HOME Research Insight General Electric (US) and Honeywell (US) are the Key Players in the Machine Condition Monitoring Market

General Electric (US) and Honeywell (US) are the Key Players in the Machine Condition Monitoring Market

The growth of the machine condition monitoring market is driven by factors such as the development of a secure cloud computing platform, increased use of wireless communication technology for condition monitoring of equipment, and inclination of end users toward predictive maintenance.

The machine condition monitoring market is estimated to grow from USD 2.38 Billion in 2018 to USD 3.50 Billion by 2024, at a CAGR of 6.7% during the forecast period. The market in APAC is expected to grow at the highest CAGR during the forecast period. North America is one of the top contributors in this market, and the market in this region is expected to grow due to the presence of major players in the region.

Some major companies operating in the global machine condition monitoring market are ALS Limited (Australia), Emerson Electric (US), General Electric (US), Honeywell (US), Meggitt (UK), National Instruments (US), Parker-Hannifin (US), Rockwell Automation (US), Schaeffler (Germany), SKF (Sweden), Azima DLI (US), Bruel & Kjaer (Denmark), and Fluke (US).

Emerson Electric manufactures and develops process controls, systems, valves, and analytical instruments. The company offers machine condition monitoring solutions under its Process Management segment, under the brand CSI technology. It also offers continuous protection and prediction monitoring systems, vibration transmitters, AMS machinery manager software, and sensors. In addition, Emerson Electric provides maintenance services and training courses pertaining to machine condition monitoring systems. The company has achieved a leadership position in the machine condition monitoring market by developing and providing cutting-edge technologies and products. For instance, in 2017, the company significantly enhanced its Plantweb digital ecosystem, the comprehensive Industrial IoT automation platform that includes pervasive sensing, Plantweb Insight, Plantwed Advisor, and services such as connected services, Software-as-a-Service (SaaS), operational certainty consulting.

General Electric (GE) is a diversified company that operates through 7 major business segments- Aviation, Power, Healthcare, Oil & Gas, Energy Connections & Lighting, Transportation, and Renewable Energy. Under the Oil & Gas segment, GE provides machine condition monitoring solutions. In 2002, GE acquired Bently Nevada (US), a leading provider of machinery protection and condition monitoring solutions. The company, currently, sells its machine condition monitoring systems under the brand Bently Nevada. After the acquisition of Bently Nevada (US), General Electric has launched a range of innovative machine condition monitoring products. For instance, in 2016, General Electric launched Druck DPI620 Genii IS, an advanced modular calibrator and HART Fieldbus communicator capable in testing, calibrating, commissioning, and maintaining a broad range of measurement and control devices situated in hazardous areas in process industries.

Stakeholders involved in the value chain of machine condition monitoring include machine condition monitoring solution providers; asset management consultants that specialize in physical asset management; associations and regulatory authorities related to plant maintenance; government bodies; venture capitalists; and private equity firms; manufacturers of components such as accelerometers, eddy current sensors, IR detectors, ultrasonic detectors, and other instruments used in machine condition monitoring equipment; maintenance personnel; manufacturers; and suppliers of machine condition monitoring solutions; and research institutes and organizations.

Related Reports:

Machine Condition Monitoring Market by Monitoring Technique (Vibration Monitoring, Thermography, Oil Analysis, MCA), Deployment (On Premise, Cloud), Monitoring Process (Online, Portable), Offering, Industry, and Region - Global Forecast to 2024

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