Machine Condition Monitoring Market

Machine Condition Monitoring Market with COVID-19 Impact Analysis, by Monitoring Technique (Vibration Monitoring, Oil Analysis, Corrosion Monitoring), Monitoring Process, Deployment Type, Offering, Industry, and Region - Global Forecast to 2026

Report Code: SE 2739 Apr, 2021, by marketsandmarkets.com

[293 Pages Report] The global machine condition monitoring market size is projected to grow from USD 2.6 billion in 2021 to USD 3.6 billion by 2026; it is expected to grow at a CAGR of 7.1% from 2021 to 2026. The growth of the machine condition monitoring market is majorly driven by significance of remote operations owing to spread of COVID-19, advent of secure cloud computing platforms used for machine condition monitoring, adoption of wireless communication technology in machine condition monitoring, inclination toward predictive maintenance of industrial machinery, and deployment of automated condition monitoring technologies in smart factories.

Machine Condition Monitoring Market

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COVID-19 impact on the machine condition monitoring market

The machine condition monitoring market was moderately impacted by the COVID-19 pandemic. In the prevailing COVID-19 situation, the expected growth of the machine condition monitoring market is expected to decline as the pandemic is restricting the supply and adoption of hardware components, such as sensors, in a number of applications. This is due to the severe disruptions in businesses and the global economy. However, not all semiconductor companies are witnessing a decline in growth as remote monitoring of production activities has allowed companies to continue working during lockdowns as well.  It is expected that the demand for condition monitoring systems and solutions will increase in the coming years, and the market is expected to recover in 2021. After the recovery phase, the machine condition monitoring market is projected to grow at a moderate rate until 2026

Market Dynamics

Driver: 5. Inclination toward predictive maintenance of industrial machinery

The key difference between predictive maintenance and condition monitoring is that condition monitoring focuses on monitoring real-time conditions of machines, while predictive maintenance focuses on the detection of faults before their occurrence. Predictive maintenance is gaining rapid popularity in the manufacturing sector globally owing to the benefits offered by it. It is carried out only when machinery deployed in plants requires repairs to avoid impending failures so that the necessary, cost-effective downtime can be scheduled according to convenience.

Restraint: Reliability issues in prediction capabilities of machine condition monitoring systems

Some operators rely on their instincts and experiences to judge the condition of machines that is not always a reliable option. There may be instances wherein operators can overrule the analysis based on their personal experiences or due to the lack of trust in the prediction capabilities of condition monitoring technology. Experienced operators are at times skeptical about the diagnostics and predictions provided by machine condition monitoring systems owing to mistakes made by these machines in the form of dropped metrics, service outages, and unreliable alerting signals. Moreover, operators may not accept the new way of planning and maintaining the performance of machines, thereby resulting in disapprovals for the implementation of successful machine condition monitoring programs. This is due to the complexity of production systems that may include multiple assets on which it may be difficult to install machine condition monitoring systems and solutions.

Opportunity: Emergence of machine learning and big data analytics

The advent of machine learning, coupled with efficient big data analytics and a parallel processing framework, is transforming the machine condition monitoring market. Big data analytics has accelerated the process of the analysis of the data generated by condition monitoring systems owing to its capability of processing large volumes of data. Machine learning carries out easy benchmarking of machine performance, enables transparency in data, and supports efficient collaboration among different processes of condition monitoring systems. Big data-enabled condition monitoring helps companies in lowering the overall cost of ownership of assets and enables them to run their business efficiently.

Challenge: Integration of machine condition monitoring systems with other maintenance systems

There has been a growing requirement of integrating machine condition monitoring systems with other machine maintenance systems such as plant asset management (PAM) systems and computerized maintenance management systems (CMMS). The integration of vibration monitoring systems with PAM and CMMS helps in ensuring that the results from different analyses offer a holistic view of the condition of assets and avoid costly downtime. This development presents a key challenge to the growth of the machine condition monitoring market. Though the initiative to integrate machine condition monitoring techniques with management systems, such as PAM and CMMS, is expected to be beneficial for asset management to a large extent, the integration of condition monitoring systems with other management systems is expected to hamper the demand for machine condition systems as individual systems.

Online condition monitoring system expected to contribute the largest share to the machine condition monitoring market during the forecast period

Online condition monitoring hold a major share of the machine condition monitoring market. Online condition monitoring is an advanced monitoring process and it provides real-time plant data to operators, resulting in its higher adoption than portable condition monitoring process. Online vibration monitoring systems have applications in industries where a 24-hour production is required. In production-intensive industries, such as oil and gas, power generation, and mining and metals, failure of some devices leads to complete system overhauls, high repair costs, and an unsafe work environment. Thus, such industries require continuous monitoring of assets and machinery.

Oil and gas segment expected to lead the machine condition monitoring market in 2020

Oil and gas segment is expected hold the largest share in the machine condition monitoring market during the forecast period. The industry has been emphasizing increasing its profitability owing to the rising pressure of high operating costs of oil and gas plants. Fluctuations in oil prices in the global market are another factor contributing to the increasing pressure on the oil and gas industry to reduce its operating costs. Thus, this industry is expected to adopt condition monitoring systems and solutions to maintain the efficient working of its critical assets and reduce downtime. Moreover, the increasing demand for online condition monitoring solutions is expected to further drive the growth of the machine condition monitoring market for oil and gas industry. Though the oil and gas industry accounted for the largest share of the machine condition monitoring market in 2020, there was a sharp decline in oil prices owing to the COVID-19 in the same year. This may adversely affect the deployment of new machine condition monitoring systems and solutions in the oil and gas industry in 2021.

Machine Condition Monitoring Market by Region

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Machine condition monitoring market in North America contributed the largest share in 2020.

North America accounted for the largest share of the machine condition monitoring market in 2020. Factors such as increased focus on optimum asset utilization; tight government regulations for workplace and personnel safety; and stringent quality control in the oil and gas, chemicals, and food and beverages industries are driving the demand for machine condition monitoring systems and solutions in North America. Emphasis on plant asset management and presence of prominent market players such as Emerson Electric, General Electric, Honeywell International, National Instruments, and Parker Hannifin in the US are contributing to the high demand for machine condition monitoring in the country. This is also expected to drive the growth of the market in North America. The post-COVID-19 scenario is expected to be characterized by supply chain disruptions and suspension of commercial and industrial activities.

Report Scope:

Report Metric

Details

Years considered

2017–2026

Base year considered

2020

Forecast period

2021–2026

Forecast units

Value (USD million and USD billion), Volume (Million Units)

Segments covered

Monitoring Technique, Offering, Deployment Type, Monitoring Process, Industry, and Region

Regions covered

North America, APAC, Europe, and RoW

Companies covered

Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), National Instruments Corp. (US), and SKF AB (Sweden)

In this report, the overall machine condition monitoring market has been segmented based on monitoring technique, offering, deployment type, monitoring process, industry, and region

Machine condition monitoring Market, By Monitoring Technique:

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

Machine condition monitoring Market, 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   
  • Software
    • Data Integration 
    • Diagnostic Reporting        
    • Order Tracking Analysis    
    • Parameter Calculation

Machine condition monitoring Market, By Deployment Type

  • On-premises
  • Cloud

Machine condition monitoring Market, By Monitoring Process

  • Online Condition Monitoring
  • Portable Condition Monitoring

Machine condition monitoring Market, By Industry

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

Geographic Analysis

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

Key Market Players

The machine condition monitoring players have implemented various types of organic as well as inorganic growth strategies, such as product launches, product developments, and acquisitions to strengthen their offerings in the market. Emerson Electric Co. (US), General Electric Co. (US), Honeywell International Inc. (US), National Instruments Corp. (US), SKF AB (Sweden), ALS Ltd. (Australia), Wilcoxon Sensing Technologies Inc. (US), Parker Hannifin Corp. (US), Rockwell Automation Inc. (US), Schaeffler AG (Germany), Bruel & Kjaer (Denmark), Symphony Industrial AI Inc. (US), are some of the major players in machine condition monitoring market are some of the major players in machine condition monitoring market.

