Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, Corrosion Monitoring, Ultrasound Emission), Monitoring Process (Online, Portable), Deployment, Offering - Global Forecast to 2027
Machine Condition Monitoring Market
Machine Condition Monitoring Market and Top Companies
- Emerson Electric- Emerson Electric manufactures process control systems, valves, and analytical instruments. Condition monitoring solutions offered by the company include vibration transmitters, online condition monitoring solutions, machinery protection systems with embedded prediction capabilities, integrated condition monitoring solutions for power and water applications, route-based vibration analyzers, and machinery health monitors for the power industry.
- General Electric- General Electric (GE) develops and manufactures power generators, aircraft engines, water processors, medical imaging equipment, security solutions, and different types of industrial products. In addition, the company offers services for business and consumer financing, online computing, and media content. GE provides machine condition monitoring solutions, primarily for the oil & gas sector. The company offers machine condition monitoring solutions through its Power segment. In 2002, GE acquired Bently Nevada (US), a leading provider of machinery protection and condition monitoring solutions. The company currently offers its machine condition monitoring systems under the brand name Bently Nevada.
- Honeywell International- Honeywell International is a diversified technology and manufacturing company serving its customers worldwide. The company operates through four major segments—Aerospace, Performance Material and Technologies, Safety and Productivity Solutions, and Honeywell Building Technologies. The company majorly offers machine condition monitoring solutions and related products and services through the Safety and Productivity Solutions segment. It offers automation and control solutions for process and hybrid applications, such as refining, in oil & gas; pulp & paper; mining, minerals, metals; chemicals; and pharmaceuticals industries.
- National Instruments- National Instruments is one of the leading providers of automated test equipment and virtual instrumentation software. The company offers machine condition monitoring solutions for end users from the industrial, heavy equipment, transportation, oil & gas, wind energy, and power generation markets. Machine condition monitoring offerings of the company include vibration sensors, pressure sensors, temperature sensors, load cells, acoustic sensors, the NI InsightCM Enterprise Software, embedded control and monitoring systems, and the CompactRIO monitoring platform. National Instruments offers machine condition monitoring solutions through its Product business segment.
- SKF- SKF is one of the global key players in manufacturing bearings, seals, lubrication management systems, maintenance products, power transmission products, mechatronics, condition monitoring systems, and related services. SKF offers machine condition monitoring solutions through its Industrial segment. The company offers an extensive range of condition monitoring products, including thermometers, thermal cameras, vibration measurement tools, tachometers, stroboscopes, ultrasonic instruments, and electrical discharge detectors.
Machine Condition Monitoring Market and Top Industries
- Power Generation- Power generation is one of the emerging industries that has witnessed rapid adoption of machine condition monitoring systems. Increased investments in information technology (IT) by the players in the power generation industry to optimize operations and ensure high profitability drive the adoption of condition monitoring systems in power generation plants. This industry is facing challenges owing to the elevated demand for power and energy losses during generation and distribution. Companies are expected to generate power at low costs and monitor their processes for unwanted changes in the power supply. Hence, machine condition monitoring systems and solutions play a crucial role in the power sector.
- Oil & Gas- Asset performance and security are crucial for upstream or downstream operations in oil and gas plants. Companies operating in the oil & gas industry are looking for effective ways to meet the rising energy requirements, as well as reduce operating costs and improve the efficiency of their plants. Several developments are taking place in this industry to meet the growing global energy demand. Moreover, oil and gas companies are researching new technologies to increase their output. As these companies are carrying out their drilling operations in remote offshore locations, the need to improve the safety and efficiency of these offshore plants is continuously increasing. This leads to the requirement of machine condition monitoring systems within the industry.
- Metals & mining - Metals & mining companies must ensure supply cost containment, supply chain visibility, and risk management while considering the increasing demand for metals and ongoing globalization. Several companies adopt automation solutions to stay competitive, enhance profitability and productivity, and reduce operating costs while improving their safety.Machine condition monitoring enables the metals & mining industry to collect data that can be used by internal and external members. This data is used to instantly access, review, distribute, and archive documents regarding the health and operational efficiency of machines deployed in mines. The industry has started using predictive analytics and modeling technologies to improve accessibility and the operational efficiency of machines.
Machine Condition Monitoring Market and Top Monitoring Techniques
- Vibration monitoring - 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 owing to its back-and-forth motion. This motion is mainly caused by oscillating various components, such as belts, gears, bearings, and drive motors. Vibration monitoring can detect imbalances, misalignments, and wear almost three months before the breakdown occurs. This technique also provides an opportunity to improve energy consumption in manufacturing plants since misaligned water pumps consume 15% more energy than well-aligned pumps.
- Thermography - Thermography, as a monitoring technique, has matured and is widely used to measure the temperature of machines in real time. Thermography is also known as thermal imaging. The process enables the early detection of equipment flaws and faulty industrial processes, thereby reducing system downtime, breakdowns, and maintenance costs. This machine condition monitoring technique has several applications, including detecting misalignment, improper lubrication, imbalances, stress, and wear in mechanical parts. It also identifies overheating, pipe leaks, and pressure vessel weaknesses in electrical equipment. Infrared thermography has become a popular method for predictive maintenance and non-destructive testing.
- Oil Analysis - The oil analysis technique is only applicable to machine oils, fluids, and lubricants. This technique helps detect overheating, wear, and contamination of oils or lubricants. For instance, high levels of iron often indicate dirt and grit. Being spotted on time, can reduce the gearbox failures by 50%. By avoiding contamination, the bearing failure can be decreased by 75%. Further, to prevent machinery failures, there are several oil analysis tests, such as ferrography, water presence tests, infrared spectroscopy, ultraviolet spectroscopy, viscosity tests, dielectric strength tests, iron content (particle quantification index), ICP/spectroscopy, microbial analysis, potentiometric titration (total acid number/total base number), and sediment tests.
The machine condition monitoring market is projected to grow at a significant rate from 2022 to 2027.
The global machine condition monitoring market size is anticipated to grow from USD 2.8 billion in 2022 to USD 4.0 billion by 2027, at a CAGR of 7.8% from 2022 to 2027. Accelerating deployment of automated condition monitoring technologies in smart factories and rising awareness in manufacturers worldwide regarding benefits of installing condition monitoring systems are some of the major factors propelling the growth of market.
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COVID-19 impact on the machine condition monitoring market
The market growth for machine condition onitoring market decreased in 2020 due to the COVID-19 outbreak.
The post-COVID-19 scenario was characterized by supply chain disruptions, reduced production of hardware components of machine condition monitoring systems, and suspension of commercial and industrial activities. Therefore, the market was adversely impacted in 2020 in all the regions; however, with the economic recovery, the market has gained moderate momentum post-2021.
Market Dynamics
Driver: Growing requirement for remote industrial operations due to the spread of COVID-19
The outbreak and the spread of the COVID-19 have caused major health and economic losses across the world. Process and manufacturing industries worldwide have been impacted by the shutdown of plants and disruptions in the global supply chain. The adherence to physical distancing norms and the restrictions on the movement of the masses has also affected the operations of various industries. These measures have created the need for remote supervision and operational control over manufacturing and processing plants. Companies operating in different industries preferred not to deploy new machine condition monitoring systems during the pandemic owing to the economic crisis faced by them. With the gradual recovery of the economy and the increased requirement for remote operations, the machine condition monitoring market is gaining traction owing to the need for adopting highly automated systems that require negligible human supervision.
Machine condition monitoring systems help supervise and control plant operations from remote locations with the help of real-time data gathered from different IoT devices. Thus, these systems eliminate the need for human intervention in the supervision of industrial plants. This is expected to increase the deployment of new machine condition monitoring systems in different industries.
Restraint: Shortage of technical expertise necessary to carry out data analysis
Condition monitoring requires trained resources for handling the latest equipment and software. Technical expertise are necessary for system optimization, software updates, system networking, data transmissions, etc. Thus, existing resources need to be trained in operating new systems. This could create a skill gap between existing workers and trained workers. The lack of trained resources may lead to apprehension among industrial plant operators to adopt new technologies. Thus, emerging countries continue to struggle for efficient implementation of machine condition monitoring systems and next-level industrialization owing to the lack of a skilled workforce for data analysis.
Opportunity: Focus of market players on strategic partnerships and collaborations to develop world-class machine monitoring products
The presence of established players operating in the machine condition monitoring market currently creates significant opportunities for partnerships and collaborations among system integrators, independent software vendors, data analytics service providers, and technology providers. The development of Industry 4.0 is expected to meet a diverse range of customer requirements, such as efficient plant operations and enhanced productivity, in this industrial IoT era. Partnerships and collaborations are expected to result in jointly developed technologies that can be used to manufacture world-class products and solutions for industrial customers globally. It is expected to result in tremendous growth opportunities for companies offering machine condition monitoring systems. In April 2020, SKF collaborated with connectivity expert LumenRadio to create a new wireless monitoring system that measures vibration and temperature parameters. The SKF Enlight Collect IMx-1 System combines SKF’s knowledge in machine health monitoring with LumenRadio’s patented network technology. Through this collaboration, SKF developed a new wireless sensor as part of a condition monitoring system for improving rotating equipment performance programs on a scale previously considered uneconomic.
