Machine Condition Monitoring Market Share, Trend, Segmentation and Forecast 2023

Market Highlights

Machine Condition Monitoring Market is expected to grow t substantial rate during the forecast period. Shift from preventive maintenance to predictive maintenance is one of the major driving factor of the market. In this developing environment, the observations show biggest opportunities in equipment manufacturing as the optimization of maintenance and providing supporting services to enable cost savings. The organizations are looking forward to determining the condition of their equipment to foresee a need for maintenance in the near future, so they can make informed decisions. Traditional preventative maintenance has undergone scrutiny and a need to shift from preventive to predictive maintenance. Owing to these factors a shift from preventive maintenance to predictive maintenance is witnessed.

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Machine condition monitoring is an integral part of predictive maintenance. Predictive maintenance is regular monitoring of the actual mechanical condition, operating efficiency, and other indicators of the operating condition of machines and process systems will provide the data required to ensure the maximum interval between repairs and minimize the number and cost of unscheduled outages created by the failures. Predictive maintenance helps companies foresee the likely developments in a machine’s condition and plan their service activities accordingly.  Recently there has been a rise in demand for transforming maintenance and reducing asset downtime which is fulfilled by predictive maintenance. Thus, the shift from preventive to predictive maintenance is responsible for the growth of machine condition monitoring market.

The global Machine Condition Monitoring market is expected to reach USD 2.91 billion by the end of 2023 with 5.55% CAGR during forecast period 2017-2023.

Key Players:

The prominent players in the market of Machine Condition Monitoring Market are – Emerson Electric (U.S.), General Electric (U.S.), Rockwell Automation (U.S.), Timken (U.S.), FLIR Systems (U.S.), SKF (Swedan), NSK (Japan), Parker-Hannifin (U.S.), PCB Piezotronics (U.S.) among others.

Regional Analysis:

North America holds the most significant market is owing to factors such as developed economies, substantial investments and rapid uptake of technology, high adoption of the internet of things (IoT), and excellent research ecology.

Europe accounts for the second largest market, which is expected to be led by Germany, France, and others. However, the Scandinavian regions of Norway, Finland and others are expected to demonstrate faster growth. Asia Pacific region is supposed to be led by Japan, South Korea, Australia, China, and India.

The Middle East and Africa market are expected to be dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.

Global Machine Condition Monitoring Market Structure

By End Users

• Power
• Oil and Gas
• Chemical and Petrochemical
• Pulp and Paper
• Cement
• Steel and Metal
• Pharmaceutical
• Automotive
• Food and Beverage

By Region

• North America
• Europe
• Asia Pacific
• Row

Intended Audience

• Machine Condition Monitoring Equipment Manufactures
• Technology Providers
• Distributors
• Research firms
• Consultancy firms
• Semiconductor Manufacturers
• Stakeholders
• End-user sectors
• Technology Investors

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TABLE OF CONTENTS

List of Tables

TABLE 1 TOP-VENDORS 11

TABLE 2 OTHER PROMINENT VENDORS 12

TABLE 3 MAINTENANCE STRATEGIES 18

TABLE 4 PREDICTIVE MAINTENANCE STRATEGY 19

TABLE 5 MARKET FACTOR ANALYSIS 25

TABLE 6 TYPES OF COMMONLY-USED PREDICTIVE MACHINE CONDITION MONITORING SYSTEMS 28

TABLE 7 MACHINE CONDITION MONITORING MARKET, BY END USERS (USD MILLION) 39

TABLE 8 OIL AND GAS INDUSTRY MARKET, BY REGION (USD MILLION) 43

TABLE 9 CHEMICAL AND PETROCHEMICAL INDUSTRY MARKET, BY REGION (USD MILLION) 44

TABLE 10 PULP AND PAPER INDUSTRY MARKET, BY REGION (USD MILLION) 46

TABLE 11 CEMENT INDUSTRY MARKET, BY REGION (USD MILLION) 47

TABLE 12 STEEL AND METAL INDUSTRY MARKET, BY REGION (USD MILLION) 48

TABLE 13 PHARMACEUTICAL INDUSTRY MARKET, BY REGION (USD MILLION) 50

TABLE 14 AUTOMOTIVE INDUSTRY MARKET, BY REGION (USD MILLION) 51

TABLE 15 FOOD AND BEVERAGE INDUSTRY MARKET, BY REGION (USD MILLION) 53

TABLE 16 GLOBAL MACHINE CONDITION MONITORING MARKET, BY REGION (USD MILLION) 54

TABLE 17 NORTH AMERICA MACHINE CONDITION MONITORING MARKET, BY COUNTRY (USD MILLION) 56

TABLE 18 NORTH AMERICA MACHINE CONDITION MONITORING MARKET, BY END USERS (USD MILLION) 57

TABLE 19 EUROPE MACHINE CONDITION MONITORING MARKET, BY COUNTRY (USD MILLION) 58

TABLE 20 EUROPE MACHINE CONDITION MONITORING MARKET, BY END USERS (USD MILLION) 60

Continued…

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