The study includes an in-depth competitive analysis of these key players in the machine condition monitoring market with their company profiles, recent developments, and key market strategies.

Recent Developments

  • In March 2021, Emerson introduced a complete portfolio of corrosion and erosion monitoring systems with digital capabilities and full integration with the Plantweb digital ecosystem through the new Rosemount 4390 series of corrosion and erosion wireless transmitters and Plantweb Insight Non-Intrusive Corrosion application. The monitoring portfolio turns existing offline corrosion probes into online tools to monitor the risk of corrosion or erosion in oil and gas processing.
  • In January 2021, SKF collaborated with Norwegian ship owner Solvang to introduce predictive maintenance to its fleet of tankers by investing in the new system for manual vibration monitoring, Enlight ProCollect from SKF. Solvang, which transports a variety of petrochemicals, will use SKF’s QuickCollect vibration sensors and ProCollect app to monitor a range of onboard rotating equipment. This will allow the company to identify equipment failure early, helping it to reduce unplanned downtime and maintenance costs.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 39)
    1.1 OBJECTIVES OF THE STUDY
    1.2 DEFINITION
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE
           1.3.1 MARKETS COVERED
                 FIGURE 1 MACHINE CONDITION MONITORING MARKET SEGMENTATION
           1.3.2 GEOGRAPHIC SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY
    1.5 VOLUME UNIT CONSIDERED
    1.6 LIMITATIONS
    1.7 STAKEHOLDERS
    1.8 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 46)
    2.1 RESEARCH DATA
        FIGURE 2 MACHINE CONDITION MONITORING MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY AND PRIMARY RESEARCH
           2.1.2 SECONDARY DATA
                    2.1.2.1 Key secondary sources
                    2.1.2.2 Secondary sources
           2.1.3 PRIMARY DATA
                    2.1.3.1 Primary sources
                    2.1.3.2 Primary interviews with experts
                    2.1.3.3 Key industry insights
                    2.1.3.4 Breakdown of primaries
    2.2 MARKET SIZE ESTIMATION
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach for arriving at market size using bottom-up analysis
                            FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach for capturing market size using top-down analysis
                            FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
                            FIGURE 5 SIZE ESTIMATION METHODOLOGY FOR MACHINE CONDITION MONITORING MARKET USING SUPPLY-SIDE ANALYSIS
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
        FIGURE 6 DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS
    2.5 RISK ASSESSMENTS
        TABLE 1 LIMITATIONS AND ASSOCIATED RISKS

3 EXECUTIVE SUMMARY (Page No. - 58)
  TABLE 2 MACHINE CONDITION MONITORING MARKET, 2017–2020 (VALUE AND VOLUME)
  TABLE 3 MACHINE CONDITION MONITORING MARKET, 2021–2026 (VALUE AND VOLUME)
  FIGURE 7 EFFECT OF COVID-19 ON MARKET
    3.1 PRE-COVID-19 SCENARIO
        TABLE 4 PRE-COVID-19 SCENARIO: MARKET, 2021–2026 (USD MILLION)
    3.2 POST-COVID-19 SCENARIO
        TABLE 5 POST-COVID-19 SCENARIO: MARKET, 2021–2026 (USD MILLION)
    3.3 OPTIMISTIC SCENARIO (POST-COVID-19)
        TABLE 6 OPTIMISTIC SCENARIO (POST-COVID-19): MACHINE CONDITION MONITORING MARKET, 2021–2026 (USD MILLION)
    3.4 PESSIMISTIC SCENARIO (POST-COVID-19)
        TABLE 7 PESSIMISTIC SCENARIO (POST-COVID-19): MARKET, 2021–2026 (USD MILLION)
        FIGURE 8 ONLINE CONDITION MONITORING SEGMENT TO LEAD MARKET FROM 2021 TO 2026
        FIGURE 9 VIBRATION MONITORING SEGMENT TO HOLD LARGEST SIZE OF MARKET FROM 2021 TO 2026
        FIGURE 10 AUTOMOTIVE SEGMENT OF MACHINE CONDITION MONITORING MARKET TO GROW AT HIGHEST CAGR FROM 2021 TO 2026
        FIGURE 11 NORTH AMERICA TO HOLD LARGEST SHARE OF MARKET IN 2021

4 PREMIUM INSIGHTS (Page No. - 65)
    4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN MACHINE CONDITION MONITORING MARKET
        FIGURE 12 BIG DATA ANALYTICS AND INDUSTRIAL INTERNET OF THINGS (IIOT)  TO FUEL GROWTH OF MARKET FROM 2021 TO 2026
    4.2 MARKET, BY MONITORING TECHNIQUE
        FIGURE 13 VIBRATION MONITORING SEGMENT TO ACCOUNT FOR LARGEST SIZE OF MARKET FROM 2021 TO 2026
    4.3 MARKET, BY MONITORING PROCESS
        FIGURE 14 ONLINE MACHINE CONDITION MONITORING SEGMENT TO LEAD MARKET FROM 2021 TO 2026
    4.4 MARKET IN NORTH AMERICA, BY INDUSTRY AND COUNTRY
        FIGURE 15 POWER GENERATION SEGMENT AND US TO HOLD LARGEST SHARES OF MARKET IN NORTH AMERICA IN 2026
    4.5 MARKET, BY INDUSTRY
        FIGURE 16 POWER GENERATION SEGMENT TO HOLD LARGEST SIZE OF MARKET IN 2026
    4.6 MACHINE CONDITION MONITORING MARKET, BY COUNTRY
        FIGURE 17 MARKET IN INDIA TO GROW AT HIGHEST CAGR FROM 2021 TO 2026