Challenge: Requirement for additional expenses to retrofit existing systems
Machines deployed in industries require to have built-in components, such as sensors and transmitters, to facilitate machine-to-machine (M2M) communication among different devices. Machine condition monitoring devices are connected through a wired or wireless communication channel, such as Wi-Fi or a radio-frequency identification (RFID) module. They collect required data from different machines and transmit it to central computers for storage and analysis. Some new machines have inbuilt condition monitoring sensors as standard features to make it convenient for operators to monitor the health of equipment deployed in their plants. In the case of old factories, machinery may not be equipped with such data transmission components; hence, such additional systems/components are necessary to be fixed externally. Some old equipment may need alterations to retrofit these components, incurring extra cost. This, in turn, may lead to the strong hesitance to install machine condition monitoring systems. This is expected to act as a key challenge for the growth of the machine condition monitoring market. The impact of this challenge is expected to gradually reduce as industries have begun to realize the benefits of M2M communication technology.
“Vibration monitoring is expected to have the largest size of the machine condition monitoring market in 2022.”
Vibration monitoring measures and records typical vibration values and operating parameters. It provides real-time data that allows diagnosing machine conditions, helping in detecting faults in machine operations. Vibration-based monitoring is essential for predictive maintenance since it detects faults at an early stage. Use of this monitoring technique in the oil & gas industry ensures that the production machinery is continuously operational and the downtime is minimized, which helps reduce operating costs and increase productivity and monetary gains.
“The market for cloud deployment is expected to grow at a higher CAGR during the forecast period.”
Cloud deployment provides organizations with superior accessibility as it offers 24/7 services, increased scalability and speed. The growing preference for the software as a service (SaaS) model by enterprises owing to potential cost saving is the major factor for the higher growth rate of the market for cloud-based machine condition monitoring solutions.
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“The machine condition monitoring market in Asia Pacific to grow at the highest CAGR during the forecast period.”
Ongoing industrialization, growing adoption of predictive maintenance tools, and increasing competitive pressure to achieve operational efficiency are the key factors fueling the growth of the market in this region. Additionally, various companies from developed countries are planning to migrate their production bases to Asian countries, such as China, India, and South Korea, owing to the workforce availability at a lower cost. Thus, the manufacturing activities in the region are likely to expand to a greater extent. As a result, the region will witness huge demand for machine condition monitoring systems.
Key Market Players
The machine condition monitoring market’s players have implemented various types of organic as well as inorganic growth strategies, such as product launches, product developments, partnerships, and acquisitions to strengthen their offerings in the market. The major players in the market are Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US), and SKF (Sweden) among others.
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.
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|
Report Metric |
Details |
|
Estimated Market Size |
USD 2.8 Billion |
|
Projected Market Size |
USD 4.0 Billion |
|
Growth Rate |
7.8% |
|
Market Size Available for Years |
2018–2027 |
|
Base Year |
2021 |
|
Forecast Period |
2022–2027 |
|
Forecast Unit |
Value (USD million) |
|
Segments Covered |
|
|
Geographic Regions Covered |
|
|
Market Leaders |
SKF (Sweden) |
|
Top Companies in North America |
Emerson Electric (US) , General Electric (US) , Honeywell International (US), and National Instruments (US) |
|
Key Market Driver |
Growing requirement for remote industrial operations due to the spread of COVID-19 |
| Key Market Opportunity | Focus of market players on strategic partnerships and collaborations to develop world-class machine monitoring products |
| Largest Growing Region | Asia Pacific |
| Highest CAGR Segment | Market for Cloud Deployment |
| Largest Market Share Segment | Vibration Sensors Segment |
In this report, the overall machine condition monitoring market has been segmented based on monitoring technique, offering, deployment type, monitoring process, industry and region.
By Monitoring Technique
- Vibration Monitoring
- Thermography
- Oil Analysis
- Corrosion Monitoring
- Ultrasound Emission Monitoring
- Motor Current Analysis
By Offering
- Hardware
- Software
By Deployment Type
- On-premises
- Cloud
By Monitoring Process
- Online Condition Monitoring
- Portable Condition Monitoring
By Industry
- Oil & Gas
- Power Generation
- Metal & Mining
- Chemicals
- Automotive
- Aerospace
- Food & Beverages
- Marine
- Others
By Region
-
North America
- US
- Canada
- Mexico
-
Europe
- UK
- Germany
- France
- Rest of Europe
-
Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
-
Rest of the World
-
Middle East
- UAE
- Saudi Arabia
- Rest of Middle East
- Africa
- South America
-
Middle East
Recent Developments
- In January 2021, SKF collaborated with Solvang, a Norwegian shipowner, to introduce predictive maintenance to its fleet of tankers by investing in the new system for manual vibration monitoring, Enlight ProCollect from SKF.
- In June 2020, National Instruments signed a definitive agreement to acquire OptimalPlus Ltd., a global leader in data analytics software for the semiconductor, automotive, and electronics industries. The acquisition aims at expanding NI’s enterprise software capabilities to provide customers with business-critical insights through advanced product analytics across their product development flow and supply chain.
- In January 2020, Emerson introduced the Plantweb Insight Inline Corrosion software to provide the oil & gas industry with real-time interpretation and analysis of critical data that helps prioritize maintenance and make informed integrity decisions.
Frequently Asked Questions (FAQ):
What is the total CAGR expected to be recorded for the machine condition monitoring market during 2022-2027?
The global machine condition monitoring market is expected to record a CAGR of 7.8% from 2022–2027.
Does this report include the impact of COVID-19 on the machine condition monitoring market?
