Monitoring Market in Middle East & Africa, By Monitoring Process, 2017–2025 (USD Million)


List of Figures (64 Figures)

Figure 1 Machine Condition Monitoring Market Segmentation
Figure 2 Machine Condition Monitoring Market: Research Design
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Online Condition Monitoring to Dominate Machine Condition Monitoring Market During Forecast Period
Figure 7 Vibration Monitoring to Hold Largest Size of Machine Condition Monitoring Market in 2019
Figure 8 Machine Condition Monitoring Market for Automotive to Grow at Highest CAGR During Forecast Period
Figure 9 North America to Hold Largest Share of Machine Condition Monitoring Market in 2019
Figure 10 Big Data Analytics and Industrial Internet of Things (IIoT) to Create Attractive Growth Opportunities for Machine Condition Monitoring Market Players
Figure 11 Vibration Monitoring to Dominate Machine Condition Monitoring Market During Forecast Period
Figure 12 Online Machine Condition Monitoring to Witness Huge Demand in Coming Years
Figure 13 US to Hold Largest Share of Machine Condition Monitoring Market in North America By 2025
Figure 14 Oil & Gas Industry to Hold Largest Size of Machine Condition Monitoring Market From 2019 to 2025
Figure 15 US Held Largest Share of Machine Condition Monitoring Market in 2018
Figure 16 Machine Condition Monitoring Market: Drivers, Restraints, Opportunities, and Challenges
Figure 17 Impact of Drivers on Machine Condition Monitoring Market
Figure 18 Impact of Restraints and Challenges on Machine Condition Monitoring Market
Figure 19 Value Chain Analysis: Major Value is Added During the Manufacturing and System Integration Stages
Figure 20 Vibration Monitoring Identifies Changes in Vibration Patterns and Subsequent Potential Failures in Advance
Figure 21 Utilization of IoT Platform in Condition Monitoring Systems
Figure 22 Advantages of Cloud-Based Machine Condition Monitoring
Figure 23 IIoT Service Architecture
Figure 24 Data Exchange in Cloud-Based Maintenance Framework
Figure 25 Third-Party Service Providers Hold Major Share of Procurement of Machine Condition Monitoring Equipment
Figure 26 Machine Condition Monitoring Market, By Monitoring Technique
Figure 27 Oil & Gas Industry Expected to Account for Largest Share of Vibration Monitoring Market Between 2019 and 2025
Figure 28 Advantages of Oil Analysis Technique
Figure 29 Online Condition Monitoring to Account for Largest Share of Oil Analysis Market During Forecast Period
Figure 30 Spectrum Analyzers to Dominate Motor Current Analysis Market in 2019
Figure 31 Machine Condition Monitoring Market, By Offering
Figure 32 Hardware Expected to Account for Largest Share of Machine Condition Monitoring Market Between 2019 and 2025
Figure 33 On-Premises Deployment Type Expected to Dominate Machine Condition Monitoring Market During Forecast Period
Figure 34 Limitations of On-Premises Deployment
Figure 35 Advantages of Cloud Deployment
Figure 36 Machine Condition Monitoring Market, By Monitoring Process
Figure 37 Online Condition Monitoring to Dominate Machine Condition Monitoring Market During Forecast Period
Figure 38 Online Machine Condition Monitoring Market in France to Grow at Highest CAGR Between 2019 and 2025
Figure 39 US to Hold Largest Share of Portable Machine Condition Monitoring Market During Forecast Period
Figure 40 Machine Condition Monitoring Market, By Industry
Figure 41 Vibration Monitoring Expected to Account for Largest Share of Machine Condition Monitoring Market for Oil & Gas Industry During Forecast Period
Figure 42 Investments in Renewables During 2010–2019 (In USD Billion)
Figure 43 Online Condition Monitoring Expected to Account for Largest Share of Machine Condition Monitoring Market for Power Generation Industry During Forecast Period
Figure 44 Vibration Monitoring Expected to Account for Largest Share of Machine Condition Monitoring Market for Metals & Mining Industry During Forecast Period
Figure 45 Motor Current Analysis Expected to Grow at Highest CAGR in Machine Condition Monitoring Market for Chemicals Industry During Forecast Period
Figure 46 APAC to Dominate Machine Condition Monitoring Market for Automotive Industry During Forecast Period
Figure 47 Online Condition Monitoring Process to Account for Largest Share of Machine Condition Monitoring Market for Aerospace & Defense Industry During Forecast Period
Figure 48 Motor Current Analysis Expected to Grow at Highest Rate in Machine Condition Monitoring Market for Food & Beverages Industry During Forecast Period
Figure 49 Europe to Account for Largest Share of Machine Condition Monitoring Market for Marine Industry During Forecast Period
Figure 50 Machine Condition Monitoring Market in India to Grow at Highest CAGR During Forecast Period
Figure 51 Machine Condition Monitoring Market Snapshot: North America
Figure 52 Machine Condition Monitoring Market Snapshot: Europe
Figure 53 Machine Condition Monitoring Market Snapshot: APAC
Figure 54 Market Ranking of the Top 5 Players in Machine Condition Monitoring Market, 2018
Figure 55 Machine Condition Monitoring Market (Global) Competitive Leadership Mapping, 2018
Figure 56 Emerson Electric: Company Snapshot
Figure 57 General Electric: Company Snapshot
Figure 58 Honeywell International: Company Snapshot
Figure 59 National Instruments: Company Snapshot
Figure 60 SKF: Company Snapshot
Figure 61 ALS: Company Snapshot
Figure 62 Parker Hannifin: Company Snapshot
Figure 63 Rockwell Automation: Company Snapshot
Figure 64 Schaeffler: Company Snapshot