5 MARKET OVERVIEW (Page No. - 68)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
        FIGURE 18 MACHINE CONDITION MONITORING MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Significance of remote operations owing to spread of COVID-19
                    5.2.1.2 Advent of secure cloud computing platforms used for machine condition monitoring
                    5.2.1.3 Adoption of wireless communication technology in machine condition monitoring
                    5.2.1.4 Inclination toward predictive maintenance of industrial machinery
                    5.2.1.5 Deployment of automated condition monitoring technologies in smart factories
                    5.2.1.6 Realization of benefits of condition monitoring systems by manufacturers across the world
                            FIGURE 19 IMPACT OF DRIVERS ON MACHINE CONDITION MONITORING MARKET
           5.2.2 RESTRAINTS
                    5.2.2.1 Reliability issues in prediction capabilities of machine condition monitoring systems
                    5.2.2.2 Lack of trained technical resources for data analysis
                            FIGURE 20 IMPACT OF RESTRAINTS ON MACHINE CONDITION MONITORING MARKET
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Emergence of machine learning and big data analytics
                    5.2.3.2 Strategic partnerships and collaborations among different market players
                    5.2.3.3 Advent of Industrial Internet of Things (IIoT) to unfold new growth avenues
                            FIGURE 21 IMPACT OF OPPORTUNITIES ON MARKET
           5.2.4 CHALLENGES
                    5.2.4.1 Difficulty in accessing expertise at remote locations
                    5.2.4.2 Additional expenses and difficulties faced during retrofitting of existing systems
                    5.2.4.3 Integration of machine condition monitoring systems with other maintenance systems
                    5.2.4.4 Decline in global demand for oil and gas owing to COVID-19
                            FIGURE 22 IMPACT OF CHALLENGES ON MARKET
    5.3 VALUE CHAIN ANALYSIS
        FIGURE 23 VALUE CHAIN ANALYSIS: MAJOR VALUE ADDED DURING MANUFACTURERS/DISTRIBUTORS AND SYSTEM INTEGRATORS STAGES
    5.4 ECOSYSTEM ANALYSIS
        TABLE 8 ECOSYSTEM: MACHINE CONDITION MONITORING SYSTEMS
    5.5 REVENUE SHIFT AND NEW REVENUE POCKETS FOR MACHINE CONDITION MONITORING MARKET
    5.6 PORTER’S FIVE FORCES ANALYSIS
        TABLE 9 IMPACT OF EACH FORCE ON MARKET (2020)
    5.7 CASE STUDY ANALYSIS
        TABLE 10 SKF ONLINE CONDITION MONITORING SYSTEM REDUCE DOWNTIME OF STEEL ROLLING MILL
        TABLE 11 BARKING POWER REDUCES PLANT DOWNTIME AND ENHANCES OPERATOR SAFETY USING WIRELESS VIBRATION TRANSMITTERS OF EMERSON
    5.8 TECHNOLOGY ANALYSIS
           5.8.1 INTERNET OF THINGS (IOT)
                 FIGURE 24 UTILIZATION OF IOT PLATFORMS BY CONDITION MONITORING SYSTEMS
           5.8.2 CLOUD COMPUTING TECHNOLOGY
                 FIGURE 25 ADVANTAGES OF CLOUD-BASED MACHINE CONDITION MONITORING
                 FIGURE 26 INDUSTRIAL DEVELOPMENT MODEL
           5.8.3 MULTI-PARAMETER CONDITION MONITORING
           5.8.4 CLOUD-BASED PREDICTIVE MAINTENANCE (MAINTENANCE–AS–A–SERVICE)
                 FIGURE 27 DATA EXCHANGE IN CLOUD-BASED MAINTENANCE FRAMEWORK
    5.9 PRICING ANALYSIS
        FIGURE 28 PROJECTED AVERAGE SELLING PRICES OF MACHINE CONDITION MONITORING SYSTEMS FROM 2020 TO 2026
        TABLE 12 AVERAGE SELLING PRICES OF MACHINE CONDITION MONITORING HARDWARE SYSTEMS OFFERED BY TOP COMPANIES, 2020
        TABLE 13 AVERAGE SELLING PRICES OF VIBRATION MONITORING SYSTEMS OFFERED BY TOP COMPANIES, 2020
    5.10 TRADE ANALYSIS
         FIGURE 29 IMPORT DATA, BY COUNTRY, 2016–2020 (USD MILLION)
         FIGURE 30 EXPORT DATA, 2016–2020 (USD MILLION)
    5.11 PATENT ANALYSIS
         FIGURE 31 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS
         TABLE 14 TOP 20 PATENT OWNERS IN US IN LAST 10 YEARS
         FIGURE 32 NUMBER OF PATENTS GRANTED PER YEAR FROM 2011 TO 2020
    5.12 TARIFF AND REGULATORY LANDSCAPE
           5.12.1 TARIFF LANDSCAPE
                  TABLE 15 TARIFF DATA OF CHINA FOR PARTS AND ACCESSORIES FOR INSTRUMENTS, APPLIANCES, AND MACHINES FOR MEASURING AND CHECKING, BY COUNTRY, 2020
                  TABLE 16 TARIFF DATA OF US FOR PARTS AND ACCESSORIES FOR INSTRUMENTS, APPLIANCES, AND MACHINES FOR MEASURING AND CHECKING, BY COUNTRY, 2020
                  TABLE 17 TARIFF DATA OF GERMANY FOR PARTS AND ACCESSORIES FOR INSTRUMENTS, APPLIANCES, AND MACHINES FOR MEASURING AND CHECKING, BY COUNTRY, 2020
           5.12.2 REGULATORY LANDSCAPE
           5.12.3 API
           5.12.4 ASTM
           5.12.5 ISO
           5.12.6 MIMOSA

6 MACHINE CONDITION MONITORING MARKET, BY MONITORING TECHNIQUE (Page No. - 98)
    6.1 INTRODUCTION
        FIGURE 33 MACHINE CONDITION MONITORING MARKET, BY MONITORING TECHNIQUE
        FIGURE 34 VIBRATION MONITORING SEGMENT TO ACCOUNT FOR LARGEST SIZE OF MARKET FROM 2021 TO 2026
        TABLE 18 MARKET, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
        TABLE 19 MARKET, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
    6.2 VIBRATION MONITORING
           6.2.1 SIGNIFICANCE OF ROUTE-BASED MONITORING SERVICES IN VIBRATION MONITORING TECHNIQUE
                 FIGURE 35 VIBRATION MONITORING MARKET, BY SYSTEM TYPE, 2020
           6.2.2 EMBEDDED SYSTEMS
                    6.2.2.1 Adoption of embedded systems in oil and gas and power generation industries
           6.2.3 VIBRATION ANALYZERS AND METERS
                    6.2.3.1 Vibration data gathered by vibration analyzers supports effective machine condition monitoring
                            TABLE 20 VIBRATION MONITORING MARKET, BY OFFERING, 2017–2020 (USD MILLION)
                            TABLE 21 VIBRATION MONITORING MARKET, BY OFFERING, 2021–2026 (USD MILLION)
                            TABLE 22 VIBRATION MONITORING MARKET, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
                            TABLE 23 VIBRATION MONITORING MARKET, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
                            TABLE 24 VIBRATION MONITORING MARKET, BY INDUSTRY, 2017–2020 (USD MILLION)
                            TABLE 25 VIBRATION MONITORING MARKET, BY INDUSTRY, 2021–2026 (USD MILLION)
                            TABLE 26 VIBRATION MONITORING MARKET, BY REGION, 2017–2020 (USD MILLION)
                            TABLE 27 VIBRATION MONITORING MARKET, BY REGION, 2021–2026 (USD MILLION)
    6.3 THERMOGRAPHY
           6.3.1 LARGE NUMBER OF DEFECTS DETECTED BY THERMOGRAPHY MAKE IT WIDELY ADOPTED TECHNIQUE
                 TABLE 28 THERMOGRAPHY MARKET, BY OFFERING, 2017–2020 (USD MILLION)
                 TABLE 29 THERMOGRAPHY MARKET, BY OFFERING, 2021–2026 (USD MILLION)
                 TABLE 30 THERMOGRAPHY MARKET, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
                 FIGURE 36 ONLINE CONDITION MONITORING SEGMENT TO LEAD THERMOGRAPHY MARKET FROM 2021 TO 2026
                 TABLE 31 THERMOGRAPHY MARKET, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
                 TABLE 32 THERMOGRAPHY MARKET, BY INDUSTRY, 2017–2020 (USD MILLION)
                 TABLE 33 THERMOGRAPHY MARKET, BY INDUSTRY, 2021–2026 (USD MILLION)
                 TABLE 34 THERMOGRAPHY MARKET, BY REGION, 2017–2020 (USD MILLION)
                 TABLE 35 THERMOGRAPHY MARKET, BY REGION, 2021–2026 (USD MILLION)
    6.4 OIL ANALYSIS
           6.4.1 ADVANTAGES OF OIL ANALYSIS MAKE IT PROMINENT MACHINE CONDITION MONITORING TECHNIQUE
                 FIGURE 37 ADVANTAGES OF OIL ANALYSIS TECHNIQUE
                 TABLE 36 OIL ANALYSIS MARKET, BY OFFERING, 2017–2020 (USD MILLION)
                 TABLE 37 OIL ANALYSIS MARKET, BY OFFERING, 2021–2026 (USD MILLION)
                 TABLE 38 OIL ANALYSIS MARKET, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
                 TABLE 39 OIL ANALYSIS MARKET, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
                 TABLE 40 OIL ANALYSIS MARKET, BY INDUSTRY, 2017–2020 (USD MILLION)
                 TABLE 41 OIL ANALYSIS MARKET, BY INDUSTRY, 2021–2026 (USD MILLION)
                 TABLE 42 OIL ANALYSIS MARKET, BY REGION, 2017–2020 (USD MILLION)
                 TABLE 43 OIL ANALYSIS MARKET, BY REGION, 2021–2026 (USD MILLION)
    6.5 CORROSION MONITORING
           6.5.1 DEFECTS DETECTED BY CORROSION MONITORING HELP PREVENT CORROSION OF DIFFERENT EQUIPMENT
                 TABLE 44 CORROSION MONITORING MARKET, BY OFFERING, 2017–2020 (USD MILLION)
                 TABLE 45 CORROSION MONITORING MARKET, BY OFFERING, 2021–2026 (USD MILLION)
                 TABLE 46 CORROSION MONITORING MARKET, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
                 TABLE 47 CORROSION MONITORING MARKET, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
                 TABLE 48 CORROSION MONITORING MARKET, BY INDUSTRY, 2017–2020 (USD MILLION)
                 TABLE 49 CORROSION MONITORING MARKET, BY INDUSTRY, 2021–2026 (USD MILLION)
                 FIGURE 38 NORTH AMERICA TO ACCOUNT FOR LARGEST SIZE OF CORROSION MONITORING MARKET FROM 2021 TO 2026
                 TABLE 50 CORROSION MONITORING MARKET, BY REGION, 2017–2020 (USD MILLION)
                 TABLE 51 CORROSION MONITORING MARKET, BY REGION, 2021–2026 (USD MILLION)
    6.6 ULTRASOUND EMISSION
           6.6.1 ULTRASOUND EMISSION MONITORING HELPS DETECT DEFECTS IN ELECTRIC EQUIPMENT
                 TABLE 52 ULTRASOUND EMISSION MARKET, BY OFFERING, 2017–2020 (USD MILLION)
                 TABLE 53 ULTRASOUND EMISSION MARKET, BY OFFERING, 2021–2026 (USD MILLION)
                 TABLE 54 ULTRASOUND EMISSION MARKET, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
                 TABLE 55 ULTRASOUND EMISSION MARKET, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
                 TABLE 56 ULTRASOUND EMISSION MARKET, BY INDUSTRY, 2017–2020 (USD MILLION)
                 TABLE 57 ULTRASOUND EMISSION MARKET, BY INDUSTRY, 2021–2026 (USD MILLION)
                 TABLE 58 ULTRASOUND EMISSION MARKET, BY REGION, 2017–2020 (USD MILLION)
                 TABLE 59 ULTRASOUND EMISSION MARKET, BY REGION, 2021–2026 (USD MILLION)
    6.7 MOTOR CURRENT ANALYSIS
           6.7.1 EARLY DETECTION OF FAULTS BY MOTOR CURRENT ANALYSIS MONITORING TECHNIQUE
                 TABLE 60 MOTOR CURRENT ANALYSIS MARKET, BY OFFERING, 2017–2020 (USD MILLION)
                 FIGURE 39 SPECTRUM ANALYZERS SEGMENT TO ACCOUNT FOR LARGEST SIZE OF MOTOR CURRENT ANALYSIS MARKET FROM 2021 TO 2026
                 TABLE 61 MOTOR CURRENT ANALYSIS MARKET, BY OFFERING, 2021–2026 (USD MILLION)
                 TABLE 62 MOTOR CURRENT ANALYSIS MARKET, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
                 TABLE 63 MOTOR CURRENT ANALYSIS MARKET, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
                 TABLE 64 MOTOR CURRENT ANALYSIS MARKET, BY INDUSTRY, 2017–2020 (USD MILLION)
                 TABLE 65 MOTOR CURRENT ANALYSIS MARKET, BY INDUSTRY, 2021–2026 (USD MILLION)
                 TABLE 66 MOTOR CURRENT ANALYSIS MARKET, BY REGION, 2017–2020 (USD MILLION)
                 TABLE 67 MOTOR CURRENT ANALYSIS MARKET, BY REGION, 2021–2026 (USD MILLION)