Yes, the report includes the impact of COVID-19 on the machine condition monitoring market. It illustrates the post- COVID-19 market scenario.
Which are the top players in the machine condition monitoring market?
The major vendors operating in the machine condition monitoring market include Emerson Electric, General Electric, Honeywell International, National Instruments and SKF among others.
Which major countries are considered in the North America region?
The report includes an analysis of the US, Canada, and Mexico countries. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 36)
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION AND SCOPE
1.3 INCLUSIONS AND EXCLUSIONS
1.4 STUDY SCOPE
1.4.1 MARKETS COVERED
FIGURE 1 MARKET SEGMENTATION
1.4.2 GEOGRAPHIC SCOPE
1.4.3 YEARS CONSIDERED
1.5 CURRENCY
1.6 MARKET STAKEHOLDERS
1.7 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 41)
2.1 INTRODUCTION
FIGURE 2 MACHINE CONDITION MONITORING MARKET: RESEARCH DESIGN
2.2 SECONDARY AND PRIMARY RESEARCH
2.2.1 SECONDARY DATA
2.2.1.1 List of major secondary sources
2.2.1.2 Key data from secondary sources
2.2.2 PRIMARY DATA
2.2.2.1 Primary interviews with experts
2.2.2.2 Key data from primary sources
2.2.2.3 Key industry insights
2.2.2.4 Breakdown of primaries
2.3 MARKET SIZE ESTIMATION
2.3.1 BOTTOM-UP APPROACH
2.3.1.1 Approach for arriving at market size using bottom-up analysis
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
2.3.2 TOP-DOWN APPROACH
2.3.2.1 Approach for capturing market size using top-down analysis
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: MARKET USING SUPPLY-SIDE ANALYSIS
2.4 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 6 DATA TRIANGULATION
2.5 RESEARCH ASSUMPTIONS AND LIMITATIONS
2.5.1 RESEARCH ASSUMPTIONS
2.5.2 LIMITATIONS
2.6 RISK ASSESSMENT
FIGURE 7 RISK ASSESSMENT
3 EXECUTIVE SUMMARY (Page No. - 52)
FIGURE 8 IMPACT ANALYSIS OF COVID-19 ON MARKET
3.1 REALISTIC SCENARIO
TABLE 1 REALISTIC SCENARIO (POST-COVID-19) SCENARIO: MACHINE CONDITION MONITORING MARKET, 2022–2027 (USD MILLION)
3.2 OPTIMISTIC SCENARIO
TABLE 2 OPTIMISTIC SCENARIO (POST-COVID-19): MARKET, 2022–2027 (USD MILLION)
3.3 PESSIMISTIC SCENARIO
TABLE 3 PESSIMISTIC SCENARIO (POST-COVID-19): MARKET, 2022–2027 (USD MILLION)
FIGURE 9 ONLINE CONDITION MONITORING SEGMENT TO HOLD LARGER MARKET SHARE THAN PORTABLE MACHINE CONDITION MONITORING SEGMENT IN 2022
FIGURE 10 VIBRATION MONITORING TECHNIQUE TO RECORD LARGEST SIZE OF MARKET IN 2022
FIGURE 11 AUTOMOTIVE INDUSTRY TO EXHIBIT HIGHEST CAGR FROM 2022 TO 2027
FIGURE 12 NORTH AMERICA ACCOUNTED FOR LARGEST SHARE OF GLOBAL MARKET IN 2021
4 PREMIUM INSIGHTS (Page No. - 57)
4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN MARKET
FIGURE 13 EMERGENCE OF SECURE CLOUD COMPUTING PLATFORMS SUITABLE FOR MACHINE CONDITION MONITORING TO PROPEL MARKET GROWTH
4.2 MARKET, BY MONITORING TECHNIQUE
FIGURE 14 VIBRATION MONITORING TECHNIQUE TO HAVE MAXIMUM CONTRIBUTION TO MARKET FROM 2022 TO 2027
4.3 MARKET, BY DEPLOYMENT TYPE
FIGURE 15 ON-PREMISES DEPLOYMENT TO ACCOUNT FOR LARGER MARKET SHARE IN 2022
4.4 MARKET, BY INDUSTRY
FIGURE 16 POWER GENERATION INDUSTRY TO HOLD LARGEST SHARE OF MARKET IN 2022
4.5 MACHINE CONDITION MONITORING MARKET, BY REGION
FIGURE 17 INDIA TO RECORD HIGHEST CAGR IN MARKET FROM 2022 TO 2027
5 MARKET OVERVIEW (Page No. - 60)
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 Growing requirement for remote industrial operations due to spread of COVID-19
5.2.1.2 Rising inclination toward real-time condition monitoring through highly secure cloud computing platforms
5.2.1.3 Surging adoption of wireless communication technology in machine condition monitoring
5.2.1.4 Increasing use of predictive maintenance techniques by industry players
5.2.1.5 Accelerating deployment of automated condition monitoring technologies in smart factories
5.2.1.6 Increasing awareness in manufacturers worldwide regarding benefits of installing condition monitoring systems
FIGURE 19 IMPACT ANALYSIS OF DRIVERS ON MARKET
5.2.2 RESTRAINTS
5.2.2.1 Lack of trust in prediction capabilities of machine condition monitoring systems
5.2.2.2 Shortage of technical expertise necessary to carry out data analysis
FIGURE 20 IMPACT ANALYSIS OF RESTRAINTS ON MARKET
5.2.3 OPPORTUNITIES
5.2.3.1 Advent and integration of machine learning and big data analytics in asset monitoring
5.2.3.2 Focus of market players on strategic partnerships and collaborations to develop world-class machine monitoring products
5.2.3.3 Emergence of IIoT to unfold new growth avenues
FIGURE 21 IMPACT ANALYSIS OF OPPORTUNITIES ON MARKET
5.2.4 CHALLENGES
5.2.4.1 Availability of experts at remote locations
5.2.4.2 Requirement for additional expenses to retrofit existing systems
5.2.4.3 Integration of machine condition monitoring systems with other maintenance systems
5.2.4.4 Impact of COVID-19 on growth of oil & gas industry
FIGURE 22 IMPACT ANALYSIS OF CHALLENGES ON MARKET
5.3 VALUE CHAIN ANALYSIS
FIGURE 23 VALUE CHAIN ANALYSIS: MACHINE CONDITION MONITORING SOLUTIONS
5.4 ECOSYSTEM ANALYSIS
FIGURE 24 ECOSYSTEM
TABLE 4 MACHINE CONDITIONING MONITORING MARKET: ECOSYSTEM
5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS
FIGURE 25 REVENUE SHIFT FOR MACHINE CONDITIONING MONITORING MARKET
5.6 PORTER’S FIVE FORCES ANALYSIS
TABLE 5 MACHINE CONDITION MONITORING MARKET: PORTER’S FIVE FORCES ANALYSIS
5.7 CASE STUDY ANALYSIS
TABLE 6 SKF ONLINE CONDITION MONITORING SYSTEM REDUCES DOWNTIME OF STEEL ROLLING MILL
TABLE 7 BARKING POWER STATION REDUCES PLANT DOWNTIME AND ENHANCES OPERATOR SAFETY USING WIRELESS VIBRATION TRANSMITTERS OF EMERSON
TABLE 8 VIBRATION-BASED CONDITION MONITORING OF ROTATING PART OF MILLING MACHINE USING SPECTRUM ANALYSIS
5.8 TECHNOLOGY ANALYSIS
5.8.1 INTERNET OF THINGS (IOT)
FIGURE 26 UTILIZATION OF IOT PLATFORMS BY CONDITION MONITORING SYSTEM USERS
5.8.2 CLOUD COMPUTING TECHNOLOGY
FIGURE 27 ADVANTAGES OF CLOUD-BASED MACHINE CONDITION MONITORING
FIGURE 28 INDUSTRIAL DEVELOPMENT MODEL
5.8.3 MULTI-PARAMETER CONDITION MONITORING
5.8.4 CLOUD-BASED PREDICTIVE MAINTENANCE (MAINTENANCE–AS–A–SERVICE)
FIGURE 29 DATA EXCHANGE IN CLOUD-BASED MAINTENANCE FRAMEWORK
5.9 PRICING ANALYSIS
5.9.1 ASP ANALYSIS OF KEY PLAYERS
FIGURE 30 ASP OF VIBRATION SENSORS BASED ON OPERATING TEMPERATURE
TABLE 9 APPROXIMATE AVERAGE SELLING PRICES OF VIBRATION SENSORS BASED ON OPERATING TEMPERATURE, BY COMPANY
5.9.2 ASP TREND
TABLE 10 AVERAGE SELLING PRICES OF MACHINE CONDITION MONITORING HARDWARE COMPONENTS
5.10 TRADE ANALYSIS
5.10.1 IMPORT SCENARIO
FIGURE 31 IMPORTS, BY KEY COUNTRY, 2016–2020 (USD MILLION)
5.10.2 EXPORT SCENARIO
FIGURE 32 EXPORTS, BY KEY COUNTRY, 2016–2020 (USD MILLION)
5.11 KEY CONFERENCES AND EVENTS IN 2022 AND 2023
TABLE 11 MACHINE CONDITION MONITORING MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
5.12 PATENT ANALYSIS
FIGURE 33 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 10 YEARS
TABLE 12 TOP 20 PATENT OWNERS IN US IN LAST 10 YEARS