The study involved four major activities in estimating the size of the machine condition monitoring market. Exhaustive secondary research has been conducted to collect information on the market, peer markets, and the parent market. Validation of these findings and assumptions with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation procedures have been used to estimate the market size of each segment and subsegment.

Secondary Research

The secondary sources referred to for this research study include government sources, corporate filings (such as annual reports, investor presentations, and financial statements), and trade, business, and professional associations. The secondary data have been collected and analyzed to arrive at the overall machine condition monitoring market size, which has further been validated by the primary research.

Primary Research

Extensive primary research has been conducted after acquiring knowledge about the machine condition monitoring market scenario through secondary research. Several primary interviews have been conducted with experts from both the demand side (end users) and supply-side (machine condition monitoring solution providers) across four major geographic regions—North America, Europe, APAC, and RoW. Approximately 60% and 40% of the primary interviews have been conducted from the supply side and demand side, respectively. The primary data have been collected through questionnaires, emails, and telephonic interviews.

Machine Condition Monitoring Market

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

Market Size Estimation

Top-down and bottom-up approaches have been used to estimate and validate the size of the global machine condition monitoring market and other dependent submarkets. The key players in the market have been identified through secondary research, and their market share in the major regions has been determined through primary and secondary research. This entire procedure includes the study of annual and financial reports of top players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights.

Bottom-up Approach:

  • Identifying the manufacturing industries that are either using or are expected to use machine condition monitoring systems, along with related software, at their production floors
  • Tracking the major manufacturing companies across various sectors and system integrators
  • Estimating the machine condition monitoring market size for end-user industries based on the demand for machine condition monitoring systems
  • Tracking the ongoing and upcoming machine condition monitoring system implementation projects by manufacturing companies and forecasting the market size based on these developments and other critical parameters
  • Multiple discussions with key opinion leaders to understand the monitoring type and software deployed in these manufacturing companies; this helps analyze the break-up of the scope of work carried out by each major manufacturing company
  • Arriving at the machine condition monitoring market estimates by analyzing the country-wise sales of the manufacturing companies; these sales are then combined to get the market estimate by region
  • Verification and crosschecking of the estimates at every level through discussions with key opinion leaders, including CEOs, directors, operation managers, and MarketsandMarkets domain experts
  • Studying various paid and unpaid information sources, such as annual reports, press releases, and white papers

Top-down Approach:

  • Focusing on the top-line expenditures and investments made in the ecosystem for the new installations of machine condition monitoring systems, retrofitting systems, and software implementation
  • Information related to market revenue offered by the key machine condition monitoring system developers and software providers has been studied and analyzed
  • Multiple on-field discussions have been carried out with key opinion leaders in major companies involved in the development of machine condition monitoring systems and related software
  • Geographical split has been estimated using secondary sources, based on various factors, such as the number of players in a specific country or region and the type of monitoring systems offered by these players

Data Triangulation

After arriving at the overall machine condition monitoring market size from the market size estimation process explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, market breakdown and data triangulation procedures have been employed, wherever applicable. The data have been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market has been validated using top-down and bottom-up approaches.

Report Objectives

  • To describe and forecast the global machine condition monitoring market by monitoring technique, offering, deployment type, monitoring process, and industry in terms of value and volume
  • To forecast the machine condition monitoring market size, in terms of value, for various segments with regards to four main regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To provide detailed information regarding the major factors influencing the growth of the machine condition monitoring market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze the micromarkets1 with regards to individual growth trends, prospects, and contributions to the total market
  • To perform a value chain analysis of the machine condition monitoring market
  • To strategically profile the key players in the machine condition monitoring market and comprehensively analyze their market position in terms of ranking and core competencies2, along with detailing the competitive landscape of the market
  • To analyze competitive developments, such as new product launches, acquisitions, contracts, agreements, and partnerships, in the machine condition monitoring market

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of a company. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to 10)

Report Code
SE 2739
Published ON
Nov, 2019
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