7 MACHINE CONDITION MONITORING MARKET, BY OFFERING (Page No. - 125)
    7.1 INTRODUCTION
        FIGURE 40 MACHINE CONDITION MONITORING MARKET, BY OFFERING
        FIGURE 41 HARDWARE SEGMENT TO ACCOUNT FOR LARGE SHARE OF MARKET FROM 2021 TO 2026
        TABLE 68 MACHINE CONDITION MONITORING MARKET, BY OFFERING, 2017–2020 (USD MILLION)
        TABLE 69 MARKET, BY OFFERING, 2021–2026 (USD MILLION)
    7.2 HARDWARE
           7.2.1 VIBRATION SENSORS
                    7.2.1.1 Accelerometers
                               7.2.1.1.1 Increased deployment of accelerometers in industrial plants for monitoring accelerations in machines
                    7.2.1.2 Proximity probes
                               7.2.1.2.1 Surged demand for proximity probes to carry out accurate displacement measurements of devices
                    7.2.1.3 Tachometers
                               7.2.1.3.1 Risen adoption of tachometers to effectively monitor speed of rotating machines
           7.2.2 INFRARED SENSORS
                    7.2.2.1 Thermal infrared sensors
                               7.2.2.1.1 Increased use of thermal infrared sensors to detect possible faults in machines caused by heat
                    7.2.2.2 Quantum infrared sensors
                               7.2.2.2.1 Risen demand for quantum infrared sensors to identify temperature variations in machines
           7.2.3 SPECTROMETERS
                    7.2.3.1 Infrared spectrometers
                               7.2.3.1.1 Surged demand for infrared spectrometers to identify various materials
                    7.2.3.2 Ultraviolet spectrometers
                               7.2.3.2.1 Risen use of ultraviolet spectrometers as significant tools for oil analysis
                    7.2.3.3 Atomic spectrometers
                               7.2.3.3.1 Increased penetration of atomic spectrometers in different industries to identify foreign particles in oil samples
                    7.2.3.4 Mass spectrometers
                               7.2.3.4.1 Surged use of mass spectrometers to identify contaminating compounds in lubricating oil samples
           7.2.4 ULTRASOUND DETECTORS
                    7.2.4.1 Sound pressure meters
                               7.2.4.1.1 Increased demand for sound pressure meters for easy noise level measurements
                    7.2.4.2 Stethoscopes
                               7.2.4.2.1 Surged penetration of stethoscopes in industries to monitor noise in machine components
                    7.2.4.3 Ultrasound leak detectors
                               7.2.4.3.1 Risen adoption of ultrasound leak detectors for identification of leakages in vacuum and compressed air systems
           7.2.5 SPECTRUM ANALYZERS
                    7.2.5.1 Real-time spectrum analyzers
                               7.2.5.1.1 Increased adoption of real-time spectrum analyzers for motor current analysis
           7.2.6 CORROSION PROBES
                    7.2.6.1 Risen penetration of corrosion probes in different industries for corrosion rate measurements
           7.2.7 OTHERS
                 TABLE 70 MACHINE CONDITION MONITORING HARDWARE MARKET, BY TYPE, 2017–2020 (USD MILLION)
                 TABLE 71 MACHINE CONDITION MONITORING HARDWARE MARKET, BY TYPE, 2021–2026 (USD MILLION)
                 TABLE 72 MACHINE CONDITION MONITORING HARDWARE MARKET, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
                 TABLE 73 MACHINE CONDITION MONITORING HARDWARE MARKET, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
    7.3 SOFTWARE
        TABLE 74 LIST OF MACHINE CONDITION MONITORING SOFTWARE PROVIDERS
           7.3.1 DATA INTEGRATION
                    7.3.1.1 Surged demand for machine condition monitoring software to carry out data integration for efficient portrayal of machine health
           7.3.2 DIAGNOSTIC REPORTING
                    7.3.2.1 Increased use of diagnostic reporting to analyze overall health of industrial machines and plants
           7.3.3 ORDER TRACKING ANALYSIS
                    7.3.3.1 Risen penetration of order tracking analysis in industries for signal amplitude measurements
           7.3.4 PARAMETER CALCULATION
                    7.3.4.1 Increased deployment of condition monitoring software in industrial plants for evaluating reliability parameters of equipment
                            TABLE 75 MACHINE CONDITION MONITORING SOFTWARE MARKET, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
                            TABLE 76 MACHINE CONDITION MONITORING SOFTWARE MARKET, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)