FIGURE 34 NUMBER OF PATENTS GRANTED PER YEAR FROM 2012 TO 2021
TABLE 13 LIST OF SOME PATENTS IN MACHINE CONDITIONING MONITORING MARKET
5.13 REGULATORY LANDSCAPE
5.13.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS RELATED TO MARKET UNDER STUDY
TABLE 14 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 15 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 16 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.13.2 STANDARDS AND REGULATIONS RELATED TO MARKET
5.13.2.1 API
5.13.2.2 ASTM
5.13.2.3 ISO
5.13.2.4 MIMOSA
5.13.3 SAFETY STANDARDS FOR MCMM
TABLE 17 SAFETY STANDARDS FOR MCMM
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
FIGURE 35 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE INDUSTRIES
TABLE 18 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE INDUSTRIES (%)
5.14.2 BUYING CRITERIA
FIGURE 36 KEY BUYING CRITERIA FOR TOP THREE INDUSTRIES
TABLE 19 KEY BUYING CRITERIA FOR TOP THREE INDUSTRIES
6 APPLICATIONS OF MACHINE CONDITION MONITORING SYSTEMS (Page No. - 93)
6.1 INTRODUCTION
FIGURE 37 MACHINE CONDITION MONITORING IS MAINLY USED FOR PUMPS
6.2 PUMPS
6.3 CHILLERS
6.4 MOTORS
6.5 BEARINGS
6.6 OTHERS
7 PROCUREMENT OF MACHINE CONDITION MONITORING EQUIPMENT (Page No. - 96)
7.1 INTRODUCTION
FIGURE 38 ORIGINAL EQUIPMENT MANUFACTURERS COMMAND MARKET
7.2 ORIGINAL EQUIPMENT MANUFACTURERS
7.3 END USERS
8 MACHINE CONDITION MONITORING MARKET, BY MONITORING TECHNIQUE (Page No. - 97)
8.1 INTRODUCTION
FIGURE 39 MARKET, BY MONITORING TECHNIQUE
FIGURE 40 VIBRATION MONITORING TECHNIQUE TO ACCOUNT FOR LARGEST SHARE OF MARKET FROM 2022 TO 2027
TABLE 20 MARKET, BY MONITORING TECHNIQUE, 2018–2021 (USD MILLION)
TABLE 21 MARKET, BY MONITORING TECHNIQUE, 2022–2027 (USD MILLION)
8.2 VIBRATION MONITORING
FIGURE 41 VIBRATION MONITORING MARKET, BY SYSTEM TYPE, 2021
8.2.1 EMBEDDED SYSTEMS
8.2.1.1 Embedded systems are increasingly deployed in power generation and oil & gas industries
8.2.2 VIBRATION ANALYZERS AND METERS
8.2.2.1 Vibration analyzers record data with greater precision by identifying vibration acceleration, vibration velocity, and vibration displacement parameters
TABLE 22 VIBRATION MONITORING MARKET, BY OFFERING, 2018–2021 (USD MILLION)
TABLE 23 VIBRATION MONITORING MARKET, BY OFFERING, 2022–2027 (USD MILLION)
TABLE 24 VIBRATION MONITORING MARKET, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 25 VIBRATION MONITORING MARKET, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 26 MARKET, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 27 MARKET, BY INDUSTRY, 2022–2027 (USD MILLION)
8.3 THERMOGRAPHY
8.3.1 THERMOGRAPHY TECHNIQUE IS USEFUL IN DETECTING SEVERAL ISSUES SUCH AS FAULTY FUSE AND INSULATION FAILURES
FIGURE 42 ONLINE CONDITION MONITORING PROCESS TO DOMINATE MARKET FOR THERMOGRAPHY TECHNIQUE FROM 2022 TO 2027
TABLE 28 THERMOGRAPHY MARKET, BY OFFERING, 2018–2021 (USD MILLION)
TABLE 29 THERMOGRAPHY MARKET, BY OFFERING, 2022–2027 (USD MILLION)
TABLE 30 THERMOGRAPHY MARKET, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 31 MARKET, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 32 MARKET, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 33 MARKET, BY INDUSTRY, 2022–2027 (USD MILLION)
8.4 OIL ANALYSIS
8.4.1 OIL ANALYSIS TECHNIQUE IS USED TO ANALYZE MACHINE WEAR AND QUALITY OF MACHINERY LUBRICANTS
FIGURE 43 ADVANTAGES OF OIL ANALYSIS TECHNIQUE
TABLE 34 OIL ANALYSIS MARKET, BY OFFERING, 2018–2021 (USD MILLION)
TABLE 35 OIL ANALYSIS MARKET, BY OFFERING, 2022–2027 (USD MILLION)
TABLE 36 OIL ANALYSIS MARKET, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 37 MARKET, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 38 MARKET, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 39 MARKET, BY INDUSTRY, 2022–2027 (USD MILLION)
8.5 CORROSION MONITORING
8.5.1 CORROSION MONITORING IS PRIMARILY APPLICABLE TO BOILERS, VACUUM TOWERS, CRUDE OIL SYSTEMS, AND TRANSPORTATION PIPELINES
TABLE 40 CORROSION MONITORING MARKET, BY OFFERING, 2018–2021 (USD MILLION)
TABLE 41 CORROSION MONITORING MARKET, BY OFFERING, 2022–2027 (USD MILLION)
TABLE 42 CORROSION MONITORING MARKET, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 43 CORROSION MONITORING MARKET, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 44 MARKET, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 45 MARKET, BY INDUSTRY, 2022–2027 (USD MILLION)
8.6 ULTRASOUND EMISSION
8.6.1 ULTRASOUND EMISSION MONITORING HELPS DETECT DEFECTS IN ELECTRIC EQUIPMENT
TABLE 46 ULTRASOUND EMISSION MARKET, BY OFFERING, 2018–2021 (USD MILLION)
TABLE 47 ULTRASOUND EMISSION MARKET, BY OFFERING, 2022–2027 (USD MILLION)
TABLE 48 ULTRASOUND EMISSION MARKET, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 49 ULTRASOUND EMISSION MARKET, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 50 MARKET, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 51 MARKET, BY INDUSTRY, 2022–2027 (USD MILLION)
8.7 MOTOR CURRENT ANALYSIS
8.7.1 MOTOR CURRENT ANALYSIS MONITORING TECHNIQUE IS USEFUL FOR EARLY DETECTION OF FAULTS
FIGURE 44 SPECTRUM ANALYZERS TO ACCOUNT FOR LARGEST MARKET SHARE FOR MOTOR CURRENT ANALYSIS TECHNIQUE FROM 2022 TO 2027
TABLE 52 MOTOR CURRENT ANALYSIS MARKET, BY OFFERING, 2018–2021 (USD MILLION)
TABLE 53 MOTOR CURRENT ANALYSIS MARKET, BY OFFERING, 2022–2027 (USD MILLION)
TABLE 54 MOTOR CURRENT ANALYSIS MARKET, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 55 MARKET, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 56 MARKET, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 57 MARKET, BY INDUSTRY, 2022–2027 (USD MILLION)
9 MACHINE CONDITION MONITORING MARKET, BY OFFERING (Page No. - 121)
9.1 INTRODUCTION
FIGURE 45 MARKET, BY OFFERING
FIGURE 46 HARDWARE SEGMENT TO ACCOUNT FOR LARGER SHARE OF MARKET FROM 2022 TO 2027
TABLE 58 MARKET, BY OFFERING, 2018–2021 (USD MILLION)
TABLE 59 MARKET, BY OFFERING, 2022–2027 (USD MILLION)
9.2 HARDWARE
TABLE 60 MACHINE CONDITION MONITORING HARDWARE MARKET, BY MONITORING TECHNIQUE, 2018–2021 (USD MILLION)
TABLE 61 MACHINE CONDITION MONITORING HARDWARE MARKET, BY MONITORING TECHNIQUE, 2022–2027 (USD MILLION)
TABLE 62 MACHINE CONDITION MONITORING HARDWARE MARKET, BY TYPE, 2018–2021 (USD MILLION)
TABLE 63 MACHINE CONDITION MONITORING HARDWARE MARKET, BY TYPE, 2022–2027 (USD MILLION)
9.2.1 VIBRATION SENSORS
9.2.1.1 Accelerometers
9.2.1.1.1 Increased use of accelerometers in industrial plants to analyze vibrations in rotating machinery tools
9.2.1.2 Proximity probes
9.2.1.2.1 High demand for proximity probes to carry out accurate displacement measurements of devices
9.2.1.3 Tachometers
9.2.1.3.1 Surged adoption of tachometers to measure speed of rotating machines efficiently
9.2.2 INFRARED SENSORS
9.2.2.1 Thermal infrared sensors
9.2.2.1.1 Growing use of thermal infrared sensors to detect possible faults in machines triggered by heat
9.2.2.2 Quantum infrared sensors
9.2.2.2.1 Elevating need for quantum infrared sensors to monitor temperature variations in machines
