The global Machine Condition Monitoring Market size is expected to reach USD 4.83 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to grow at a lucrative CAGR of 7.3% from 2022 to 2030. An exponential demand for monitoring services to avoid machinery failure will propel the penetration of condition-monitoring systems. End-users have exhibited an unprecedented demand for predictive maintenance tools to bolster asset life, minimize machine failure and reduce maintenance costs. Stakeholders envisage revenue-boosting potentials in maintaining machine health and reducing downtime with advanced software and tools. The emergence of the Industrial Internet of Things (IIoT) has propelled the measurements, such as pressure, vibration, and temperature.
Machine
condition monitoring helps measure equipment, enhance production efficiency,
and reduce unplanned downtime. Industrial IoT has provided promising growth
potential following the growing footfall of smart sensors across North America,
Europe, and the Asia Pacific. Leading companies are poised to prioritize
vibration, torque, and temperature monitoring to foster monitoring processes.
For instance, vibration diagnosis has gained ground to boost the detection of
possible faults, mainly due to the adoption of IoT technology and advanced
algorithms. The thermography techniques have gained ground for condition
monitoring to highlight aspects of energy loss and minimize carbon emissions
and operating costs. The technology has become sought-after to assess and
identify thermal issues stemming from improper lubrication, worn or obsolete
components, and misalignments.
Lately,
infrared thermography has garnered popularity in detecting thermal anomalies to
provide thermal images of a machine component. Moreover, the technology has
gained ground in power transformers across industrial facilities, power plants,
and substations. Growth avenues could be pronounced in the Asia Pacific as the
automotive, oil & gas, power generation, and aerospace industries witness
technological advancements and innovation. The need to optimize maintenance
resources, prevent breakdowns and monitor power generation plants has augured
growth for machine condition monitoring manufacturers and suppliers. Industry
participants have expedited investments in temperature and vibration data and
wireless communication.
Moreover,
the need to prevent downtime and asset failures has furthered the demand for
intelligent sensors and predictive maintenance across China, India, Japan, and
Australia. The competitive landscape emphasizes bullish growth strategies,
including product offerings, technological advancements, M&As,
collaboration, and geographical expansion. Forward-looking companies are poised
to reinforce their strategic approaches to bolster predictive maintenance. For
instance, in June 2020, National Instruments announced the acquisition of
OptimalPlus to strengthen enterprise software capabilities and offer
business-critical insights. Companies could expand their penetration in
software and connectivity to foster productivity. For instance, in May 2021,
Emerson announced the introduction of the PACEdge industrial edge platform to
boost open connectivity and scalability.
Related Press
Release@ Machine
Condition Monitoring Market Report
Machine Condition Monitoring Market Report Highlights
- The online
condition monitoring segment is likely to account for a sizable share of
the global market by 2030 due to the trend for remote monitoring and an
increased need to reduce downtime
- The hardware
segment will grow rapidly as the development of strong sensors and other
devices that enable remote machine health analysis is a major focus of
hardware manufacturers
- North
America will contribute significantly to global industry growth in the wake
of the rising oil exploration activities
- Some regions
in North America have the most competitive and constantly changing &
rising technology improvements
- The
expanding number of machine condition monitoring businesses globally is
projected to support industry expansion
Machine Condition Monitoring Market Report
Scope
|
Report Attribute |
Details |
|
Market size value in 2022 |
USD 2.74 billion |
|
Revenue forecast in 2030 |
USD 4.83 billion |
|
Growth rate |
CAGR of 7.3% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Historical data |
2017 - 2020 |
|
Forecast period |
2022 - 2030 |
Related Reports @
Machine Control System Market
Infrastructure Monitoring Market
Machine Condition Monitoring Market Segmentation
Grand
View Research has segmented the global machine condition monitoring market
based on monitoring technique, component, deployment, monitoring process,
end-use, and region:
Machine Condition Monitoring Technique Outlook (Revenue,
USD Million, 2017 - 2030)
- Vibration
Monitoring
- Oil Analysis
- Thermography
- Corrosion
Monitoring
- Others
Machine Condition Monitoring Component Outlook (Revenue,
USD Million, 2017 - 2030)
- Hardware
- Software
- Services
Machine Condition Monitoring Deployment Outlook (Revenue,
USD Million, 2017 - 2030)
- Cloud
- On-premises
Machine Condition Monitoring Process Outlook (Revenue,
USD Million, 2017 - 2030)
- Online
- Portable
Machine Condition Monitoring End-use Industry Outlook
(Revenue, USD Million, 2017 - 2030)
- Power
Generation
- Automotive
- Oil &
Gas
- Metal &
Mining
- Aerospace
- Food &
Beverages
- Chemicals
- Marine
- Others
Machine Condition Monitoring Regional Outlook (Revenue,
USD Million, 2017 - 2030)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- Central
& South America
- Brazil
- Middle East
and Africa (MEA)
List of Key Players of Machine Condition
Monitoring Market
- ALS
- Emerson
Electric Co.
- General
Electric
- Honeywell
International Inc.
- Megget PLC
- National
Instruments Corp.
- Parker
Hannifin
- Rockwell
Automation, Inc.
- SKF
- Schaeffler
AG
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-95196
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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