8 MACHINE CONDITION MONITORING MARKET, BY DEPLOYMENT TYPE (Page No. - 138)
    8.1 INTRODUCTION
        FIGURE 42 MACHINE CONDITION MONITORING MARKET, BY DEPLOYMENT TYPE
        FIGURE 43 ON-PREMISES DEPLOYMENT SEGMENT TO ACCOUNT FOR LARGE SIZE OF MARKET FROM 2021 TO 2026
        TABLE 77 MARKET, BY DEPLOYMENT TYPE, 2017–2020 (USD MILLION)
        TABLE 78 MACHINE CONDITION MONITORING MARKET, BY DEPLOYMENT TYPE, 2021–2026 (USD MILLION)
    8.2 ON-PREMISES DEPLOYMENT
           8.2.1 LIMITATIONS OF ON-PREMISES DEPLOYMENT OF MACHINE CONDITION MONITORING SOLUTIONS AND SYSTEMS TO IMPACT MARKET GROWTH
                 FIGURE 44 LIMITATIONS OF ON-PREMISES DEPLOYMENT OF MACHINE CONDITION MONITORING SOLUTIONS AND SYSTEMS
    8.3 CLOUD DEPLOYMENT
           8.3.1 ADVANTAGES OF CLOUD DEPLOYMENT OVER ON-PREMISES DEPLOYMENT TO DRIVE DEMAND FOR THIS DEPLOYMENT TYPE
                 FIGURE 45 ADVANTAGES OF CLOUD DEPLOYMENT OF MACHINE CONDITION MONITORING SYSTEMS AND SOLUTIONS

9 MACHINE CONDITION MONITORING MARKET, BY MONITORING PROCESS (Page No. - 142)
    9.1 INTRODUCTION
        FIGURE 46 MACHINE CONDITION MONITORING MARKET, BY MONITORING PROCESS
        FIGURE 47 ONLINE CONDITION MONITORING SEGMENT TO LEAD MARKET FROM 2021 TO 2026
        TABLE 79 MARKET, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
        TABLE 80 MARKET, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
    9.2 ONLINE CONDITION MONITORING
           9.2.1 ONLINE CONDITION MONITORING SYSTEMS DELIVER REAL-TIME MACHINERY HEALTH INFORMATION TO PLANT OPERATORS
                 TABLE 81 ONLINE MACHINE CONDITION MONITORING MARKET, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
                 TABLE 82 MARKET, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
                 TABLE 83 ONLINE MACHINE CONDITION MONITORING MARKET, BY INDUSTRY, 2017–2020 (USD MILLION)
                 TABLE 84 ONLINE MACHINE CONDITION MONITORING MARKET, BY INDUSTRY, 2021–2026 (USD MILLION)
                 TABLE 85 ONLINE MACHINE CONDITION MONITORING MARKET, BY REGION, 2017–2020 (USD MILLION)
                 FIGURE 48 MARKET IN APAC TO GROW AT HIGHEST CAGR FROM 2021 TO 2026
                 TABLE 86 MARKET, BY REGION, 2021–2026 (USD MILLION)
    9.3 PORTABLE CONDITION MONITORING
           9.3.1 EMERGENCE OF PORTABLE CONDITION MONITORING AS COST-EFFECTIVE CONDITION MONITORING PROCESS
                 TABLE 87 PORTABLE MACHINE CONDITION MONITORING MARKET, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
                 TABLE 88 MARKET, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
                 TABLE 89 PORTABLE MACHINE CONDITION MONITORING MARKET, BY INDUSTRY, 2017–2020 (USD MILLION)
                 FIGURE 49 OIL AND GAS SEGMENT TO HOLD LARGEST SIZE OF PORTABLE MACHINE CONDITION MONITORING IN 2026
                 TABLE 90 PORTABLE MACHINE CONDITION MONITORING MARKET, BY INDUSTRY, 2021–2026 (USD MILLION)
                 TABLE 91 PORTABLE MACHINE CONDITION MONITORING MARKET, BY REGION, 2017–2020 (USD MILLION)
                 TABLE 92 PORTABLE MACHINE CONDITION MONITORING MARKET, BY REGION, 2021–2026 (USD MILLION)

10 PROCUREMENT OF MACHINE CONDITION MONITORING EQUIPMENT (Page No. - 153)
     10.1 INTRODUCTION
          FIGURE 50 THIRD-PARTY SERVICE PROVIDERS ACCOUNTED FOR LARGE SHARE OF OVERALL MACHINE CONDITION MONITORING SYSTEMS PROCURED IN 2020
     10.2 THIRD-PARTY SERVICE PROVIDERS
     10.3 END USERS

11 APPLICATIONS OF MACHINE CONDITION MONITORING SYSTEMS (Page No. - 154)
     11.1 INTRODUCTION
          FIGURE 51 APPLICATIONS OF MACHINE CONDITION MONITORING SYSTEMS
     11.2 MOTORS
     11.3 PUMPS
     11.4 BEARINGS
     11.5 OTHERS