9.2.3 SPECTROMETERS
9.2.3.1 Infrared spectrometers
9.2.3.1.1 Elevating demand for infrared spectrometers to identify varieties of materials
9.2.3.2 Ultraviolet spectrometers
9.2.3.2.1 Increasing consumption of ultraviolet spectrometers to carry out oil analysis
9.2.3.3 Atomic spectrometers
9.2.3.3.1 Growing utilization of atomic spectrometers by several industries to effectively identify foreign particles in oil samples
9.2.3.4 Mass spectrometers
9.2.3.4.1 Rising use of mass spectrometers to recognize contaminating compounds in lubricating oil samples
9.2.4 ULTRASOUND DETECTORS
9.2.4.1 Sound pressure meters
9.2.4.1.1 Elevating demand for sound pressure meters for hassle-free noise-level measurements
9.2.4.2 Stethoscopes
9.2.4.2.1 Rising consumption of stethoscopes to monitor noise levels in machine components
9.2.4.3 Ultrasound leak detectors
9.2.4.3.1 Surging adoption of ultrasound leak detectors to identify leakages in vacuum and compressed air systems
9.2.5 SPECTRUM ANALYZERS
9.2.5.1 Swept spectrum analyzers
9.2.5.1.1 Significant use of swept spectrum analyzers to evaluate frequency of faulty machine parts
9.2.5.2 Real-time spectrum analyzers
9.2.5.2.1 Increased adoption of real-time spectrum analyzers for motor current analysis
9.2.6 CORROSION PROBES
9.2.6.1 Corrosion probes are deployed in several industries to monitor and evaluate corrosion rate in equipment
9.2.7 OTHERS
9.3 SOFTWARE
TABLE 64 LIST OF MACHINE CONDITION MONITORING SOFTWARE PROVIDERS AND THEIR HEADQUARTERS
TABLE 65 MACHINE CONDITION MONITORING SOFTWARE MARKET, BY MONITORING TECHNIQUE, 2018–2021 (USD MILLION)
TABLE 66 MACHINE CONDITION MONITORING SOFTWARE MARKET, BY MONITORING TECHNIQUE, 2022–2027 (USD MILLION)
9.3.1 DATA INTEGRATION
9.3.1.1 Data integration is vital for careful analysis of machine health
9.3.2 DIAGNOSTIC REPORTING
9.3.2.1 Diagnostic reporting enables generation of extensive data necessary to monitor machine condition
9.3.3 ORDER TRACKING ANALYSIS
9.3.3.1 Order tracking analysis is important to record changes in signal amplitude measurements
9.3.4 PARAMETER CALCULATION
9.3.4.1 Parameter calculation supports scheduling maintenance activities in advance
9.4 SERVICES
9.4.1 ROUTE-BASED MONITORING
9.4.1.1 Route monitoring supports predictive maintenance of machines in plants
9.4.2 INTEGRATED MONITORING
9.4.2.1 Integrated monitoring services include providing data necessary to carry out preventive maintenance activities in advance
9.4.3 CONTINUOUS REMOTE MONITORING
9.4.3.1 Continuous remote monitoring helps in efficient and real-time monitoring of machine condition
10 MACHINE CONDITION MONITORING MARKET, BY DEPLOYMENT TYPE (Page No. - 136)
10.1 INTRODUCTION
FIGURE 47 MARKET, BY DEPLOYMENT TYPE
FIGURE 48 ON-PREMISES DEPLOYMENT TYPE TO CONTRIBUTE LARGER SHARE OF MARKET IN 2022
TABLE 67 MARKET, BY DEPLOYMENT TYPE, 2018–2021 (USD MILLION)
TABLE 68 MARKET, BY DEPLOYMENT TYPE, 2022–2027 (USD MILLION)
10.2 ON-PREMISES
10.2.1 RISING PREFERENCE FOR HIGHLY SECURE ON-PREMISES DEPLOYMENT TO ACCELERATE MARKET GROWTH
FIGURE 49 LIMITATIONS OF ON-PREMISES DEPLOYMENT
10.3 CLOUD
10.3.1 GROWING REQUIREMENT FOR REMOTE MONITORING TO SUPPORT DEMAND FOR CLOUD DEPLOYMENT
FIGURE 50 ADVANTAGES OF CLOUD DEPLOYMENT
11 MACHINE CONDITION MONITORING MARKET, BY MONITORING PROCESS (Page No. - 141)
11.1 INTRODUCTION
FIGURE 51 MARKET, BY MONITORING PROCESS
FIGURE 52 ONLINE CONDITION MONITORING PROCESS TO LEAD MARKET FROM 2022 TO 2027
TABLE 69 MARKET, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 70 MARKET, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
11.2 ONLINE CONDITION MONITORING
11.2.1 PLANT OPERATORS OBTAIN REAL-TIME EQUIPMENT HEALTH INSIGHTS USING ONLINE CONDITION MONITORING SYSTEMS
FIGURE 53 MOTOR CURRENT ANALYSIS TECHNIQUE TO EXHIBIT HIGHEST CAGR IN ONLINE MARKET FROM 2022 TO 2027
TABLE 71 ONLINE MACHINE CONDITION MONITORING MARKET, BY MONITORING TECHNIQUE, 2018–2021 (USD MILLION)
TABLE 72 ONLINE MARKET, BY MONITORING TECHNIQUE, 2022–2027 (USD MILLION)
TABLE 73 ONLINE MARKET, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 74 ONLINE MACHINE CONDITION MONITORING MARKET, BY INDUSTRY, 2022–2027 (USD MILLION)
11.3 PORTABLE CONDITION MONITORING
11.3.1 PORTABLE CONDITION MONITORING IS COST-EFFECTIVE AND MAXIMIZES PRODUCTION OUTPUT
TABLE 75 PORTABLE MACHINE CONDITION MONITORING MARKET, BY MONITORING TECHNIQUE, 2018–2021 (USD MILLION)
TABLE 76 PORTABLE MARKET, BY MONITORING TECHNIQUE, 2022–2027 (USD MILLION)
TABLE 77 PORTABLE MARKET, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 78 PORTABLE MARKET, BY INDUSTRY, 2022–2027 (USD MILLION)
12 MACHINE CONDITION MONITORING MARKET, BY INDUSTRY (Page No. - 149)
12.1 INTRODUCTION
FIGURE 54 MARKET, BY INDUSTRY
FIGURE 55 AUTOMOTIVE INDUSTRY TO RECORD HIGHEST CAGR IN MARKET FROM 2022 TO 2027
TABLE 79 MARKET, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 80 MARKET, BY INDUSTRY, 2022–2027 (USD MILLION)
12.2 OIL & GAS
12.2.1 SURGING ADOPTION OF SMART FACTORY TECHNOLOGIES BY OIL & GAS COMPANIES TO CREATE REQUIREMENT FOR MACHINE CONDITION MONITORING SYSTEMS
FIGURE 56 ONLINE CONDITION MONITORING SEGMENT TO CAPTURE LARGER MARKET SHARE FOR OIL & GAS INDUSTRY IN 2027
TABLE 81 MACHINE CONDITION MONITORING MARKET FOR OIL & GAS INDUSTRY, BY MONITORING TECHNIQUE, 2018–2021 (USD MILLION)
TABLE 82 MARKET FOR OIL & GAS INDUSTRY, BY MONITORING TECHNIQUE, 2022–2027 (USD MILLION)
TABLE 83 MARKET FOR OIL & GAS INDUSTRY, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 84 MARKET FOR OIL & GAS INDUSTRY, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 85 MARKET FOR OIL & GAS INDUSTRY, BY REGION, 2018–2021 (USD MILLION)
TABLE 86 MARKET FOR OIL & GAS INDUSTRY, BY REGION, 2022–2027 (USD MILLION)
12.3 POWER GENERATION
12.3.1 INCREASING INVESTMENTS IN SUSTAINABLE ENERGY TO ACCELERATE DEMAND FOR MACHINE CONDITION MONITORING SYSTEMS BY POWER GENERATION INDUSTRY
TABLE 87 MARKET FOR POWER GENERATION INDUSTRY, BY MONITORING TECHNIQUE, 2018–2021 (USD MILLION)
TABLE 88 MARKET FOR POWER GENERATION INDUSTRY, BY MONITORING TECHNIQUE, 2022–2027 (USD MILLION)
TABLE 89 MARKET FOR POWER GENERATION INDUSTRY, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 90 MARKET FOR POWER GENERATION INDUSTRY, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 91 MARKET FOR POWER GENERATION INDUSTRY, BY REGION, 2018–2021 (USD MILLION)
TABLE 92 MARKET FOR POWER GENERATION INDUSTRY, BY REGION, 2022–2027 (USD MILLION)
12.4 METALS & MINING
12.4.1 RISING CONSUMPTION OF VIBRATION SENSORS IN MINING INDUSTRY SUPPORTS MARKET GROWTH
FIGURE 57 VIBRATION MONITORING TECHNIQUE TO ACCOUNT FOR LARGEST MARKET SHARE FOR METALS & MINING INDUSTRY IN 2022
TABLE 93 MACHINE CONDITION MONITORING MARKET FOR METALS & MINING INDUSTRY, BY MONITORING TECHNIQUE, 2018–2021 (USD MILLION)
TABLE 94 MARKET FOR METALS & MINING INDUSTRY, BY MONITORING TECHNIQUE, 2022–2027 (USD MILLION)
