The global machine condition monitoring market size is expected to grow from USD 2.8 Billion in 2022 to USD 4.0 Billion by 2027, at a CAGR of 7.8%. The growth of market is attributed to growing requirement for remote industrial operations due to COVID-19 and rising adoption of wireless communication technology in machine condition monitoring market.
Emerson Electric (US), General Electric (US), Honeywell International (US), National Instruments (US), and SKF (Sweden) are the key players in the machine condition monitoring market. These companies offer a wide range of machine condition monitoring systems, as well as related software solutions and services, and have operations worldwide. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share.
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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 (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 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.
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
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