12 MACHINE CONDITION MONITORING MARKET, BY INDUSTRY (Page No. - 157)
     12.1 INTRODUCTION
          FIGURE 52 MACHINE CONDITION MONITORING MARKET, BY INDUSTRY
          FIGURE 53 AUTOMOTIVE SEGMENT OF MACHINE CONDITION MONITORING MARKET TO GROW AT HIGHEST CAGR FROM 2021 TO 2026
          TABLE 93 MARKET, BY INDUSTRY, 2017–2020 (USD MILLION)
          TABLE 94 MARKET, BY INDUSTRY, 2021–2026 (USD MILLION)
     12.2 OIL AND GAS
             12.2.1 ADVENT OF INDUSTRY 4.0 TO ADDRESS MACHINE CONDITION MONITORING REQUIREMENTS OF OIL AND GAS INDUSTRY
                    TABLE 95 MARKET FOR OIL AND GAS INDUSTRY, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
                    TABLE 96 MARKET FOR OIL AND GAS INDUSTRY, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
                    TABLE 97 MARKET FOR OIL AND GAS INDUSTRY, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
                    FIGURE 54 ONLINE CONDITION MONITORING SEGMENT TO ACCOUNT FOR LARGE SIZE OF MARKET FOR OIL AND GAS INDUSTRY FROM 2021 TO 2026
                    TABLE 98 MARKET FOR OIL AND GAS INDUSTRY, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
                    TABLE 99 MARKET FOR OIL AND GAS INDUSTRY, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 100 MARKET FOR OIL AND GAS INDUSTRY, BY REGION, 2021–2026 (USD MILLION)
     12.3 POWER GENERATION
             12.3.1 INVESTMENTS FOR HARNESSING SUSTAINABLE ENERGY TO LEAD TO ADOPTION OF MACHINE CONDITION MONITORING SYSTEMS AND SOLUTIONS IN POWER GENERATION INDUSTRY
                    FIGURE 55 GLOBAL INVESTMENTS IN RENEWABLE ENERGY, 2010–2019 (USD BILLION)
                    TABLE 101 MARKET FOR POWER GENERATION INDUSTRY, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
                    TABLE 102 MARKET FOR POWER GENERATION INDUSTRY, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
                    TABLE 103 MARKET FOR POWER GENERATION INDUSTRY, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
                    TABLE 104 MARKET FOR POWER GENERATION INDUSTRY, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
                    TABLE 105 MARKET FOR POWER GENERATION INDUSTRY, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 106 MARKET FOR POWER GENERATION INDUSTRY, BY REGION, 2021–2026 (USD MILLION)
     12.4 MINING AND METALS
             12.4.1 USE OF VIBRATION SENSORS FOR IDENTIFYING FAULTS IN MINING MACHINERY
                    TABLE 107 MARKET FOR MINING AND METALS INDUSTRY, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
                    FIGURE 56 VIBRATION MONITORING SEGMENT TO ACCOUNT FOR LARGEST SIZE OF MACHINE CONDITION MONITORING MARKET FOR MINING AND METALS INDUSTRY FROM 2021 TO 2026
                    TABLE 108 MARKET FOR MINING AND METALS INDUSTRY, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
                    TABLE 109 MARKET FOR MINING AND METALS INDUSTRY, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
                    TABLE 110 MARKET FOR MINING AND METALS INDUSTRY, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
                    TABLE 111 MARKET FOR MINING AND METALS INDUSTRY, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 112 MARKET FOR MINING AND METALS INDUSTRY, BY REGION, 2021–2026 (USD MILLION)
     12.5 CHEMICALS
             12.5.1 DEPLOYMENT OF MACHINE CONDITION MONITORING SOLUTIONS AND SYSTEMS IN CHEMICALS INDUSTRY TO MONITOR CHEMICAL PROCESSES
                    TABLE 113 MARKET FOR CHEMICALS INDUSTRY, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
                    TABLE 114 MARKET FOR CHEMICALS INDUSTRY, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
                    TABLE 115 MARKET FOR CHEMICALS INDUSTRY,  BY MONITORING PROCESS, 2017–2020 (USD MILLION)
                    TABLE 116 MARKET FOR CHEMICALS INDUSTRY, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
                    TABLE 117 MARKET FOR CHEMICALS INDUSTRY, BY REGION, 2017–2020 (USD MILLION)
                    FIGURE 57 MARKET IN APAC FOR CHEMICALS INDUSTRY TO GROW AT HIGHEST CAGR FROM 2021 TO 2026
                    TABLE 118 MACHINE CONDITION MONITORING MARKET FOR CHEMICALS INDUSTRY, BY REGION, 2021–2026 (USD MILLION)
     12.6 AUTOMOTIVE
             12.6.1 IIOT ENABLES AUTOMOTIVE INDUSTRY TO ADOPT EASY MACHINE CONDITION MONITORING SOLUTIONS
                    TABLE 119 MACHINE CONDITION MONITORING MARKET FOR AUTOMOTIVE INDUSTRY, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
                    TABLE 120 MARKET FOR AUTOMOTIVE INDUSTRY, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
                    TABLE 121 MARKET FOR AUTOMOTIVE INDUSTRY, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
                    TABLE 122 MARKET FOR AUTOMOTIVE INDUSTRY, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
                    TABLE 123 MARKET FOR AUTOMOTIVE INDUSTRY, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 124 MARKET FOR AUTOMOTIVE INDUSTRY, BY REGION, 2021–2026 (USD MILLION)
     12.7 AEROSPACE AND DEFENSE
             12.7.1 ADOPTION OF SMART FACTORY SOLUTIONS FOR MACHINE CONDITION MONITORING IN AEROSPACE AND DEFENSE INDUSTRY
                    TABLE 125 MACHINE CONDITION MONITORING MARKET FOR AEROSPACE AND DEFENSE INDUSTRY, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
                    FIGURE 58 MOTOR CURRENT ANALYSIS SEGMENT OF MARKET FOR AEROSPACE AND DEFENSE INDUSTRY TO GROW AT HIGHEST CAGR FROM 2021 TO 2026
                    TABLE 126 MARKET FOR AEROSPACE AND DEFENSE INDUSTRY, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
                    TABLE 127 MARKET FOR AEROSPACE AND DEFENSE INDUSTRY, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
                    TABLE 128 MARKET FOR AEROSPACE AND DEFENSE INDUSTRY, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
                    TABLE 129 MARKET FOR AEROSPACE AND DEFENSE INDUSTRY, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 130 MARKET FOR AEROSPACE AND DEFENSE INDUSTRY, BY REGION, 2021–2026 (USD MILLION)
     12.8 FOOD AND BEVERAGES
             12.8.1 RAPID TECHNOLOGICAL DEVELOPMENTS IN FOOD AND BEVERAGES INDUSTRY TO FUEL DEMAND FOR MACHINE CONDITION MONITORING SYSTEMS AND SOLUTIONS
                    TABLE 131 MARKET FOR FOOD AND BEVERAGES INDUSTRY, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
                    TABLE 132 MARKET FOR FOOD AND BEVERAGES INDUSTRY, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
                    TABLE 133 MARKET FOR FOOD AND BEVERAGES INDUSTRY, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
                    TABLE 134 MARKET FOR FOOD AND BEVERAGES INDUSTRY, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
                    TABLE 135 MARKET FOR FOOD AND BEVERAGES INDUSTRY, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 136 MARKET FOR FOOD AND BEVERAGES INDUSTRY, BY REGION, 2021–2026 (USD MILLION)
     12.9 MARINE
             12.9.1 PREDICTIVE MAINTENANCE GAINING SIGNIFICANT IMPORTANCE IN GLOBAL MARINE INDUSTRY
                    TABLE 137 MACHINE CONDITION MONITORING MARKET FOR MARINE INDUSTRY, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
                    TABLE 138 MARKET FOR MARINE INDUSTRY, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
                    TABLE 139 MARKET FOR MARINE INDUSTRY, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
                    FIGURE 59 ONLINE CONDITION MONITORING SEGMENT TO ACCOUNT FOR LARGE SIZE OF MARKET FOR MARINE INDUSTRY FROM 2021 TO 2026
                    TABLE 140 MARKET FOR MARINE INDUSTRY,  BY MONITORING PROCESS, 2021–2026 (USD MILLION)
                    TABLE 141 MARKET FOR MARINE INDUSTRY, BY REGION, 2017–2020 (USD MILLION)
                    TABLE 142 MARKET FOR MARINE INDUSTRY, BY REGION, 2021–2026 (USD MILLION)
     12.1 OTHERS
          TABLE 143 MARKET FOR OTHER INDUSTRIES, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
          TABLE 144 MARKET FOR OTHER INDUSTRIES, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
          TABLE 145 MARKET FOR OTHER INDUSTRIES, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
          TABLE 146 MARKET FOR OTHER INDUSTRIES, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
          TABLE 147 MARKET FOR OTHER INDUSTRIES, BY REGION, 2017–2020 (USD MILLION)
          TABLE 148 MACHINE CONDITION MONITORING MARKET FOR OTHER INDUSTRIES, BY REGION, 2021–2026 (USD MILLION)