TABLE 95 MARKET FOR METALS & MINING INDUSTRY, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 96 MARKET FOR METALS & MINING INDUSTRY, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 97 MARKET FOR METALS & MINING INDUSTRY, BY REGION, 2018–2021 (USD MILLION)
TABLE 98 MARKET FOR METALS & MINING INDUSTRY, BY REGION, 2022–2027 (USD MILLION)
12.5 CHEMICALS
12.5.1 GROWING IMPLEMENTATION OF CONDITION MONITORING SOLUTIONS IN CHEMICALS INDUSTRY TO FUEL MARKET GROWTH
TABLE 99 MACHINE CONDITION MONITORING MARKET FOR CHEMICALS INDUSTRY, BY MONITORING TECHNIQUE, 2018–2021 (USD MILLION)
TABLE 100 MARKET FOR CHEMICALS INDUSTRY, BY MONITORING TECHNIQUE, 2022–2027 (USD MILLION)
TABLE 101 MARKET FOR CHEMICALS INDUSTRY, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 102 MARKET FOR CHEMICALS INDUSTRY, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 103 MARKET FOR CHEMICALS INDUSTRY, BY REGION, 2018–2021 (USD MILLION)
TABLE 104 MARKET FOR CHEMICALS INDUSTRY, BY REGION, 2022–2027 (USD MILLION)
12.6 AUTOMOTIVE
12.6.1 INCREASING FOCUS OF PLANT MANAGERS TO ADOPT IIOT FOR EFFECTIVE INSPECTION OF CRITICAL MACHINERY AND PLANNING OF MAINTENANCE IN ADVANCE
TABLE 105 MARKET FOR AUTOMOTIVE INDUSTRY, BY MONITORING TECHNIQUE, 2018–2021 (USD MILLION)
TABLE 106 MARKET FOR AUTOMOTIVE INDUSTRY, BY MONITORING TECHNIQUE, 2022–2027 (USD MILLION)
TABLE 107 MARKET FOR AUTOMOTIVE INDUSTRY, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 108 MARKET FOR AUTOMOTIVE INDUSTRY, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 109 MARKET FOR AUTOMOTIVE INDUSTRY, BY REGION, 2018–2021 (USD MILLION)
TABLE 110 MARKET FOR AUTOMOTIVE INDUSTRY, BY REGION, 2022–2027 (USD MILLION)
12.7 AEROSPACE
12.7.1 EMERGING USE CASES OF INDUSTRY 4.0 IN AEROSPACE TO STIMULATE DEMAND FOR MACHINE MONITORING SOLUTIONS
TABLE 111 MACHINE CONDITION MONITORING MARKET FOR AEROSPACE INDUSTRY, BY MONITORING TECHNIQUE, 2018–2021 (USD MILLION)
TABLE 112 MARKET FOR AEROSPACE INDUSTRY, BY MONITORING TECHNIQUE, 2022–2027 (USD MILLION)
TABLE 113 MARKET FOR AEROSPACE INDUSTRY, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 114 MARKET FOR AEROSPACE INDUSTRY, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 115 MARKET FOR AEROSPACE INDUSTRY, BY REGION, 2018–2021 (USD MILLION)
TABLE 116 MARKET FOR AEROSPACE INDUSTRY, BY REGION, 2022–2027 (USD MILLION)
12.8 FOOD & BEVERAGES
12.8.1 AMPLIFYING AUTOMATION SUCCESS IN FOOD & BEVERAGES INDUSTRY TO PROPEL MARKET GROWTH
TABLE 117 MARKET FOR FOOD & BEVERAGES INDUSTRY, BY MONITORING TECHNIQUE, 2018–2021 (USD MILLION)
TABLE 118 MARKET FOR FOOD & BEVERAGES INDUSTRY, BY MONITORING TECHNIQUE, 2022–2027 (USD MILLION)
TABLE 119 MARKET FOR FOOD & BEVERAGES INDUSTRY, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 120 MARKET FOR FOOD & BEVERAGES INDUSTRY, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 121 MARKET FOR FOOD & BEVERAGES INDUSTRY, BY REGION, 2018–2021 (USD MILLION)
TABLE 122 MARKET FOR FOOD & BEVERAGES INDUSTRY, BY REGION, 2022–2027 (USD MILLION)
12.9 MARINE
12.9.1 INCREASING IMPORTANCE OF PREDICTIVE MAINTENANCE IN MARINE INDUSTRY TO PROPEL GROWTH OF MARKET
FIGURE 58 ONLINE CONDITION MONITORING PROCESS TO ACCOUNT FOR LARGER MARKET SHARE FOR MARINE INDUSTRY IN 2027
TABLE 123 MARKET FOR MARINE INDUSTRY, BY MONITORING TECHNIQUE, 2018–2021 (USD MILLION)
TABLE 124 MARKET FOR MARINE INDUSTRY, BY MONITORING TECHNIQUE, 2022–2027 (USD MILLION)
TABLE 125 MARKET FOR MARINE INDUSTRY, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 126 MARKET FOR MARINE INDUSTRY, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 127 MARKET FOR MARINE INDUSTRY, BY REGION, 2018–2021 (USD MILLION)
TABLE 128 MARKET FOR MARINE INDUSTRY, BY REGION, 2022–2027 (USD MILLION)
12.10 OTHERS
TABLE 129 MARKET FOR OTHER INDUSTRIES, BY MONITORING TECHNIQUE, 2018–2021 (USD MILLION)
TABLE 130 MARKET FOR OTHER INDUSTRIES, BY MONITORING TECHNIQUE, 2022–2027 (USD MILLION)
TABLE 131 MARKET FOR OTHER INDUSTRIES, BY MONITORING PROCESS, 2018–2021 (USD MILLION)
TABLE 132 MARKET FOR OTHER INDUSTRIES, BY MONITORING PROCESS, 2022–2027 (USD MILLION)
TABLE 133 MARKET FOR OTHER INDUSTRIES, BY REGION, 2018–2021 (USD MILLION)
TABLE 134 MACHINE CONDITION MONITORING MARKET FOR OTHER INDUSTRIES, BY REGION, 2022–2027 (USD MILLION)
13 GEOGRAPHIC ANALYSIS (Page No. - 179)
13.1 INTRODUCTION
FIGURE 59 MARKET IN INDIA TO GROW AT HIGHEST CAGR FROM 2022 TO 2027
TABLE 135 MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 136 MARKET, BY REGION, 2022–2027 (USD MILLION)
13.2 NORTH AMERICA
FIGURE 60 SNAPSHOT: MACHINE CONDITION MONITORING MARKET IN NORTH AMERICA
TABLE 137 MARKET IN NORTH AMERICA, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 138 MARKET IN NORTH AMERICA, BY INDUSTRY, 2022–2027 (USD MILLION)
TABLE 139 MARKET IN NORTH AMERICA, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 140 MARKET IN NORTH AMERICA, BY COUNTRY, 2022–2027 (USD MILLION)
13.2.1 US
13.2.1.1 Growing adoption of Industry 4.0 by manufacturers in US to accelerate demand for condition monitoring solutions
13.2.2 CANADA
13.2.2.1 Increasing deployment of smart factory solutions to support market growth in Canada
13.2.3 MEXICO
13.2.3.1 Rising demand for automation solutions in Mexico to create potential opportunities for providers of machine condition monitoring solutions
13.3 EUROPE
FIGURE 61 SNAPSHOT: MACHINE CONDITION MONITORING MARKET IN EUROPE
TABLE 141 MARKET IN EUROPE, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 142 MARKET IN EUROPE, BY INDUSTRY, 2022–2027 (USD MILLION)
TABLE 143 MARKET IN EUROPE, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 144 MARKET IN EUROPE, BY COUNTRY, 2022–2027 (USD MILLION)
13.3.1 GERMANY
13.3.1.1 Rising focus of government and private firms on investing in trending and emerging technologies, such as Industry 4.0, contributes to market growth
13.3.2 UK
13.3.2.1 Increasing use of IoT devices by manufacturing companies to foster demand for machine condition monitoring systems
13.3.3 FRANCE
13.3.3.1 Growing focus on adoption of modern technologies to automate production plants to fuel requirement for machine condition monitoring systems
13.3.4 REST OF EUROPE
13.4 ASIA PACIFIC
FIGURE 62 SNAPSHOT: MACHINE CONDITION MONITORING MARKET IN ASIA PACIFIC
TABLE 145 MARKET IN ASIA PACIFIC, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 146 MARKET IN ASIA PACIFIC, BY INDUSTRY, 2022–2027 (USD MILLION)
TABLE 147 MARKET IN ASIA PACIFIC, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 148 MARKET IN ASIA PACIFIC, BY COUNTRY, 2022–2027 (USD MILLION)
13.4.1 CHINA
13.4.1.1 Increasing labor costs would encourage use of cost-effective and reliable machine condition monitoring systems
13.4.2 JAPAN
13.4.2.1 Growing focus on development of high-quality vehicles using automation solutions to drive market
13.4.3 INDIA
13.4.3.1 Rising number of government initiatives encouraging implementation of digital and automation technologies in manufacturing to augment market growth
13.4.4 REST OF ASIA PACIFIC
13.5 REST OF THE WORLD (ROW)
TABLE 149 MARKET IN ROW, BY INDUSTRY, 2018–2021 (USD MILLION)
TABLE 150 MARKET IN ROW, BY INDUSTRY, 2022–2027 (USD MILLION)
TABLE 151 MARKET IN ROW, BY REGION, 2018–2021 (USD MILLION)
TABLE 152 MARKET IN ROW, BY REGION, 2022–2027 (USD MILLION)
13.5.1 MIDDLE EAST
TABLE 153 MARKET IN MIDDLE EAST, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 154 MARKET IN MIDDLE EAST, BY COUNTRY, 2022–2027 (USD MILLION)
13.5.1.1 Saudi Arabia
13.5.1.1.1 Saudi Arabia is positioned as key contributor to market growth in Middle East
13.5.1.2 UAE
13.5.1.2.1 Presence of major oil and gas companies in UAE supports market growth
13.5.1.3 Rest of Middle East
13.5.2 AFRICA
13.5.2.1 Mining industry to contribute significantly to market growth
13.5.3 SOUTH AMERICA
13.5.3.1 Foreign investments in energy sector to fuel market growth in Brazil
14 COMPETITIVE LANDSCAPE (Page No. - 201)
14.1 INTRODUCTION
14.2 KEY PLAYER STRATEGIES/RIGHT TO WIN
TABLE 155 OVERVIEW OF STRATEGIES ADOPTED BY VENDORS OF MACHINE CONDITION MONITORING SOLUTIONS
14.3 REVENUE ANALYSIS OF TOP COMPANIES
FIGURE 63 FIVE-YEAR REVENUE ANALYSIS OF TOP PLAYERS IN MARKET
14.4 MARKET SHARE ANALYSIS, 2021
TABLE 156 MARKET SHARE OF TOP FIVE PLAYERS IN MARKET IN 2021
14.5 COMPETITIVE EVALUATION QUADRANT
14.5.1 STAR
14.5.2 EMERGING LEADER
14.5.3 PERVASIVE
14.5.4 PARTICIPANT
FIGURE 64 MACHINE CONDITION MONITORING MARKET (GLOBAL) COMPETITIVE LEADERSHIP MAPPING, 2021
14.6 SMALL- AND MEDIUM-SIZED ENTERPRISES (SMES) EVALUATION QUADRANT, 2021
14.6.1 PROGRESSIVE
14.6.2 RESPONSIVE
14.6.3 DYNAMIC
14.6.4 STARTING BLOCK
FIGURE 65 MACHINE CONDITION MONITORING MARKET (GLOBAL) SME EVALUATION QUADRANT, 2021
14.7 COMPANY FOOTPRINT
TABLE 157 COMPANY FOOTPRINT
TABLE 158 COMPANY OFFERING FOOTPRINT
TABLE 159 COMPANY INDUSTRY FOOTPRINT
TABLE 160 COMPANY REGION FOOTPRINT
14.8 COMPETITIVE BENCHMARKING
TABLE 161 MARKET: DETAILED LIST OF KEYS STARTUP/SMES
TABLE 162 MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUP/SMES
14.9 COMPETITIVE SCENARIO
TABLE 163 MARKET: PRODUCT LAUNCHES, 2020−2021
TABLE 164 MARKET: DEALS, 2020–2021
15 COMPANY PROFILES (Page No. - 216)
15.1 KEY PLAYERS
(Business overview, Products/services/solutions offered, Recent developments, MnM view, Key strengths, Strategic choices, and Weaknesses and competitive threats)*
15.1.1 EMERSON ELECTRIC
TABLE 165 EMERSON ELECTRIC: BUSINESS OVERVIEW
FIGURE 66 EMERSON ELECTRIC: COMPANY SNAPSHOT
TABLE 166 EMERSON ELECTRIC: PRODUCT OFFERINGS
TABLE 167 EMERSON ELECTRIC: PRODUCT LAUNCHES
15.1.2 GENERAL ELECTRIC
TABLE 168 GENERAL ELECTRIC: BUSINESS OVERVIEW
FIGURE 67 GENERAL ELECTRIC: COMPANY SNAPSHOT
TABLE 169 GENERAL ELECTRIC: PRODUCT OFFERINGS
TABLE 170 GENERAL ELECTRIC: PRODUCT LAUNCHES
TABLE 171 GENERAL ELECTRIC: DEALS
15.1.3 HONEYWELL INTERNATIONAL
TABLE 172 HONEYWELL INTERNATIONAL: BUSINESS OVERVIEW
FIGURE 68 HONEYWELL INTERNATIONAL: COMPANY SNAPSHOT
TABLE 173 HONEYWELL INTERNATIONAL: PRODUCT OFFERINGS
TABLE 174 HONEYWELL INTERNATIONAL: DEALS
15.1.4 NATIONAL INSTRUMENTS
TABLE 175 NATIONAL INSTRUMENTS: BUSINESS OVERVIEW
FIGURE 69 NATIONAL INSTRUMENTS: COMPANY SNAPSHOT
TABLE 176 NATIONAL INSTRUMENTS: PRODUCTS OFFERED
TABLE 177 NATIONAL INSTRUMENTS: DEALS
15.1.5 SKF
TABLE 178 SKF: BUSINESS OVERVIEW
FIGURE 70 SKF: COMPANY SNAPSHOT
TABLE 179 SKF: PRODUCT OFFERINGS
TABLE 180 SKF: PRODUCT LAUNCHES
TABLE 181 SKF: DEALS
15.1.6 ALS
TABLE 182 ALS: BUSINESS OVERVIEW
FIGURE 71 ALS: COMPANY SNAPSHOT
TABLE 183 ALS: PRODUCT OFFERINGS
15.1.7 WILCOXON SENSING TECHNOLOGIES
TABLE 184 WILCOXON SENSING TECHNOLOGIES: BUSINESS OVERVIEW
TABLE 185 WILCOXON SENSING TECHNOLOGIES: PRODUCT OFFERINGS
TABLE 186 WILCOXON SENSING TECHNOLOGIES: OTHERS
15.1.8 PARKER HANNIFIN
TABLE 187 PARKER HANNIFIN: BUSINESS OVERVIEW
FIGURE 72 PARKER HANNIFIN: COMPANY SNAPSHOT
TABLE 188 PARKER HANNIFIN: PRODUCT OFFERINGS
15.1.9 ROCKWELL AUTOMATION
TABLE 189 ROCKWELL AUTOMATION: BUSINESS OVERVIEW
FIGURE 73 ROCKWELL AUTOMATION: COMPANY SNAPSHOT
TABLE 190 ROCKWELL AUTOMATION: PRODUCT OFFERINGS
15.1.10 SCHAEFFLER GROUP
TABLE 191 SCHAEFFLER GROUP: BUSINESS OVERVIEW
FIGURE 74 SCHAEFFLER GROUP: COMPANY SNAPSHOT
TABLE 192 SCHAEFFLER GROUP: PRODUCT OFFERINGS
TABLE 193 SCHAEFFLER GROUP: PRODUCT LAUNCHES AND DEVELOPMENTS
15.1.11 IFM
TABLE 194 IFM: BUSINESS OVERVIEW
TABLE 195 IFM: PRODUCT OFFERINGS
15.1.12 BANNER ENGINEERING
TABLE 196 BANNER ENGINEERING: BUSINESS OVERVIEW
TABLE 197 BANNER ENGINEERING: PRODUCT OFFERINGS
15.2 OTHER PLAYERS
15.2.1 3D SIGNALS
TABLE 198 3D SIGNALS: COMPANY OVERVIEW
15.2.2 ANALOG DEVICES
TABLE 199 ANALOG DEVICES: COMPANY OVERVIEW
15.2.3 BRUEL & KJAER
TABLE 200 BRUEL & KJAER: COMPANY OVERVIEW
15.2.4 FLUKE
TABLE 201 FLUKE: COMPANY OVERVIEW
15.2.5 LOGILUBE
TABLE 202 LOGILUBE: COMPANY OVERVIEW
15.2.6 MACHINE SAVER
TABLE 203 MACHINE SAVER: COMPANY OVERVIEW
15.2.7 PCMS ENGINEERING
TABLE 204 PCMS ENGINEERING: COMPANY OVERVIEW
15.2.8 PCB PIEZOTRONICS
TABLE 205 PCB PIEZOTRONICS: COMPANY OVERVIEW
15.2.9 PETASENSE
TABLE 206 PETASENSE: COMPANY OVERVIEW
15.2.10 SYMPHONY INDUSTRIAL AI
TABLE 207 SYMPHONY INDUSTRIAL AI: COMPANY OVERVIEW
15.2.11 SPM INSTRUMENT
TABLE 208 SPM INSTRUMENT: COMPANY OVERVIEW
15.2.12 SENSEYE
TABLE 209 SENSEYE: COMPANY OVERVIEW
15.2.13 UPTAKE CANADA
TABLE 210 UPTAKE CANADA: COMPANY OVERVIEW
*Details on Business overview, Products/services/solutions offered, Recent developments, MnM view, Key strengths, Strategic choices, and Weaknesses and competitive threats might not be captured in case of unlisted companies.
16 ADJACENT AND RELEVANT MARKET (Page No. - 255)
16.1 ASSET INTEGRITY MANAGEMENT MARKET
16.2 INTRODUCTION
16.3 RELIABILITY-CENTERED MAINTENANCE
16.4 ROOT CAUSE ANALYSIS
16.5 RELIABILITY ANALYTICS
16.6 LIFE CYCLE ASSESSMENT/EXTENSION
16.7 FITNESS FOR SERVICE
16.8 FAILURE MODES, EFFECTS, & CRITICALITY ANALYSIS
16.9 FINITE ELEMENT ANALYSIS
16.10 SAFETY INTEGRITY LEVEL STUDY
17 APPENDIX (Page No. - 258)
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 for this research study included corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers; certified publications; articles by recognized authors; directories; and databases. The secondary data was collected and analyzed to arrive at the overall market size, which was further validated through primary research.
Primary Research
Extensive primary research has been conducted after gaining knowledge about the current scenario of the machine condition monitoring market through secondary research. Several primary interviews have been conducted with experts from both demand and supply sides across four major regions—North America, Europe, Asia Pacific, and RoW. This primary data has been collected through questionnaires, e-mails, and telephonic interviews.
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, 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.