13 GEOGRAPHIC ANALYSIS (Page No. - 189)
     13.1 INTRODUCTION
          FIGURE 60 MARKET IN INDIA TO GROW AT HIGHEST CAGR FROM 2021 TO 2026
          TABLE 149 MACHINE CONDITION MONITORING MARKET, BY REGION, 2017–2020 (USD MILLION)
          TABLE 150 MACHINE CONDITION MONITORING MARKET, BY REGION, 2021–2026 (USD MILLION)
     13.2 NORTH AMERICA
          FIGURE 61 SNAPSHOT: MACHINE CONDITION MONITORING MARKET IN NORTH AMERICA
          TABLE 151 MARKET IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION)
          TABLE 152 MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION)
          TABLE 153 MARKET IN NORTH AMERICA, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
          TABLE 154 MARKET IN NORTH AMERICA, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
          TABLE 155 MARKET IN NORTH AMERICA, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
          TABLE 156 MARKET IN NORTH AMERICA, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
          TABLE 157 MARKET IN NORTH AMERICA, BY INDUSTRY, 2017–2020 (USD MILLION)
          TABLE 158 MARKET IN NORTH AMERICA, BY INDUSTRY, 2021–2026 (USD MILLION)
             13.2.1 US
                        13.2.1.1 New product launches and collaborations by key players to fuel growth of market in US
             13.2.2 CANADA
                        13.2.2.1 Adoption of smart factory solutions in Canada to fuel growth of machine condition monitoring market in country
             13.2.3 MEXICO
                        13.2.3.1 Growth of industrial automation market in Mexico to contribute to demand for machine condition monitoring solutions and systems in country
     13.3 EUROPE
          TABLE 159 MACHINE CONDITION MONITORING MARKET IN EUROPE, BY COUNTRY, 2017–2020 (USD MILLION)
          TABLE 160 MARKET IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION)
          TABLE 161 MARKET IN EUROPE, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
          TABLE 162 MARKET IN EUROPE, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
          TABLE 163 MARKET IN EUROPE, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
          TABLE 164 MARKET IN EUROPE, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
          TABLE 165 MARKET IN EUROPE, BY INDUSTRY, 2017–2020 (USD MILLION)
          TABLE 166 MARKET IN EUROPE, BY INDUSTRY, 2021–2026 (USD MILLION)
             13.3.1 GERMANY
                        13.3.1.1 Deployment of Industry 4.0 to support growth of market in Germany
             13.3.2 UK
                        13.3.2.1 Deployment of IoT in manufacturing sector to drive growth of market in UK
             13.3.3 FRANCE
                        13.3.3.1 Focus on technological research and development and government support to fuel growth of machine condition monitoring market in France
             13.3.4 REST OF EUROPE
     13.4 APAC
          FIGURE 62 SNAPSHOT: MACHINE CONDITION MONITORING MARKET IN APAC
          TABLE 167 MACHINE CONDITION MONITORING MARKET IN APAC, BY COUNTRY, 2017–2020 (USD MILLION)
          TABLE 168 MARKET IN APAC, BY COUNTRY, 2021–2026 (USD MILLION)
          TABLE 169 MARKET IN APAC, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
          TABLE 170 MARKET IN APAC, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
          TABLE 171 MARKET IN APAC, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
          TABLE 172 MARKET IN APAC, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
          TABLE 173 MARKET IN APAC, BY INDUSTRY, 2017–2020 (USD MILLION)
          TABLE 174 MARKET IN APAC, BY INDUSTRY, 2021–2026 (USD MILLION)
             13.4.1 CHINA
                        13.4.1.1 Pressure of increasing labor costs to encourage use of machine condition monitoring systems and solutions in China
             13.4.2 JAPAN
                        13.4.2.1 Notable growth in automotive industry of Japan to fuel demand for machine condition monitoring systems and solutions in country
             13.4.3 INDIA
                        13.4.3.1 Make in India initiative to drive adoption of machine condition monitoring systems and solutions in manufacturing sector of India
             13.4.4 REST OF APAC
     13.5 REST OF THE WORLD (ROW)
          TABLE 175 MACHINE CONDITION MONITORING MARKET IN ROW, BY REGION, 2017–2020 (USD MILLION)
          TABLE 176 MARKET IN ROW, BY REGION, 2021–2026 (USD MILLION)
          TABLE 177 MARKET IN ROW, BY MONITORING TECHNIQUE, 2017–2020 (USD MILLION)
          TABLE 178 MARKET IN ROW, BY MONITORING TECHNIQUE, 2021–2026 (USD MILLION)
          TABLE 179 MARKET IN ROW, BY MONITORING PROCESS, 2017–2020 (USD MILLION)
          TABLE 180 MARKET IN ROW, BY MONITORING PROCESS, 2021–2026 (USD MILLION)
          TABLE 181 MARKET IN ROW, BY INDUSTRY, 2017–2020 (USD MILLION)
          TABLE 182 MARKET IN ROW, BY INDUSTRY, 2021–2026 (USD MILLION)
             13.5.1 MIDDLE EAST AND AFRICA
                        13.5.1.1 Oil and gas sector of Middle East witnessing increased adoption of machine condition monitoring systems and solutions
             13.5.2 SOUTH AMERICA
                        13.5.2.1 Investments by economies of South America in various sectors to fuel market growth

14 COMPETITIVE LANDSCAPE (Page No. - 215)
     14.1 OVERVIEW
     14.2 TOP FIVE COMPANY REVENUE ANALYSIS
          FIGURE 63 MACHINE CONDITION MONITORING MARKET: REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2016–2020
     14.3 MARKET SHARE ANALYSIS, 2020
          TABLE 183 MACHINE CONDITION MONITORING MARKET SHARE ANALYSIS (2020)
     14.4 COMPETITIVE LEADERSHIP MAPPING
             14.4.1 STAR
             14.4.2 EMERGING LEADER
             14.4.3 PERVASIVE
             14.4.4 PARTICIPANT
                    FIGURE 64 MACHINE CONDITION MONITORING MARKET: COMPETITIVE LEADERSHIP MAPPING, 2020
     14.5 SMALL AND MEDIUM ENTERPRISES (SME) EVALUATION MATRIX, 2020
             14.5.1 PROGRESSIVE COMPANY
             14.5.2 RESPONSIVE COMPANY
             14.5.3 DYNAMIC COMPANY
             14.5.4 STARTING BLOCK
                    FIGURE 65 MACHINE CONDITION MONITORING MARKET (GLOBAL), SME EVALUATION QUADRANT, 2020
     14.6 MACHINE CONDITION MONITORING MARKET: PRODUCT FOOTPRINT
          TABLE 184 COMPANY FOOTPRINT
          TABLE 185 APPLICATION FOOTPRINT OF COMPANIES
          TABLE 186 INDUSTRY FOOTPRINT OF COMPANIES
          TABLE 187 REGIONAL FOOTPRINT OF COMPANIES
     14.7 COMPETITIVE SITUATIONS AND TRENDS
             14.7.1 MACHINE CONDITION MONITORING MARKET: PRODUCT LAUNCHES, APRIL 2019–MARCH 2021
             14.7.2 MACHINE CONDITION MONITORING MARKET: DEALS,  MAY 2019–JANUARY 2021

15 COMPANY PROFILES (Page No. - 229)
     15.1 INTRODUCTION
             15.1.1 IMPACT OF COVID-19 ON COMPANIES OPERATING IN MACHINE CONDITION MONITORING MARKET
(Business Overview, Products/solutions/services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
     15.2 KEY PLAYERS
             15.2.1 EMERSON ELECTRIC
                    FIGURE 66 EMERSON ELECTRIC: COMPANY SNAPSHOT
             15.2.2 GENERAL ELECTRIC
                    FIGURE 67 GENERAL ELECTRIC: COMPANY SNAPSHOT
             15.2.3 HONEYWELL INTERNATIONAL
                    FIGURE 68 HONEYWELL INTERNATIONAL: COMPANY SNAPSHOT
             15.2.4 NATIONAL INSTRUMENTS
                    FIGURE 69 NATIONAL INSTRUMENTS: COMPANY SNAPSHOT
             15.2.5 SKF
                    FIGURE 70 SKF: COMPANY SNAPSHOT
             15.2.6 ALS
                    FIGURE 71 ALS: COMPANY SNAPSHOT
             15.2.7 WILCOXON SENSING TECHNOLOGIES
             15.2.8 PARKER HANNIFIN
                    FIGURE 72 PARKER HANNIFIN: COMPANY SNAPSHOT
             15.2.9 ROCKWELL AUTOMATION
                    FIGURE 73 ROCKWELL AUTOMATION: COMPANY SNAPSHOT
             15.2.10 SCHAEFFLER
                     FIGURE 74 SCHAEFFLER: COMPANY SNAPSHOT
             15.2.11 SYMPHONY INDUSTRIAL AI
             15.2.12 BRUEL & KJAER
     15.3 OTHER PLAYERS
             15.3.1 FLUKE
             15.3.2 MEGGITT
             15.3.3 PCB PIEZOTRONICS
             15.3.4 FLIR SYSTEMS
             15.3.5 SPM INSTRUMENT
             15.3.6 ANALOG DEVICES
             15.3.7 MACHINE SAVER
             15.3.8 3DSIGNALS
             15.3.9 LOGILUBE
             15.3.10 PETASENSE
             15.3.11 SENSEYE
             15.3.12 UPTAKE CANADA

16 ADJACENT AND RELATED MARKETS (Page No. - 267)
     16.1 VIBRATION MONITORING MARKET, BY INDUSTRY
             16.1.1 INTRODUCTION
                    FIGURE 75 VIBRATION MONITORING MARKET, BY INDUSTRY
                    FIGURE 76 MARKET FOR AUTOMOTIVE INDUSTRY TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
                    TABLE 188 VIBRATION MONITORING MARKET, BY INDUSTRY, 2017–2025 (USD MILLION)
             16.1.2 OIL & GAS
                    TABLE 189 VIBRATION MONITORING MARKET FOR OIL & GAS, BY MONITORING PROCESS, 2017–2025 (USD MILLION)
                    TABLE 190 MARKET FOR OIL & GAS, BY SYSTEM TYPE, 2017–2025 (USD MILLION)
                    TABLE 191 MARKET FOR OIL & GAS, BY REGION, 2017–2025 (USD MILLION)
             16.1.3 ENERGY & POWER
                    FIGURE 77 EMBEDDED SYSTEMS SEGMENT TO HOLD LARGEST SIZE OF VIBRATION MONITORING MARKET FOR ENERGY & POWER DURING FORECAST PERIOD
                    TABLE 192 VIBRATION MONITORING MARKET FOR ENERGY & POWER, BY MONITORING PROCESS, 2017–2025 (USD MILLION)
                    TABLE 193 MARKET FOR ENERGY & POWER, BY SYSTEM TYPE, 2017–2025 (USD MILLION)
                    TABLE 194 MARKET FOR ENERGY & POWER, BY REGION, 2017–2025 (USD MILLION)
             16.1.4 METALS & MINING
                    TABLE 195 MARKET FOR METALS & MINING, BY MONITORING PROCESS, 2017–2025 (USD MILLION)
                    TABLE 196 VIBRATION MONITORING MARKET FOR METALS & MINING, BY SYSTEM TYPE, 2017–2025 (USD MILLION)
                    TABLE 197 MARKET FOR METALS & MINING, BY REGION, 2017–2025 (USD MILLION)
             16.1.5 CHEMICALS
                    FIGURE 78 ONLINE VIBRATION MONITORING SEGMENT TO HOLD LARGE SIZE OF VIBRATION MONITORING MARKET FOR CHEMICALS DURING FORECAST PERIOD
                    TABLE 198 VIBRATION MONITORING MARKET FOR CHEMICALS, BY MONITORING PROCESS, 2017–2025 (USD MILLION)
                    TABLE 199 MARKET FOR CHEMICALS, BY SYSTEM TYPE, 2017–2025 (USD MILLION)
                    TABLE 200 MARKET FOR CHEMICALS, BY REGION, 2017–2025 (USD MILLION)
             16.1.6 AUTOMOTIVE
                    TABLE 201 VIBRATION MONITORING MARKET FOR AUTOMOTIVE, BY MONITORING PROCESS, 2017–2025 (USD MILLION)
                    TABLE 202 MARKET FOR AUTOMOTIVE, BY SYSTEM TYPE, 2017–2025 (USD MILLION)
                    TABLE 203 MARKET FOR AUTOMOTIVE, BY REGION, 2017–2025 (USD MILLION)
             16.1.7 AEROSPACE & DEFENSE
                    FIGURE 79 EMBEDDED SYSTEMS SEGMENT TO HOLD LARGEST SIZE OF VIBRATION MONITORING MARKET IN AEROSPACE & DEFENSE INDUSTRY IN 2025
                    TABLE 204 VIBRATION MONITORING MARKET FOR AEROSPACE & DEFENSE, BY MONITORING PROCESS, 2017–2025 (USD MILLION)
                    TABLE 205 MARKET FOR AEROSPACE & DEFENSE, BY SYSTEM TYPE, 2017–2025 (USD MILLION)
                    TABLE 206 MARKET FOR AEROSPACE & DEFENSE, BY REGION, 2017–2025 (USD MILLION)
             16.1.8 FOOD & BEVERAGES
                    TABLE 207 VIBRATION MONITORING MARKET FOR FOOD & BEVERAGES, BY MONITORING PROCESS, 2017–2025 (USD MILLION)
                    TABLE 208 MARKET FOR FOOD & BEVERAGES, BY SYSTEM TYPE, 2017–2025 (USD MILLION)
                    TABLE 209 MARKET FOR FOOD & BEVERAGES, BY REGION, 2017–2025 (USD MILLION)
             16.1.9 MARINE
                    TABLE 210 VIBRATION MONITORING MARKET FOR MARINE, BY MONITORING PROCESS, 2017–2025 (USD MILLION)
                    TABLE 211 MARKET FOR MARINE, BY SYSTEM TYPE, 2017–2025 (USD MILLION)
                    TABLE 212 MARKET FOR MARINE, BY REGION, 2017–2025 (USD MILLION)
             16.1.10 PULP & PAPER
                     TABLE 213 VIBRATION MONITORING MARKET FOR PULP & PAPER, BY MONITORING PROCESS, 2017–2025 (USD MILLION)
                     TABLE 214 MARKET FOR PULP & PAPER, BY SYSTEM TYPE, 2017–2025 (USD MILLION)
                     TABLE 215 MARKET FOR PULP & PAPER, BY REGION, 2017–2025 (USD MILLION)
             16.1.11 OTHERS
                     TABLE 216 VIBRATION MONITORING MARKET FOR OTHER INDUSTRIES, BY MONITORING PROCESS, 2017–2025 (USD MILLION)
                     TABLE 217 MARKET FOR OTHER INDUSTRIES, BY SYSTEM TYPE, 2017–2025 (USD MILLION)
                     TABLE 218 MARKET FOR OTHER INDUSTRIES, BY REGION, 2017–2025 (USD MILLION)

17 APPENDIX (Page No. - 286)
     17.1 INSIGHTS OF INDUSTRY EXPERTS
     17.2 DISCUSSION GUIDE
     17.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     17.4 AVAILABLE CUSTOMIZATIONS
     17.5 RELATED REPORTS
     17.6 AUTHOR DETAILS

The study involves four major activities for estimating the size of the machine condition monitoring market. Exhaustive secondary research has been conducted to collect information related to the market. The next step has been the validation of these findings, assumptions, and sizing with the industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the overall size of the machine condition monitoring market. After that, market breakdown and data triangulation procedures have been used to determine the extent of different segments and subsegments of the market.

Secondary Research

Secondary sources referred to in this research study include corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers, certified publications, articles from recognized authors; directories; and databases. The secondary data has been collected and analyzed to arrive at the overall market size estimations, which have been further validated by primary research.

Primary Research

In the primary research process, a number of primary sources from both supply and demand sides have been interviewed to obtain the qualitative and quantitative information pertaining to this report. Several primary interviews have been conducted with market experts from both demand and supply sides (Machine condition monitoring manufacturers and distributors). This primary data has been collected through questionnaires, emails, and telephonic interviews. Approximately 20% of the primary interviews have been conducted with the demand side and 80% with the supply side. This primary data has been collected mainly through telephonic interviews, which accounted for 80% of the total primary interviews. Additionally, questionnaires and emails were used to collect the data.

Machine Condition Monitoring Market Size, and Share

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

Market Size Estimation

In the complete market engineering process, both top-down and bottom-up approaches have been implemented, along with several data triangulation methods, to estimate and validate the size of the machine condition monitoring market and other dependent submarkets listed in this report.

  • The key players in the industry and markets have been identified through extensive secondary research.
  • Both the supply chain of the industry and the market size, in terms of value and volume, have been determined through primary and secondary research.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

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

Study Objectives:

  • To define and forecast the size machine condition monitoring market based on monitoring technique, offering, deployment type, monitoring process, and industry in terms of value
  • To describe and forecast the size of the machine condition monitoring market in four key regions, namely, North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW), along with their respective countries
  • To provide detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the market
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market size
  • To study the complete value chain of the machine condition monitoring market
  • To provide a detailed impact of the COVID-19 on the machine condition monitoring market
  • To provide the impact of the COVID-19 on the market segments and players operating in the machine condition monitoring market
  • To analyze opportunities in the market for stakeholders by identifying high-growth segments of the machine condition monitoring ecosystem
  • To strategically profile the key players and comprehensively analyze their market position in terms of their ranking and core competencies, and provide their detailed competitive landscape
  • To analyze competitive developments, such as new product launches, acquisitions, collaborations, agreements, and partnerships, in the machine condition monitoring market

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company's specific needs. The following customization options are available for this report:

  • Detailed analysis and profiling of additional market players (Up to 5)
COVID-19

Get in-depth analysis of the COVID-19 impact on the Machine Condition Monitoring Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Machine Condition Monitoring Market

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SE 2739
Published ON
Apr, 2021
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