Growth Opportunities for condition monitoring equipment and Machine health Monitoring Market in the Future
The market for condition monitoring equipment includes a variety of devices and systems, such as vibration monitoring systems, infrared thermography systems, and oil analysis systems. The market for MCM equipment is expected to grow significantly due to the increasing demand for predictive maintenance solutions, the adoption of IoT and machine learning technologies, and the need for improved equipment reliability and uptime. The Asia-Pacific region is expected to be the fastest-growing market for MCM equipment due to rapid industrialization and increasing investments in infrastructure in countries like China and India.
The growth of the MCM and condition monitoring equipment market is being driven by several factors, including the increasing demand for predictive maintenance solutions, the growing adoption of the Internet of Things (IoT) and machine learning technologies, and the need for improved equipment reliability and uptime. As more companies seek to reduce downtime, improve efficiency, and minimize maintenance costs, the demand for MCM equipment is expected to continue to grow.
Machine condition monitoring and machine health monitoring are two related but distinct concepts in the field of industrial equipment maintenance. Machine condition monitoring involves collecting data on various physical parameters of machines, such as vibration and temperature, to predict when maintenance or repairs may be needed. In contrast, machine health monitoring takes a more comprehensive approach by monitoring not only the physical condition but also the overall performance and efficiency of machines using advanced technologies like artificial intelligence and machine learning.
The future of the condition monitoring equipment and machine health monitoring markets looks promising, fueled by various factors. The increasing adoption of Industry 4.0 and IoT is expected to drive demand for condition monitoring equipment and machine health monitoring solutions. Predictive maintenance is gaining importance, and these solutions can identify potential problems before they occur, leading to efficient maintenance and repairs. The focus on safety and regulatory compliance is increasing, leading to higher demand for monitoring solutions to ensure compliance with regulations. The development of advanced technologies like AI and machine learning is expected to drive innovation in these markets, automating data analysis and providing timely insights into machine health. Overall, the future of these markets looks bright, with strong growth expected due to the rising demand for predictive maintenance, safety, regulatory compliance, and innovation in advanced technologies.
How condition monitoring equipment or Machine health Monitoring is going to impact the Machine Condition Monitoring Market?
Condition monitoring equipment and machine health monitoring are expected to have a significant impact on the machine condition monitoring market by driving its growth and expansion. The adoption of these technologies enables real-time monitoring of machine performance, which can help prevent unplanned downtime and equipment failure.
Predictive maintenance, which is made possible by condition monitoring equipment and machine health monitoring, is becoming increasingly popular, as it allows businesses to identify potential problems before they occur. This helps to optimize maintenance schedules, improve equipment uptime, and reduce costs associated with unexpected downtime or repairs.
Machine health monitoring is also expected to drive the growth of the machine condition monitoring market by providing more holistic insights into the overall health of equipment. This approach uses machine learning algorithms to analyze data from multiple sources, including physical condition data and operational data, to provide a more comprehensive view of equipment health.
Furthermore, as more companies begin to prioritize safety and regulatory compliance, condition monitoring equipment and machine health monitoring will play a crucial role in ensuring that equipment is operating safely and in compliance with regulations.
Overall, condition monitoring equipment and machine health monitoring are expected to have a significant impact on the machine condition monitoring market by driving its growth, expanding its scope, and increasing its value proposition for businesses across multiple industries.
Some futuristic growth use-cases of condition monitoring equipment market?
There are several futuristic growth use-cases of condition monitoring equipment in the market:
Remote Monitoring: As the world becomes increasingly connected, the ability to monitor industrial equipment remotely will become more critical. Remote monitoring using sensors and other technologies will allow companies to monitor equipment in real-time from anywhere in the world, enabling predictive maintenance and reducing downtime.
Predictive Analytics: Advances in machine learning and artificial intelligence will allow for more accurate and detailed predictive analytics. These technologies will help to identify potential problems before they occur, allowing for more efficient and cost-effective maintenance and repairs.
Smart Sensors: Smart sensors will become more advanced, providing more detailed data about the condition of industrial equipment. These sensors will be able to monitor a range of parameters, including temperature, vibration, and pressure, and provide real-time insights into the health of the equipment.
Cloud-Based Solutions: Cloud-based solutions will become more prevalent in the condition monitoring equipment market, enabling companies to store and analyze large amounts of data in real-time. This will allow for more accurate and detailed predictive analytics, as well as more efficient maintenance and repairs.
Integration with Industry 4.0: The integration of condition monitoring equipment with Industry 4.0 technologies will become more common, enabling more efficient and automated maintenance and repair processes. This will allow companies to reduce downtime and improve productivity.
Overall, these futuristic growth use-cases of condition monitoring equipment will help companies to optimize maintenance and repair processes, reduce downtime, and improve productivity. They will also enable more detailed and accurate insights into the health of industrial equipment, enabling companies to make more informed decisions about maintenance and repairs.
Industries That Will Be Impacted in the Future by Machine health Monitoring
Machine health monitoring will impact a wide range of industries in the future. Here are a few examples:
Manufacturing: The manufacturing industry will be one of the major beneficiaries of machine health monitoring. Predictive maintenance using machine health monitoring will help manufacturers reduce downtime, optimize equipment performance, and reduce maintenance costs.
Energy and Utilities: The energy and utilities industry will also benefit from machine health monitoring. Real-time monitoring of equipment can help energy and utility companies optimize the performance of their assets and reduce maintenance costs.
Transportation: Machine health monitoring will have a significant impact on the transportation industry. Real-time monitoring of vehicles and other transportation assets can help prevent breakdowns and reduce maintenance costs, as well as improve safety and compliance.
Healthcare: The healthcare industry is increasingly relying on machine health monitoring to optimize the performance of medical equipment, such as MRI machines and ventilators. Real-time monitoring of medical equipment can help prevent breakdowns and reduce maintenance costs.
Aerospace and Defense: The aerospace and defense industries will also benefit from machine health monitoring. Real-time monitoring of aircraft and other defense equipment can help prevent breakdowns and reduce maintenance costs, as well as improve safety and compliance.
Overall, machine health monitoring has the potential to impact a wide range of industries in the future, enabling companies to optimize equipment performance, reduce downtime, and improve safety and compliance.
Growth Opportunities and Key Challenges for condition monitoring equipment in the Future
Growth Opportunities:
- Increasing adoption of Industry 4.0 and the Internet of Things (IoT) will drive demand for condition monitoring equipment.
- Growing emphasis on predictive maintenance will increase the demand for condition monitoring equipment.
- Increasing focus on safety and regulatory compliance will drive demand for condition monitoring equipment.
- The ongoing development of advanced technologies, such as artificial intelligence and machine learning, will drive innovation in the condition monitoring equipment market.
- Growing awareness of the benefits of condition monitoring equipment, such as reduced maintenance costs, improved equipment performance, and increased uptime, will drive demand.
Key Challenges:
- High cost of implementation and maintenance of condition monitoring equipment.
- Lack of expertise in implementing and operating condition monitoring equipment.
- Complexity of integrating condition monitoring equipment with existing systems and processes.
- Lack of standardization in the condition monitoring equipment market, leading to interoperability issues.
- Limited availability of skilled workers to analyze the data generated by condition monitoring equipment.
- Difficulty in accurately predicting equipment failures and determining the appropriate maintenance actions.
Study Objectives:
- To describe and forecast the overall machine condition monitoring market based on monitoring technique, offering, deployment type, monitoring process, and industry, in terms of value
- To describe and forecast the market for four key regions: North America, Europe, Asia Pacific, and Rest of the World (RoW), along with their respective countries, in terms of value
- To describe applications and procurement types of machine condition monitoring systems
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the market
- To provide a comprehensive overview of the value chain of the machine condition monitoring ecosystem
- To strategically analyze the ecosystem, Porter’s five forces, tariffs and regulations, patent landscape, trade landscape, and case studies/use cases pertaining to the market under study
- To analyze the impact of COVID-19 on the market
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of the market
- To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies2
- To analyze competitive developments such as product launches and developments, 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:
- Company Information: Detailed analysis and profiling of additional five market players
Growth opportunities and latent adjacency in Machine Condition Monitoring Market
With IoT offering a single platform where the companies can integrate all the data and process them accordingly, IoT is creating new opportunities for the companies that require machine condition monitoring solutions. How will condition monitoring be impacted by IoT platform?
Major industries such as oil & gas and power generation are impacted by advent of Industry 4.0 and adoption of related solutions, How will Industry 4.0 address the machine condition monitoring needs of these industries in next 3-4 years?
The disposition of end-user industries towards predictive maintenance to avoid the probable faults in processes and unplanned shutdowns is increasing. How will machine condition monitoring solutions support in efficient predictive maintenance?
The growth of the machine condition monitoring market can be attributed to the rapid developments and advancements in the industries as well as the rising need for predictive maintenance. How will be the growth trend of the market for next 3–5 years owing to these advancements?
Cloud-based deployment helps enterprises in understanding the real-time condition of the asset from a remote location and makes the machine condition monitoring easier. How will the trend of cloud-based and on-premises deployment for condition monitoring vary in the coming 2–3 years?